StockNews.com Upgrades Sleep Number (NASDAQ:SNBR) to Buy

Sleep Number (NASDAQ:SNBR) was upgraded by equities researchers at StockNews.com from a “hold” rating to a “buy” rating in a report released on Monday.

Separately, Piper Sandler decreased their price target on shares of Sleep Number from $16.00 to $12.00 and set a “neutral” rating on the stock in a report on Thursday, October 31st.

Sleep Number Trading Down 1.7 %

Shares of SNBR opened at $18.92 on Monday. Sleep Number has a 12-month low of $8.13 and a 12-month high of $20.75. The company has a market cap of $423.26 million, a PE ratio of -10.24 and a beta of 2.08. The stock has a 50-day moving average price of $15.17 and a 200-day moving average price of $13.89.

Insider Transactions at Sleep Number

In other Sleep Number news, major shareholder Stadium Capital Management Llc bought 36,097 shares of the firm’s stock in a transaction that occurred on Monday, November 4th. The shares were bought at an average price of $13.09 per share, for a total transaction of $472,509.73. Following the transaction, the insider now directly owns 2,054,802 shares in the company, valued at $26,897,358.18. This trade represents a 1.79 % increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In the last three months, insiders bought 169,373 shares of company stock worth $2,305,052. 6.80% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of the stock. Acadian Asset Management LLC grew its holdings in shares of Sleep Number by 135.3% in the second quarter. Acadian Asset Management LLC now owns 235,305 shares of the company’s stock worth $2,249,000 after purchasing an additional 135,284 shares during the last quarter. Pacific Ridge Capital Partners LLC bought a new stake in Sleep Number in the 2nd quarter worth $3,342,000. Hodges Capital Management Inc. increased its position in shares of Sleep Number by 146.6% in the third quarter. Hodges Capital Management Inc. now owns 1,010,920 shares of the company’s stock valued at $18,520,000 after acquiring an additional 601,005 shares during the period. NBC Securities Inc. raised its stake in shares of Sleep Number by 5,000.0% during the third quarter. NBC Securities Inc. now owns 51,000 shares of the company’s stock valued at $934,000 after acquiring an additional 50,000 shares during the last quarter. Finally, Federated Hermes Inc. purchased a new stake in shares of Sleep Number during the second quarter worth about $899,000. 85.67% of the stock is owned by institutional investors.

About Sleep Number

Sleep Number Corporation, together with its subsidiaries, offers sleep solutions and services in the United States. The company designs, manufactures, markets, retails, and services beds, pillows, sheets, and other bedding products under the Sleep Number name. It also provides smart adjustable bases under the FlextFit brand, and smart beds under the Climate 360 name.