Sleep Number Co. (NASDAQ:SNBR) is Formula Growth Ltd.'s 3rd Largest Position

Formula Growth Ltd. raised its stake in Sleep Number Co. (NASDAQ:SNBR - Free Report) by 31.8% during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 485,206 shares of the company's stock after purchasing an additional 117,055 shares during the period. Sleep Number accounts for approximately 2.5% of Formula Growth Ltd.'s investment portfolio, making the stock its 3rd biggest position. Formula Growth Ltd. owned approximately 2.17% of Sleep Number worth $7,395,000 as of its most recent SEC filing.

A number of other hedge funds also recently modified their holdings of SNBR. Schwarz Dygos Wheeler Investment Advisors LLC raised its holdings in shares of Sleep Number by 1.1% during the 4th quarter. Schwarz Dygos Wheeler Investment Advisors LLC now owns 137,463 shares of the company's stock worth $2,095,000 after buying an additional 1,496 shares in the last quarter. GAMMA Investing LLC increased its position in Sleep Number by 28.8% during the 4th quarter. GAMMA Investing LLC now owns 7,443 shares of the company's stock worth $113,000 after purchasing an additional 1,664 shares in the last quarter. Summit Securities Group LLC bought a new position in Sleep Number in the 4th quarter valued at approximately $33,000. State Street Corp boosted its position in Sleep Number by 0.6% in the third quarter. State Street Corp now owns 440,547 shares of the company's stock valued at $8,071,000 after buying an additional 2,472 shares in the last quarter. Finally, Wells Fargo & Company MN grew its stake in shares of Sleep Number by 26.7% during the fourth quarter. Wells Fargo & Company MN now owns 13,063 shares of the company's stock worth $199,000 after buying an additional 2,756 shares during the last quarter. Institutional investors and hedge funds own 85.67% of the company's stock.

Insider Activity

In related news, insider Gary T. Fazio acquired 12,000 shares of the business's stock in a transaction dated Monday, March 10th. The shares were bought at an average price of $7.54 per share, with a total value of $90,480.00. Following the transaction, the insider now directly owns 71,125 shares of the company's stock, valued at $536,282.50. This trade represents a 20.30 % increase in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. 6.80% of the stock is currently owned by company insiders.

Sleep Number Price Performance

Shares of Sleep Number stock traded up $0.20 on Wednesday, hitting $6.14. 611,334 shares of the company's stock traded hands, compared to its average volume of 502,473. The company has a fifty day moving average of $8.62 and a two-hundred day moving average of $13.33. Sleep Number Co. has a one year low of $4.48 and a one year high of $20.75. The company has a market capitalization of $137.47 million, a price-to-earnings ratio of -3.39 and a beta of 2.07.

Analyst Upgrades and Downgrades

Several equities research analysts recently weighed in on SNBR shares. Wedbush cut their price objective on Sleep Number from $18.00 to $12.00 and set a "neutral" rating on the stock in a report on Thursday, March 6th. Piper Sandler decreased their price target on Sleep Number from $11.00 to $6.00 and set a "neutral" rating for the company in a research note on Friday, April 11th. Finally, StockNews.com upgraded Sleep Number from a "hold" rating to a "buy" rating in a report on Thursday, January 9th.

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.