Sleep Number’s (SNBR) “Neutral” Rating Reiterated at Wedbush

Sleep Number (NASDAQ:SNBR)‘s stock had its “neutral” rating reiterated by stock analysts at Wedbush in a report released on Thursday, Benzinga reports. They currently have a $13.50 target price on the stock. Wedbush’s price target suggests a potential downside of 3.02% from the company’s previous close.

Separately, Piper Sandler lifted their price objective on shares of Sleep Number from $12.00 to $13.00 and gave the company a “neutral” rating in a research note on Thursday.

Sleep Number Stock Up 2.6 %

SNBR stock traded up $0.35 during mid-day trading on Thursday, reaching $13.92. The company had a trading volume of 520,175 shares, compared to its average volume of 574,996. The stock has a market capitalization of $310.83 million, a P/E ratio of -20.65 and a beta of 1.96. Sleep Number has a one year low of $9.00 and a one year high of $39.98. The stock’s 50-day simple moving average is $14.28 and its two-hundred day simple moving average is $13.91.

Sleep Number (NASDAQ:SNBR) last posted its earnings results on Wednesday, April 24th. The company reported $0.03 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.41) by $0.44. The company had revenue of $470.45 million for the quarter, compared to analysts’ expectations of $475.17 million. Sleep Number had a negative return on equity of 1.05% and a negative net margin of 0.81%. On average, research analysts forecast that Sleep Number will post -0.34 EPS for the current fiscal year.

Institutional Investors Weigh In On Sleep Number

Hedge funds and other institutional investors have recently modified their holdings of the stock. Jacobs Levy Equity Management Inc. raised its position in Sleep Number by 588.7% in the third quarter. Jacobs Levy Equity Management Inc. now owns 239,838 shares of the company’s stock worth $5,898,000 after acquiring an additional 205,015 shares in the last quarter. Stadium Capital Management LLC increased its stake in Sleep Number by 51.2% in the 3rd quarter. Stadium Capital Management LLC now owns 2,002,227 shares of the company’s stock worth $49,235,000 after purchasing an additional 678,001 shares in the last quarter. Swiss National Bank increased its stake in Sleep Number by 2.7% in the 3rd quarter. Swiss National Bank now owns 48,800 shares of the company’s stock worth $1,200,000 after purchasing an additional 1,300 shares in the last quarter. Charles Schwab Investment Management Inc. increased its stake in Sleep Number by 15.8% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 618,152 shares of the company’s stock worth $15,200,000 after purchasing an additional 84,449 shares in the last quarter. Finally, Public Employees Retirement System of Ohio increased its stake in Sleep Number by 345.5% in the 3rd quarter. Public Employees Retirement System of Ohio now owns 7,124 shares of the company’s stock worth $175,000 after purchasing an additional 5,525 shares in the last quarter. 85.67% of the stock is currently 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.