Sleep Number (NASDAQ:SNBR) Stock Rating Upgraded by StockNews.com

StockNews.com upgraded shares of Sleep Number (NASDAQ:SNBR) from a hold rating to a buy rating in a report released on Tuesday.

Separately, Piper Sandler dropped 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 Trading Up 5.8 %

Shares of NASDAQ:SNBR opened at $12.35 on Tuesday. The stock has a market capitalization of $276.28 million, a PE ratio of -6.82 and a beta of 2.08. The firm has a 50 day moving average of $15.41 and a 200-day moving average of $13.61. Sleep Number has a 12 month low of $8.13 and a 12 month high of $20.75.

Insiders Place Their Bets

In other news, major shareholder Stadium Capital Management Llc purchased 15,000 shares of Sleep Number stock in a transaction dated Monday, November 18th. The shares were bought at an average cost of $12.12 per share, for a total transaction of $181,800.00. Following the completion of the acquisition, the insider now owns 2,215,000 shares in the company, valued at approximately $26,845,800. This trade represents a 0.68 % increase in their position. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Over the last quarter, insiders have purchased 169,373 shares of company stock valued at $2,305,052. 6.80% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Sleep Number

Several institutional investors and hedge funds have recently added to or reduced their stakes in SNBR. GAMMA Investing LLC raised its position in Sleep Number by 15.7% during the 3rd quarter. GAMMA Investing LLC now owns 5,779 shares of the company’s stock worth $106,000 after purchasing an additional 784 shares during the last quarter. Price T Rowe Associates Inc. MD increased its position in Sleep Number by 5.5% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 20,122 shares of the company’s stock valued at $323,000 after purchasing an additional 1,052 shares during the period. SummerHaven Investment Management LLC increased its position in Sleep Number by 4.3% during the 2nd quarter. SummerHaven Investment Management LLC now owns 25,694 shares of the company’s stock valued at $246,000 after purchasing an additional 1,071 shares during the period. Susquehanna Fundamental Investments LLC raised its holdings in Sleep Number by 6.2% during the 2nd quarter. Susquehanna Fundamental Investments LLC now owns 18,791 shares of the company’s stock worth $180,000 after purchasing an additional 1,100 shares during the last quarter. Finally, State Street Corp boosted its stake in shares of Sleep Number by 0.6% in the 3rd quarter. State Street Corp now owns 440,547 shares of the company’s stock valued at $8,071,000 after purchasing an additional 2,472 shares during the last quarter. 85.67% of the stock is currently owned by institutional investors and hedge funds.

Sleep Number Company Profile

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.