Sleep Number (NASDAQ:SNBR) Given New $16.00 Price Target at Piper Sandler

Sleep Number (NASDAQ:SNBR) had its price objective hoisted by Piper Sandler from $12.00 to $16.00 in a research note released on Tuesday, Benzinga reports. Piper Sandler currently has a neutral rating on the stock.

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

Sleep Number Stock Performance

NASDAQ SNBR opened at $19.01 on Tuesday. The stock has a 50 day moving average price of $13.19 and a 200-day moving average price of $13.41. Sleep Number has a one year low of $8.13 and a one year high of $25.87. The company has a market capitalization of $424.42 million, a P/E ratio of -12.51 and a beta of 2.04.

Sleep Number (NASDAQ:SNBR) last released 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 business had revenue of $408.40 million for the quarter, compared to the consensus estimate of $415.05 million. Sleep Number’s revenue for the quarter was down 11.0% compared to the same quarter last year. During the same quarter last year, the business earned $0.03 EPS. As a group, equities analysts predict that Sleep Number will post -0.13 EPS for the current fiscal year.

Insider Buying and Selling at Sleep Number

In other Sleep Number news, Director Stephen E. Macadam purchased 43,000 shares of the firm’s stock in a transaction that occurred on Tuesday, August 6th. The stock was purchased at an average cost of $12.35 per share, with a total value of $531,050.00. Following the purchase, the director now owns 102,729 shares of the company’s stock, valued at $1,268,703.15. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Company insiders own 6.80% of the company’s stock.

Institutional Investors Weigh In On Sleep Number

Several large investors have recently added to or reduced their stakes in the stock. Van Lanschot Kempen Investment Management N.V. lifted its holdings in shares of Sleep Number by 7.7% in the 2nd quarter. Van Lanschot Kempen Investment Management N.V. now owns 968,810 shares of the company’s stock worth $9,272,000 after buying an additional 69,133 shares during the period. Charles Schwab Investment Management Inc. raised its holdings in shares of Sleep Number by 29.8% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 802,190 shares of the company’s stock valued at $11,896,000 after acquiring an additional 184,038 shares in the last quarter. Hodges Capital Management Inc. grew its holdings in Sleep Number by 138.5% during the 2nd quarter. Hodges Capital Management Inc. now owns 409,915 shares of the company’s stock worth $3,923,000 after acquiring an additional 238,015 shares in the last quarter. Millennium Management LLC increased its position 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 purchasing an additional 284,052 shares during the period. Finally, SW Investment Management LLC raised its holdings in shares of Sleep Number by 16.7% in the 2nd quarter. SW Investment Management LLC now owns 350,000 shares of the company’s stock valued at $3,350,000 after purchasing an additional 50,000 shares in the last quarter. 85.67% of the stock is owned by hedge funds and other institutional investors.

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.