Wedbush Reiterates Neutral Rating for Sleep Number (NASDAQ:SNBR)

Sleep Number (NASDAQ:SNBR)‘s stock had its “neutral” rating restated by analysts at Wedbush in a note issued to investors on Wednesday, Benzinga reports. They presently have a $13.50 target price on the stock. Wedbush’s price objective points to a potential upside of 1.66% from the company’s previous close.

Sleep Number Price Performance

Shares of NASDAQ:SNBR opened at $13.28 on Wednesday. Sleep Number has a 1 year low of $9.00 and a 1 year high of $39.98. The business has a 50 day simple moving average of $14.05 and a two-hundred day simple moving average of $14.16. The firm has a market capitalization of $296.54 million, a PE ratio of -19.53 and a beta of 1.96.

Sleep Number (NASDAQ:SNBR) last announced its earnings results on Thursday, February 22nd. The company reported ($0.58) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.90) by $0.32. Sleep Number had a negative return on equity of 1.05% and a negative net margin of 0.81%. The business had revenue of $429.52 million during the quarter, compared to analyst estimates of $415.70 million. Equities research analysts expect that Sleep Number will post -0.34 EPS for the current fiscal year.

Institutional Inflows and Outflows

Several large investors have recently modified their holdings of SNBR. Rice Hall James & Associates LLC boosted its position in shares of Sleep Number by 1.7% during the first quarter. Rice Hall James & Associates LLC now owns 272,926 shares of the company’s stock valued at $13,840,000 after buying an additional 4,545 shares during the period. JPMorgan Chase & Co. boosted its holdings in shares of Sleep Number by 2.7% in the first quarter. JPMorgan Chase & Co. now owns 165,053 shares of the company’s stock valued at $8,371,000 after purchasing an additional 4,368 shares during the period. Raymond James & Associates boosted its holdings in shares of Sleep Number by 287.9% in the first quarter. Raymond James & Associates now owns 43,507 shares of the company’s stock valued at $2,206,000 after purchasing an additional 32,291 shares during the period. Bank of New York Mellon Corp boosted its holdings in shares of Sleep Number by 1.9% in the first quarter. Bank of New York Mellon Corp now owns 269,570 shares of the company’s stock valued at $13,671,000 after purchasing an additional 4,901 shares during the period. Finally, Citigroup Inc. boosted its holdings in shares of Sleep Number by 4.8% in the first quarter. Citigroup Inc. now owns 22,230 shares of the company’s stock valued at $1,127,000 after purchasing an additional 1,015 shares during the period. 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.