Insider Buying: Sleep Number Co. (NASDAQ:SNBR) Major Shareholder Acquires 59,011 Shares of Stock

Sleep Number Co. (NASDAQ:SNBR) major shareholder Stadium Capital Management Llc bought 59,011 shares of the firm’s stock in a transaction dated Thursday, October 31st. The shares were acquired at an average cost of $13.83 per share, with a total value of $816,122.13. Following the completion of the transaction, the insider now owns 1,920,000 shares in the company, valued at approximately $26,553,600. The trade was a 0.00 % increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Large shareholders that own at least 10% of a company’s shares are required to disclose their sales and purchases with the SEC.

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

• On Monday, November 4th, Stadium Capital Management Llc bought 36,097 shares of Sleep Number stock. The shares were acquired at an average cost of $13.09 per share, with a total value of $472,509.73.

Sleep Number Stock Performance

NASDAQ SNBR traded up $0.39 during trading hours on Monday, hitting $13.10. The company had a trading volume of 440,439 shares, compared to its average volume of 513,203. Sleep Number Co. has a 52 week low of $8.13 and a 52 week high of $20.75. The firm has a 50 day simple moving average of $15.65 and a 200 day simple moving average of $13.62. The firm has a market capitalization of $292.79 million, a price-to-earnings ratio of -7.24 and a beta of 2.08.

Institutional Inflows and Outflows

Several large investors have recently added to or reduced their stakes in the stock. Van Lanschot Kempen Investment Management N.V. boosted its stake in Sleep Number by 7.7% in the 2nd quarter. Van Lanschot Kempen Investment Management N.V. now owns 968,810 shares of the company’s stock worth $9,272,000 after purchasing an additional 69,133 shares during the period. Hodges Capital Management Inc. boosted its stake in Sleep Number by 138.5% in the 2nd quarter. Hodges Capital Management Inc. now owns 409,915 shares of the company’s stock worth $3,923,000 after purchasing an additional 238,015 shares during the period. Millennium Management LLC boosted its stake in Sleep Number by 326.7% in the 2nd quarter. Millennium Management LLC now owns 370,987 shares of the company’s stock worth $3,550,000 after purchasing an additional 284,052 shares during the period. SW Investment Management LLC boosted its stake in Sleep Number by 16.7% in the 2nd quarter. SW Investment Management LLC now owns 350,000 shares of the company’s stock worth $3,350,000 after purchasing an additional 50,000 shares during the period. Finally, Pacific Ridge Capital Partners LLC bought a new position in Sleep Number in the 2nd quarter worth about $3,342,000. Institutional investors own 85.67% of the company’s stock.

Analyst Ratings Changes

Several research analysts have recently weighed in on SNBR shares. StockNews.com upgraded Sleep Number from a “hold” rating to a “buy” rating in a research note on Friday. Piper Sandler cut their price target on Sleep Number from $16.00 to $12.00 and set a “neutral” rating for the company in a research note on Thursday.

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.