Sleep Number (NASDAQ:SNBR) Upgraded to Buy at BidaskClub

BidaskClub upgraded shares of Sleep Number (NASDAQ:SNBR) from a hold rating to a buy rating in a research report report published on Thursday morning, BidAskClub reports.

Other analysts have also recently issued research reports about the stock. TheStreet cut shares of Sleep Number from a b- rating to a c+ rating in a research report on Tuesday, September 8th. Zacks Investment Research downgraded Sleep Number from a strong-buy rating to a sell rating in a report on Wednesday, September 16th. ValuEngine cut Sleep Number from a hold rating to a sell rating in a report on Wednesday, August 12th. Raymond James reiterated a hold rating on shares of Sleep Number in a research report on Thursday, July 16th. Finally, Piper Sandler raised their target price on shares of Sleep Number from $65.00 to $70.00 and gave the stock an overweight rating in a report on Thursday, July 16th. Four analysts have rated the stock with a sell rating, three have assigned a hold rating and two have issued a buy rating to the company’s stock. The stock currently has a consensus rating of Hold and a consensus price target of $46.71.

Shares of NASDAQ:SNBR opened at $48.49 on Thursday. The firm’s 50 day simple moving average is $46.77 and its 200 day simple moving average is $37.82. Sleep Number has a fifty-two week low of $15.27 and a fifty-two week high of $61.00. The company has a market capitalization of $1.34 billion, a price-to-earnings ratio of 18.16, a P/E/G ratio of 1.60 and a beta of 2.22.

Sleep Number (NASDAQ:SNBR) last issued its earnings results on Wednesday, July 15th. The company reported ($0.45) EPS for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.67) by $0.22. The firm had revenue of $284.94 million during the quarter, compared to the consensus estimate of $233.80 million. Sleep Number had a net margin of 4.70% and a negative return on equity of 48.94%. The business’s quarterly revenue was down 20.0% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.14 earnings per share. On average, equities analysts anticipate that Sleep Number will post 2.77 earnings per share for the current year.

In other news, CEO Shelly Radue Ibach sold 11,169 shares of the company’s stock in a transaction dated Monday, July 13th. The stock was sold at an average price of $53.70, for a total transaction of $599,775.30. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Over the last 90 days, insiders sold 43,463 shares of company stock worth $2,291,081. Corporate insiders own 6.00% of the company’s stock.

Several hedge funds and other institutional investors have recently bought and sold shares of SNBR. BNP Paribas Arbitrage SA boosted its holdings in Sleep Number by 11.3% during the first quarter. BNP Paribas Arbitrage SA now owns 28,177 shares of the company’s stock worth $540,000 after purchasing an additional 2,870 shares during the last quarter. Morgan Stanley lifted its position in Sleep Number by 3.7% during the 1st quarter. Morgan Stanley now owns 460,999 shares of the company’s stock worth $8,832,000 after buying an additional 16,301 shares in the last quarter. Barclays PLC lifted its position in Sleep Number by 2.8% during the 2nd quarter. Barclays PLC now owns 50,562 shares of the company’s stock worth $2,104,000 after buying an additional 1,383 shares in the last quarter. Lord Abbett & CO. LLC acquired a new position in shares of Sleep Number during the 1st quarter worth about $4,688,000. Finally, Grantham Mayo Van Otterloo & Co. LLC bought a new position in shares of Sleep Number in the 1st quarter valued at about $1,024,000. Institutional investors own 96.69% of the company’s stock.

About Sleep Number

Sleep Number Corporation, together with its subsidiaries, provides sleep solutions and services in the United States. It designs, manufactures, markets, retails, and services beds, bases, and bedding accessories under the Sleep Number name. The company also offers adjustable bases under the FlextFit name; and pillows, temperature-balancing products, beds for kids, sheets, and other bedding products under the Sleep Number name.

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Analyst Recommendations for Sleep Number (NASDAQ:SNBR)

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