Sleep Number (NASDAQ:SNBR) Price Target Raised to $16.00

Sleep Number (NASDAQ:SNBR) had its target price hoisted by Piper Sandler from $12.00 to $16.00 in a report published on Tuesday morning, Benzinga reports. The brokerage currently has a neutral rating on the stock.

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

Sleep Number Stock Performance

Sleep Number stock opened at $19.01 on Tuesday. Sleep Number has a one year low of $8.13 and a one year high of $25.87. The stock has a fifty day moving average of $13.19 and a 200 day moving average of $13.41. The stock has a market cap of $424.42 million, a PE ratio of -12.51 and a beta of 2.04.

Sleep Number (NASDAQ:SNBR) last issued its quarterly earnings data on Wednesday, July 31st. The company reported ($0.22) earnings per share for the quarter, topping the consensus estimate of ($0.44) by $0.22. The business had revenue of $408.40 million during the quarter, compared to the consensus estimate of $415.05 million. Sleep Number’s revenue for the quarter was down 11.0% on a year-over-year basis. During the same quarter last year, the company earned $0.03 EPS. As a group, sell-side analysts predict that Sleep Number will post -0.13 EPS for the current fiscal year.

Insider Buying and Selling at Sleep Number

In other news, Director Stephen E. Macadam acquired 43,000 shares of the firm’s stock in a transaction dated Tuesday, August 6th. The shares were purchased at an average cost of $12.35 per share, for a total transaction of $531,050.00. Following the transaction, the director now directly owns 102,729 shares of the company’s stock, valued at $1,268,703.15. The purchase was disclosed in a legal filing with the SEC, which is available at the SEC website. Insiders own 6.80% of the company’s stock.

Institutional Investors Weigh In On Sleep Number

A number of institutional investors and hedge funds have recently bought and sold shares of the business. Pacific Ridge Capital Partners LLC purchased a new stake in shares of Sleep Number during the second quarter worth about $3,342,000. Millennium Management LLC grew its holdings in 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 buying an additional 284,052 shares in the last quarter. Hodges Capital Management Inc. raised its position in shares of Sleep Number by 138.5% during the second quarter. Hodges Capital Management Inc. now owns 409,915 shares of the company’s stock valued at $3,923,000 after buying an additional 238,015 shares during the last quarter. Charles Schwab Investment Management Inc. boosted its position in shares of Sleep Number by 29.8% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 802,190 shares of the company’s stock worth $11,896,000 after acquiring an additional 184,038 shares during the last quarter. Finally, Acadian Asset Management LLC boosted its position in shares of Sleep Number by 135.3% during the second quarter. Acadian Asset Management LLC now owns 235,305 shares of the company’s stock worth $2,249,000 after acquiring an additional 135,284 shares during the last quarter. 85.67% of the stock is 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.