Sleep Number Co. (NASDAQ:SNBR) Shares Sold by Charles Schwab Investment Management Inc.

Charles Schwab Investment Management Inc. lowered its holdings in Sleep Number Co. (NASDAQ:SNBR - Free Report) by 24.9% in the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 595,812 shares of the company's stock after selling 197,342 shares during the period. Charles Schwab Investment Management Inc. owned 2.66% of Sleep Number worth $10,915,000 as of its most recent SEC filing.

Other institutional investors have also recently added to or reduced their stakes in the company. Pacific Ridge Capital Partners LLC acquired a new stake in shares of Sleep Number during the 2nd quarter worth $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 purchasing an additional 284,052 shares during the period. Hodges Capital Management Inc. lifted its stake in shares of Sleep Number by 138.5% in the 2nd quarter. Hodges Capital Management Inc. now owns 409,915 shares of the company's stock valued at $3,923,000 after purchasing an additional 238,015 shares in the last quarter. Acadian Asset Management LLC lifted its stake in shares of 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 purchasing an additional 135,284 shares in the last quarter. Finally, Federated Hermes Inc. purchased a new stake in shares of Sleep Number during the 2nd quarter worth about $899,000. 85.67% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several research analysts recently commented on SNBR shares. StockNews.com lowered shares of Sleep Number from a "buy" rating to a "hold" rating in a report on Friday. Piper Sandler cut their target price on shares of Sleep Number from $16.00 to $12.00 and set a "neutral" rating on the stock in a research note on Thursday, October 31st.

Insider Activity

In other news, major shareholder Stadium Capital Management Llc acquired 59,011 shares of the firm's stock in a transaction on Thursday, October 31st. The stock was bought at an average cost of $13.83 per share, with a total value of $816,122.13. Following the transaction, the insider now directly owns 1,920,000 shares in the company, valued at approximately $26,553,600. This represents a 3.17 % increase in their position. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through this link. Insiders have bought 169,373 shares of company stock worth $2,305,052 over the last 90 days. Company insiders own 6.80% of the company's stock.

Sleep Number Stock Performance

Shares of SNBR stock traded down $0.15 during trading hours on Tuesday, reaching $19.71. The company had a trading volume of 258,483 shares, compared to its average volume of 505,536. The stock's fifty day simple moving average is $14.91 and its 200 day simple moving average is $13.68. The company has a market capitalization of $440.91 million, a P/E ratio of -10.97 and a beta of 2.09. Sleep Number Co. has a twelve month low of $8.13 and a twelve month high of $20.75.

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.