Stadium Capital Management Llc Purchases 25,325 Shares of Sleep Number Co. (NASDAQ:SNBR) Stock

Sleep Number Co. (NASDAQ:SNBR) major shareholder Stadium Capital Management Llc purchased 25,325 shares of Sleep Number stock in a transaction dated Monday, November 11th. The shares were purchased at an average cost of $14.90 per share, for a total transaction of $377,342.50. Following the completion of the transaction, the insider now owns 2,120,000 shares of the company’s stock, valued at approximately $31,588,000. This represents a 1.21 % increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Large shareholders that own 10% or more of a company’s stock are required to disclose their sales and purchases with the SEC.

Stadium Capital Management Llc also recently made the following trade(s):

• On Wednesday, November 13th, Stadium Capital Management Llc acquired 22,000 shares of Sleep Number stock. The shares were acquired at an average cost of $13.86 per share, for a total transaction of $304,920.00.
• On Wednesday, November 6th, Stadium Capital Management Llc bought 400 shares of Sleep Number stock. The stock was acquired at an average cost of $14.21 per share, with a total value of $5,684.00.
• On Monday, November 4th, Stadium Capital Management Llc purchased 36,097 shares of Sleep Number stock. The shares were acquired at an average cost of $13.09 per share, for a total transaction of $472,509.73.
• On Thursday, October 31st, Stadium Capital Management Llc acquired 59,011 shares of Sleep Number stock. The stock was acquired at an average price of $13.83 per share, with a total value of $816,122.13.

Sleep Number Stock Performance

NASDAQ:SNBR opened at $13.65 on Friday. The stock has a 50-day simple moving average of $15.60 and a 200 day simple moving average of $13.66. Sleep Number Co. has a 52-week low of $8.13 and a 52-week high of $20.75. The company has a market cap of $305.36 million, a PE ratio of -7.81 and a beta of 2.08.

Hedge Funds Weigh In On Sleep Number

Hedge funds have recently made changes to their positions in the business. Quarry LP acquired a new position in shares of Sleep Number during the 2nd quarter worth about $43,000. GAMMA Investing LLC boosted its position in Sleep Number by 15.7% during the third quarter. GAMMA Investing LLC now owns 5,779 shares of the company’s stock valued at $106,000 after purchasing an additional 784 shares during the last quarter. XTX Topco Ltd bought a new position in Sleep Number in the second quarter valued at approximately $128,000. State Board of Administration of Florida Retirement System bought a new position in Sleep Number in the first quarter valued at approximately $149,000. Finally, Susquehanna Fundamental Investments LLC raised its stake in shares of Sleep Number by 6.2% during the 2nd quarter. Susquehanna Fundamental Investments LLC now owns 18,791 shares of the company’s stock worth $180,000 after purchasing an additional 1,100 shares in the last quarter. 85.67% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

Several analysts have commented on SNBR shares. StockNews.com downgraded shares of Sleep Number from a “buy” rating to a “hold” rating in a report on Monday. Piper Sandler dropped their price objective on shares of Sleep Number from $16.00 to $12.00 and set a “neutral” rating on the stock in a report on Thursday, October 31st.

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.