Sleep Number (NASDAQ:SNBR) Downgraded by StockNews.com to "Hold"

Sleep Number (NASDAQ:SNBR - Get Free Report) was downgraded by research analysts at StockNews.com from a "buy" rating to a "hold" rating in a research report issued on Friday.

Separately, Piper Sandler dropped their target price on shares of 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 Stock Up 0.5 %

Sleep Number stock traded up $0.10 during mid-day trading on Friday, hitting $18.67. 500,709 shares of the company were exchanged, compared to its average volume of 506,327. The company has a market capitalization of $417.65 million, a PE ratio of -10.31 and a beta of 2.08. The business has a fifty day moving average of $14.87 and a 200 day moving average of $13.64. Sleep Number has a 1-year low of $8.13 and a 1-year high of $20.75.

Insider Activity at Sleep Number

In related news, major shareholder Stadium Capital Management Llc acquired 36,097 shares of the firm's stock in a transaction on Monday, November 4th. The shares were purchased at an average price of $13.09 per share, with a total value of $472,509.73. Following the acquisition, the insider now directly owns 2,054,802 shares in the company, valued at $26,897,358.18. The trade was a 1.79 % increase in their ownership of the stock. The purchase was disclosed in a filing with the SEC, which is available through this link. Insiders acquired 169,373 shares of company stock valued at $2,305,052 in the last three months. Corporate insiders own 6.80% of the company's stock.

Hedge Funds Weigh In On Sleep Number

A number of large investors have recently modified their holdings of SNBR. Acadian Asset Management LLC raised its position in Sleep Number by 135.3% in the 2nd quarter. Acadian Asset Management LLC now owns 235,305 shares of the company's stock worth $2,249,000 after purchasing an additional 135,284 shares during the last quarter. Pacific Ridge Capital Partners LLC bought a new stake in shares of Sleep Number during the second quarter worth $3,342,000. NBC Securities Inc. lifted its stake in shares of Sleep Number by 5,000.0% during the third quarter. NBC Securities Inc. now owns 51,000 shares of the company's stock valued at $934,000 after acquiring an additional 50,000 shares during the period. Federated Hermes Inc. acquired a new position in shares of Sleep Number during the second quarter valued at $899,000. Finally, Hodges Capital Management Inc. boosted its holdings in Sleep Number by 138.5% in the second 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 last quarter. 85.67% of the stock is currently owned by institutional investors and hedge funds.

About Sleep Number

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.

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