Wedbush Reaffirms “Neutral” Rating for Sleep Number (NASDAQ:SNBR)

Wedbush reissued their neutral rating on shares of Sleep Number (NASDAQ:SNBR) in a research report report published on Thursday, Benzinga reports. The firm currently has a $13.50 price target on the stock.

Separately, Piper Sandler increased their target price on Sleep Number from $12.00 to $13.00 and gave the company a neutral rating in a report on Thursday.

Sleep Number Price Performance

Shares of SNBR stock opened at $14.18 on Thursday. The stock has a market capitalization of $316.64 million, a PE ratio of -9.33 and a beta of 1.96. Sleep Number has a 1-year low of $9.00 and a 1-year high of $39.98. The business has a 50-day moving average of $14.40 and a 200 day moving average of $13.86.

Sleep Number (NASDAQ:SNBR) last issued its earnings results on Wednesday, April 24th. The company reported $0.03 earnings per share for the quarter, beating the consensus estimate of ($0.41) by $0.44. The company had revenue of $470.45 million during 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 1.87%. Analysts anticipate that Sleep Number will post -0.34 EPS for the current year.

Institutional Investors Weigh In On Sleep Number

Several institutional investors and hedge funds have recently bought and sold shares of SNBR. Stadium Capital Management LLC lifted its holdings 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 buying an additional 678,001 shares during the period. Partnership Wealth Management LLC purchased a new stake in Sleep Number in the 4th quarter worth approximately $3,836,000. Jacobs Levy Equity Management Inc. lifted its holdings in Sleep Number by 588.7% in the 3rd quarter. Jacobs Levy Equity Management Inc. now owns 239,838 shares of the company’s stock worth $5,898,000 after buying an additional 205,015 shares during the period. Charles Schwab Investment Management Inc. lifted its holdings in Sleep Number by 29.8% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 802,190 shares of the company’s stock worth $11,896,000 after buying an additional 184,038 shares during the period. Finally, Schwarz Dygos Wheeler Investment Advisors LLC raised its position in shares of Sleep Number by 105.5% in the 4th quarter. Schwarz Dygos Wheeler Investment Advisors LLC now owns 117,397 shares of the company’s stock worth $1,741,000 after acquiring an additional 60,280 shares in the last quarter. Hedge funds and other institutional investors own 85.67% of the company’s stock.

About Sleep Number

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.