Piper Sandler Raises Sleep Number (NASDAQ:SNBR) Price Target to $16.00

Sleep Number (NASDAQ:SNBR) had its target price increased by investment analysts at Piper Sandler from $12.00 to $16.00 in a research report issued to clients and investors on Tuesday, Benzinga reports. The brokerage presently has a “neutral” rating on the stock. Piper Sandler’s price target would suggest a potential downside of 8.83% from the stock’s previous close.

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

Sleep Number Trading Down 6.1 %

SNBR stock opened at $17.55 on Tuesday. The stock has a market cap of $392.24 million, a P/E ratio of -11.55 and a beta of 2.05. The stock’s fifty day simple moving average is $12.58 and its two-hundred day simple moving average is $13.31. Sleep Number has a 1-year low of $8.13 and a 1-year high of $27.12.

Sleep Number (NASDAQ:SNBR) last released its earnings results on Wednesday, July 31st. The company reported ($0.22) EPS for the quarter, topping analysts’ consensus estimates 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. The company’s revenue for the quarter was down 11.0% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.03 earnings per share. As a group, analysts forecast that Sleep Number will post -0.13 earnings per share for the current fiscal year.

Insider Activity at Sleep Number

In other Sleep Number news, Director Stephen E. Macadam bought 43,000 shares of the business’s stock in a transaction on Tuesday, August 6th. The stock was purchased at an average price of $12.35 per share, for a total transaction of $531,050.00. Following the completion of the transaction, the director now directly owns 102,729 shares of the company’s stock, valued at $1,268,703.15. The acquisition was disclosed in a filing with the SEC, which is accessible through this link. 6.80% of the stock is currently owned by company insiders.

Institutional Trading of Sleep Number

A number of institutional investors have recently modified their holdings of the business. SW Investment Management LLC raised its holdings in Sleep Number by 16.7% during the 2nd quarter. SW Investment Management LLC now owns 350,000 shares of the company’s stock valued at $3,350,000 after acquiring an additional 50,000 shares during the period. Quarry LP bought a new position in shares of Sleep Number in the second quarter worth $43,000. Pacific Ridge Capital Partners LLC purchased a new position in shares of Sleep Number in the second quarter valued at $3,342,000. Susquehanna Fundamental Investments LLC raised its stake in shares of Sleep Number by 6.2% during the 2nd 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 period. Finally, Millennium Management LLC lifted 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 worth $3,550,000 after purchasing an additional 284,052 shares in the last quarter. 85.67% of the stock is currently owned by hedge funds and other 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.