Sleep Number (NASDAQ:SNBR) Rating Increased to Buy at StockNews.com

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

Separately, Piper Sandler cut their price objective on shares of Sleep Number from $16.00 to $12.00 and set a "neutral" rating for the company in a report on Thursday, October 31st.

Sleep Number Stock Performance

NASDAQ SNBR traded down $0.59 during trading on Monday, hitting $19.25. 214,957 shares of the company's stock traded hands, compared to its average volume of 501,926. The stock has a market capitalization of $430.62 million, a price-to-earnings ratio of -10.64 and a beta of 2.08. The business has a 50 day moving average of $15.12 and a 200-day moving average of $13.86. Sleep Number has a 12-month low of $8.13 and a 12-month high of $20.75.

Insider Buying and Selling at Sleep Number

In other news, major shareholder Stadium Capital Management Llc purchased 25,325 shares of the business's stock in a transaction on Monday, November 11th. The stock was purchased at an average cost of $14.90 per share, with a total value of $377,342.50. Following the acquisition, the insider now directly owns 2,120,000 shares in the company, valued at approximately $31,588,000. This trade represents a 1.21 % increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Insiders purchased 169,373 shares of company stock valued at $2,305,052 in the last quarter. 6.80% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in the company. Barclays PLC grew its position in Sleep Number by 276.5% during the third quarter. Barclays PLC now owns 28,280 shares of the company's stock worth $518,000 after buying an additional 20,769 shares in the last quarter. Geode Capital Management LLC boosted its position in shares of Sleep Number by 3.6% during the 3rd quarter. Geode Capital Management LLC now owns 518,045 shares of the company's stock valued at $9,493,000 after acquiring an additional 18,182 shares during the last quarter. Y Intercept Hong Kong Ltd purchased a new position in shares of Sleep Number during the third quarter worth about $296,000. Hodges Capital Management Inc. increased its position in shares of Sleep Number by 146.6% in 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 last quarter. Finally, Stadium Capital Management LLC raised its stake in 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. Institutional investors own 85.67% of the company's stock.

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.

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