Sleep Number (NASDAQ:SNBR) Upgraded to Buy by StockNews.com

Posted by on Jun 14th, 2023

Sleep Number (NASDAQ:SNBR – Get Rating) was upgraded by equities researchers at StockNews.com from a “hold” rating to a “buy” rating in a research report issued to clients and investors on Wednesday.

Other research analysts have also recently issued research reports about the stock. Piper Sandler lowered their target price on shares of Sleep Number from $36.00 to $30.00 in a research note on Thursday, April 27th. UBS Group boosted their price objective on Sleep Number from $31.00 to $34.00 and gave the company a “neutral” rating in a research report on Thursday, February 23rd. Finally, Wedbush cut their target price on Sleep Number from $37.00 to $27.00 and set a “neutral” rating for the company in a research report on Thursday, April 20th.

Sleep Number Stock Performance

NASDAQ:SNBR opened at $21.01 on Wednesday. The stock has a 50-day simple moving average of $22.57 and a two-hundred day simple moving average of $28.13. Sleep Number has a 52-week low of $17.50 and a 52-week high of $50.61. The firm has a market capitalization of $466.09 million, a PE ratio of 10.35, a P/E/G ratio of 0.75 and a beta of 1.83.

Sleep Number (NASDAQ:SNBR – Get Rating) last released its earnings results on Wednesday, April 26th. The company reported $0.51 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.35 by $0.16. Sleep Number had a net margin of 2.18% and a negative return on equity of 10.55%. The company had revenue of $526.53 million during the quarter, compared to analyst estimates of $533.11 million. During the same period in the prior year, the firm posted $0.09 EPS. The firm’s quarterly revenue was down .1% compared to the same quarter last year. Equities analysts forecast that Sleep Number will post 1.35 earnings per share for the current fiscal year.

Institutional Trading of Sleep Number

A number of institutional investors and hedge funds have recently bought and sold shares of SNBR. Thrivent Financial for Lutherans grew its position in shares of Sleep Number by 10.8% during the first quarter. Thrivent Financial for Lutherans now owns 892,936 shares of the company’s stock valued at $27,154,000 after purchasing an additional 87,104 shares in the last quarter. Squarepoint Ops LLC bought a new stake in Sleep Number in the 1st quarter worth approximately $1,573,000. Geode Capital Management LLC raised its holdings in shares of Sleep Number by 5.0% during the 1st quarter. Geode Capital Management LLC now owns 432,778 shares of the company’s stock worth $13,161,000 after acquiring an additional 20,484 shares in the last quarter. Hotchkis & Wiley Capital Management LLC boosted its position in shares of Sleep Number by 9.3% during the 1st quarter. Hotchkis & Wiley Capital Management LLC now owns 85,880 shares of the company’s stock valued at $2,612,000 after acquiring an additional 7,300 shares during the last quarter. Finally, Arrowstreet Capital Limited Partnership grew its holdings in shares of Sleep Number by 4.2% in the first quarter. Arrowstreet Capital Limited Partnership now owns 435,893 shares of the company’s stock valued at $13,256,000 after purchasing an additional 17,553 shares in the last quarter.

About Sleep Number

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Sleep Number Corp. engages in the design, manufacture, marketing, and distribution of beds, proprietary beds, and other sleep-related accessory products. It offers beds under the brand name Sleep Number. The company was founded by Robert Walker and JoAnn Walker in 1987 and is headquartered in Minneapolis, MN.

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