Sleep Number (NASDAQ:SNBR) Price Target Lowered to $12.00 at Piper Sandler

Sleep Number (NASDAQ:SNBR - Get Free Report) had its price target lowered by Piper Sandler from $16.00 to $12.00 in a note issued to investors on Thursday, Benzinga reports. The brokerage presently has a "neutral" rating on the stock. Piper Sandler's price target indicates a potential downside of 12.41% from the company's previous close.

Separately, StockNews.com lowered Sleep Number from a "buy" rating to a "hold" rating in a research report on Friday, August 9th.

Sleep Number Price Performance

NASDAQ:SNBR traded up $0.47 during trading hours on Thursday, hitting $13.70. The company had a trading volume of 1,577,575 shares, compared to its average volume of 512,103. The company has a market capitalization of $305.87 million, a PE ratio of -9.53 and a beta of 2.06. The stock has a 50-day moving average price of $15.67 and a 200 day moving average price of $13.61. Sleep Number has a 52 week low of $8.13 and a 52 week high of $20.75.

Sleep Number (NASDAQ:SNBR - Get Free Report) last announced its quarterly earnings data on Wednesday, July 31st. The company reported ($0.22) EPS for the quarter, beating the consensus estimate of ($0.44) by $0.22. The firm had revenue of $408.40 million for the quarter, compared to analysts' expectations of $415.05 million. The business's quarterly revenue was down 11.0% compared to the same quarter last year. During the same period in the prior year, the business posted $0.03 EPS. Analysts anticipate that Sleep Number will post -0.13 EPS for the current fiscal year.

Insiders Place Their Bets

In other Sleep Number news, Director Stephen E. Macadam bought 43,000 shares of the firm's stock in a transaction on Tuesday, August 6th. The stock was acquired at an average price of $12.35 per share, with a total value of $531,050.00. Following the transaction, the director now owns 102,729 shares in the company, valued at $1,268,703.15. This represents a 0.00 % increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which is accessible through this link. 6.80% of the stock is owned by insiders.

Institutional Investors Weigh In On Sleep Number

A number of large investors have recently made changes to their positions in SNBR. Pacific Ridge Capital Partners LLC bought a new stake in shares of Sleep Number during the 2nd quarter valued at about $3,342,000. Millennium Management LLC grew its stake in shares of Sleep Number by 326.7% during the 2nd quarter. Millennium Management LLC now owns 370,987 shares of the company's stock valued at $3,550,000 after acquiring an additional 284,052 shares during the period. Hodges Capital Management Inc. grew its stake in shares of Sleep Number by 138.5% during the 2nd quarter. Hodges Capital Management Inc. now owns 409,915 shares of the company's stock valued at $3,923,000 after acquiring an additional 238,015 shares during the period. Acadian Asset Management LLC grew its stake in shares of Sleep Number by 135.3% during the 2nd quarter. Acadian Asset Management LLC now owns 235,305 shares of the company's stock valued at $2,249,000 after acquiring an additional 135,284 shares during the period. Finally, Federated Hermes Inc. bought a new position in shares of Sleep Number during the 2nd quarter valued at approximately $899,000. 85.67% of the stock is currently owned by institutional investors.

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.