Blue Grotto Capital LLC Reduces Position in Sleep Number Co. (NASDAQ:SNBR)

Blue Grotto Capital LLC decreased its holdings in shares of Sleep Number Co. (NASDAQ:SNBR - Free Report) by 18.0% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 289,425 shares of the company's stock after selling 63,384 shares during the quarter. Sleep Number comprises 0.8% of Blue Grotto Capital LLC's holdings, making the stock its 27th largest holding. Blue Grotto Capital LLC owned approximately 1.29% of Sleep Number worth $4,411,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in SNBR. Wealthfront Advisers LLC purchased a new stake in shares of Sleep Number in the 4th quarter valued at $14,861,000. Hodges Capital Management Inc. increased its stake in Sleep Number by 146.6% during the third quarter. Hodges Capital Management Inc. now owns 1,010,920 shares of the company's stock worth $18,520,000 after purchasing an additional 601,005 shares during the period. Stadium Capital Management LLC grew its holdings in shares of Sleep Number by 8.8% in the third quarter. Stadium Capital Management LLC now owns 2,008,367 shares of the company's stock valued at $36,793,000 after purchasing an additional 162,164 shares in the last quarter. JPMorgan Chase & Co. increased its stake in Sleep Number by 1,071.9% during the 3rd quarter. JPMorgan Chase & Co. now owns 114,229 shares of the company's stock worth $2,093,000 after buying an additional 104,482 shares during the period. Finally, Maverick Capital Ltd. lifted its holdings in Sleep Number by 150.7% during the 3rd quarter. Maverick Capital Ltd. now owns 50,477 shares of the company's stock worth $925,000 after buying an additional 30,341 shares in the last quarter. Hedge funds and other institutional investors own 85.67% of the company's stock.

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Sleep Number Trading Down 4.3 %

NASDAQ:SNBR traded down $0.29 during trading hours on Friday, hitting $6.44. The company's stock had a trading volume of 549,618 shares, compared to its average volume of 479,509. Sleep Number Co. has a 52-week low of $6.00 and a 52-week high of $20.75. The stock has a market capitalization of $144.19 million, a P/E ratio of -3.56 and a beta of 2.14. The stock has a fifty day moving average of $13.22 and a 200-day moving average of $14.90.

Wall Street Analyst Weigh In

A number of analysts have recently weighed in on the company. StockNews.com raised Sleep Number from a "hold" rating to a "buy" rating in a research report on Thursday, January 9th. Piper Sandler cut their price target on Sleep Number from $12.00 to $11.00 and set a "neutral" rating on the stock in a report on Thursday, March 6th. Finally, Wedbush decreased their price objective on Sleep Number from $18.00 to $12.00 and set a "neutral" rating for the company in a research note on Thursday, March 6th.

Insider Activity at Sleep Number

In related news, insider Gary T. Fazio acquired 12,000 shares of Sleep Number stock in a transaction dated Monday, March 10th. The stock was acquired at an average price of $7.54 per share, for a total transaction of $90,480.00. Following the transaction, the insider now owns 71,125 shares of the company's stock, valued at $536,282.50. This represents a 20.30 % increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. 6.80% of the stock is currently owned by corporate insiders.

Sleep Number 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.