Sleep Number (NASDAQ:SNBR) Upgraded at StockNews.com

Sleep Number (NASDAQ:SNBR) was upgraded by equities researchers at StockNews.com from a “hold” rating to a “buy” rating in a note issued to investors on Thursday.

Separately, Piper Sandler cut their price objective on Sleep Number from $16.00 to $12.00 and set a “neutral” rating for the company in a research report on Thursday, October 31st.

Sleep Number Price Performance

Shares of NASDAQ SNBR traded up $0.04 during trading hours on Thursday, hitting $15.07. 208,398 shares of the stock were exchanged, compared to its average volume of 267,520. The firm has a market capitalization of $337.13 million, a P/E ratio of -8.33 and a beta of 2.07. Sleep Number has a one year low of $8.13 and a one year high of $20.75. The company’s 50 day moving average is $15.57 and its 200 day moving average is $14.17.

Insiders Place Their Bets

In other news, major shareholder Stadium Capital Management Llc bought 36,097 shares of Sleep Number stock in a transaction that occurred on Monday, November 4th. The stock was purchased at an average cost of $13.09 per share, with a total value of $472,509.73. Following the completion of 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 accessible through this hyperlink. Insiders have purchased 169,373 shares of company stock worth $2,305,052 in the last ninety days. Insiders own 6.80% of the company’s stock.

Institutional Investors Weigh In On Sleep Number

Several institutional investors and hedge funds have recently bought and sold shares of SNBR. Hodges Capital Management Inc. boosted its position in shares of Sleep Number by 146.6% during the 3rd 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 in the last quarter. Pacific Ridge Capital Partners LLC bought a new stake in shares of Sleep Number in the 2nd quarter valued at approximately $3,342,000. Millennium Management LLC raised its holdings in shares of Sleep Number by 326.7% in the 2nd quarter. Millennium Management LLC now owns 370,987 shares of the company’s stock worth $3,550,000 after buying an additional 284,052 shares in the last quarter. Stadium Capital Management LLC lifted its position in shares of Sleep Number by 8.8% during the 3rd quarter. Stadium Capital Management LLC now owns 2,008,367 shares of the company’s stock worth $36,793,000 after buying an additional 162,164 shares during the period. Finally, Acadian Asset Management LLC boosted its stake in Sleep Number by 135.3% in the 2nd quarter. Acadian Asset Management LLC now owns 235,305 shares of the company’s stock valued at $2,249,000 after buying an additional 135,284 shares in the last quarter. Institutional investors own 85.67% of the company’s stock.

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.