Sleep Number (NASDAQ:SNBR) Upgraded to Outperform at Raymond James

Raymond James upgraded shares of Sleep Number (NASDAQ:SNBR) from a market perform rating to an outperform rating in a report released on Wednesday morning, BenzingaRatingsTable reports. Raymond James currently has $48.00 price objective on the stock.

Several other equities research analysts also recently commented on SNBR. Bank of America reduced their price target on shares of Sleep Number from $34.00 to $30.00 and set an underperform rating for the company in a research report on Monday, September 23rd. Wedbush restated a neutral rating on shares of Sleep Number in a research report on Monday. SunTrust Banks upped their price target on shares of Sleep Number to $43.00 and gave the company a hold rating in a research report on Friday, July 26th. Zacks Investment Research downgraded shares of Sleep Number from a hold rating to a sell rating in a research report on Friday, September 27th. Finally, ValuEngine downgraded shares of Sleep Number from a hold rating to a sell rating in a research report on Wednesday, September 25th. Three analysts have rated the stock with a sell rating, five have issued a hold rating and one has issued a buy rating to the company’s stock. The company has an average rating of Hold and a consensus target price of $42.83.

NASDAQ:SNBR traded up $0.48 during trading hours on Wednesday, reaching $43.94. 130,077 shares of the company’s stock were exchanged, compared to its average volume of 417,891. The company has a market capitalization of $1.29 billion, a P/E ratio of 22.89, a price-to-earnings-growth ratio of 1.43 and a beta of 1.14. Sleep Number has a 12 month low of $30.44 and a 12 month high of $52.08. The business’s 50-day simple moving average is $41.80 and its two-hundred day simple moving average is $41.01.

Sleep Number (NASDAQ:SNBR) last issued its earnings results on Thursday, July 25th. The company reported $0.10 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.03 by $0.07. The firm had revenue of $355.96 million during the quarter, compared to analysts’ expectations of $336.30 million. Sleep Number had a net margin of 4.66% and a negative return on equity of 66.17%. The firm’s revenue for the quarter was up 12.5% compared to the same quarter last year. During the same period last year, the firm posted $0.10 earnings per share. On average, sell-side analysts forecast that Sleep Number will post 2.55 EPS for the current year.

In related news, insider Shelly Radue Ibach sold 40,000 shares of the firm’s stock in a transaction on Monday, July 29th. The shares were sold at an average price of $48.87, for a total value of $1,954,800.00. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Jean Michel Valette sold 25,000 shares of the firm’s stock in a transaction on Monday, July 29th. The shares were sold at an average price of $51.50, for a total transaction of $1,287,500.00. The disclosure for this sale can be found here. 5.60% of the stock is currently owned by company insiders.

A number of large investors have recently bought and sold shares of the stock. State of Alaska Department of Revenue grew its stake in Sleep Number by 119.3% in the 3rd quarter. State of Alaska Department of Revenue now owns 22,526 shares of the company’s stock valued at $930,000 after buying an additional 12,256 shares during the last quarter. Maverick Capital Ltd. grew its stake in Sleep Number by 47.5% in the 2nd quarter. Maverick Capital Ltd. now owns 52,590 shares of the company’s stock valued at $2,124,000 after buying an additional 16,927 shares during the last quarter. Royal Bank of Canada grew its stake in Sleep Number by 692.5% in the 2nd quarter. Royal Bank of Canada now owns 37,297 shares of the company’s stock valued at $1,505,000 after buying an additional 32,591 shares during the last quarter. Verition Fund Management LLC grew its stake in Sleep Number by 45.2% in the 2nd quarter. Verition Fund Management LLC now owns 14,177 shares of the company’s stock valued at $573,000 after buying an additional 4,416 shares during the last quarter. Finally, Nuveen Asset Management LLC acquired a new stake in Sleep Number in the 2nd quarter worth $24,372,000.

Sleep Number Company Profile

Sleep Number Corporation, together with its subsidiaries, provides sleep solutions and services in the United States. It designs, manufactures, markets, retails, and services beds, bases, and bedding accessories under the Sleep Number name. The company also offers adjustable bases under the FlextFit name; and pillows, temperature-balancing products, beds for kids, sheets, and other bedding products under the Sleep Number name.

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Analyst Recommendations for Sleep Number (NASDAQ:SNBR)

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