Sleep Number (NASDAQ:SNBR) Price Target Cut to $12.00 by Analysts at Piper Sandler

Sleep Number (NASDAQ:SNBR) had its price target reduced by Piper Sandler from $16.00 to $12.00 in a report issued on Thursday, Benzinga reports. Piper Sandler currently has a neutral rating on the stock.

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

Sleep Number Price Performance

Shares of NASDAQ:SNBR traded down $0.15 during trading on Thursday, hitting $13.55. The company had a trading volume of 197,393 shares, compared to its average volume of 510,695. The company has a fifty day simple moving average of $15.68 and a two-hundred day simple moving average of $13.61. Sleep Number has a one year low of $8.13 and a one year high of $20.75.

Sleep Number (NASDAQ:SNBR) last announced its earnings results on Wednesday, July 31st. The company reported ($0.22) earnings per share for the quarter, beating the consensus estimate of ($0.44) by $0.22. The firm had revenue of $408.40 million during the quarter, compared to analysts’ expectations of $415.05 million. The company’s revenue was down 11.0% compared to the same quarter last year. During the same period in the prior year, the company posted $0.03 EPS. Equities analysts forecast that Sleep Number will post -0.13 EPS for the current year.

Insiders Place Their Bets

In other Sleep Number news, Director Stephen E. Macadam purchased 43,000 shares of the stock in a transaction dated Tuesday, August 6th. The stock was purchased at an average price of $12.35 per share, with a total value of $531,050.00. Following the transaction, the director now owns 102,729 shares of the company’s stock, valued at approximately $1,268,703.15. This trade represents a 0.00 % increase in their ownership of the stock. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 6.80% of the stock is owned by company insiders.

Hedge Funds Weigh In On Sleep Number

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Rice Hall James & Associates LLC lifted its position in shares of Sleep Number by 3.9% during the third quarter. Rice Hall James & Associates LLC now owns 187,469 shares of the company’s stock valued at $3,434,000 after buying an additional 7,080 shares during the last quarter. Tectonic Advisors LLC raised its stake in shares of Sleep Number by 77.6% during the 3rd quarter. Tectonic Advisors LLC now owns 76,080 shares of the company’s stock worth $1,394,000 after acquiring an additional 33,250 shares in the last quarter. NBC Securities Inc. raised its stake in shares of Sleep Number by 5,000.0% during the 3rd quarter. NBC Securities Inc. now owns 51,000 shares of the company’s stock worth $934,000 after acquiring an additional 50,000 shares in the last quarter. Inspire Investing LLC purchased a new stake in Sleep Number during the third quarter valued at approximately $419,000. Finally, GAMMA Investing LLC boosted its stake in Sleep Number by 15.7% in the third quarter. GAMMA Investing LLC now owns 5,779 shares of the company’s stock valued at $106,000 after acquiring an additional 784 shares in the last quarter. Hedge funds and other institutional investors own 85.67% of the company’s stock.

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.