Insider Buying: Sleep Number Co. (NASDAQ:SNBR) Major Shareholder Acquires $377,342.50 in Stock

Sleep Number Co. (NASDAQ:SNBR) major shareholder Stadium Capital Management Llc bought 25,325 shares of the firm’s stock in a transaction on Monday, November 11th. The shares were bought at an average price of $14.90 per share, for a total transaction of $377,342.50. Following the completion of the transaction, the insider now directly owns 2,120,000 shares in the company, valued at approximately $31,588,000. This represents a 1.21 % increase in their position. The purchase was disclosed in a document filed with the SEC, which is available through this link. Major shareholders that own 10% or more of a company’s stock are required to disclose their transactions with the SEC.

Stadium Capital Management Llc also recently made the following trade(s):

• On Wednesday, November 13th, Stadium Capital Management Llc acquired 22,000 shares of Sleep Number stock. The stock was bought at an average price of $13.86 per share, with a total value of $304,920.00.
• On Wednesday, November 6th, Stadium Capital Management Llc bought 400 shares of Sleep Number stock. The shares were bought at an average price of $14.21 per share, for a total transaction of $5,684.00.
• On Monday, November 4th, Stadium Capital Management Llc purchased 36,097 shares of Sleep Number stock. The shares were bought at an average price of $13.09 per share, with a total value of $472,509.73.
• On Thursday, October 31st, Stadium Capital Management Llc purchased 59,011 shares of Sleep Number stock. The stock was purchased at an average price of $13.83 per share, for a total transaction of $816,122.13.

Sleep Number Stock Performance

Sleep Number stock opened at $12.34 on Friday. Sleep Number Co. has a fifty-two week low of $8.13 and a fifty-two week high of $20.75. The company has a market capitalization of $276.05 million, a price-to-earnings ratio of -6.82 and a beta of 2.08. The stock has a fifty day moving average of $15.59 and a two-hundred day moving average of $13.66.

Analyst Ratings Changes

Several analysts have weighed in on the company. Piper Sandler lowered their target price on Sleep Number from $16.00 to $12.00 and set a “neutral” rating on the stock in a report on Thursday, October 31st. StockNews.com downgraded shares of Sleep Number from a “buy” rating to a “hold” rating in a report on Monday, November 11th.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in SNBR. Quarry LP acquired a new position in shares of Sleep Number in the second quarter valued at approximately $43,000. GAMMA Investing LLC raised its holdings in Sleep Number by 15.7% in the 3rd quarter. GAMMA Investing LLC now owns 5,779 shares of the company’s stock valued at $106,000 after acquiring an additional 784 shares during the last quarter. XTX Topco Ltd purchased a new position in shares of Sleep Number during the 2nd quarter worth $128,000. State Board of Administration of Florida Retirement System acquired a new stake in shares of Sleep Number during the first quarter worth $149,000. Finally, Susquehanna Fundamental Investments LLC increased its stake in Sleep Number by 6.2% in the second quarter. Susquehanna Fundamental Investments LLC now owns 18,791 shares of the company’s stock valued at $180,000 after purchasing an additional 1,100 shares during the last quarter. Institutional investors and hedge funds own 85.67% of the company’s stock.

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.