Insider Buying: Sleep Number Co. (NASDAQ:SNBR) CEO Buys 61,020 Shares of Stock

Sleep Number Co. (NASDAQ:SNBR) CEO Linda Findley bought 61,020 shares of the company’s stock in a transaction on Wednesday, May 7th. The shares were purchased at an average cost of $7.12 per share, for a total transaction of $434,462.40. Following the transaction, the chief executive officer now owns 604,106 shares in the company, valued at approximately $4,301,234.72. This represents a 11.24% increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website.

Sleep Number Trading Up 4.8%

NASDAQ:SNBR opened at $8.00 on Monday. The stock has a market capitalization of $181.28 million, a PE ratio of -4.42 and a beta of 1.75. The firm’s 50 day moving average is $6.55 and its 200 day moving average is $12.60. Sleep Number Co. has a 12 month low of $4.48 and a 12 month high of $20.75.

Sleep Number (NASDAQ:SNBR) last posted its quarterly earnings results on Wednesday, April 30th. The company reported ($0.38) EPS for the quarter, missing analysts’ consensus estimates of ($0.11) by ($0.27). The company had revenue of $393.26 million for the quarter, compared to the consensus estimate of $397.95 million. The company’s revenue for the quarter was down 16.4% compared to the same quarter last year. During the same quarter in the previous year, the business earned ($0.33) earnings per share. Research analysts predict that Sleep Number Co. will post -0.42 earnings per share for the current year.

Institutional Investors Weigh In On Sleep Number

Hedge funds have recently modified their holdings of the stock. Barclays PLC raised its holdings in Sleep Number by 276.5% during the 3rd quarter. Barclays PLC now owns 28,280 shares of the company’s stock valued at $518,000 after acquiring an additional 20,769 shares during the period. JPMorgan Chase & Co. raised its holdings in Sleep Number by 1,071.9% during the 3rd quarter. JPMorgan Chase & Co. now owns 114,229 shares of the company’s stock valued at $2,093,000 after acquiring an additional 104,482 shares during the period. GAMMA Investing LLC raised its holdings in Sleep Number by 28.8% during the 4th quarter. GAMMA Investing LLC now owns 7,443 shares of the company’s stock valued at $113,000 after acquiring an additional 1,664 shares during the period. Inspire Investing LLC raised its holdings in Sleep Number by 13.4% during the 4th quarter. Inspire Investing LLC now owns 25,917 shares of the company’s stock valued at $395,000 after acquiring an additional 3,071 shares during the period. Finally, Hodges Capital Management Inc. raised its holdings in Sleep Number by 22.7% during the 4th quarter. Hodges Capital Management Inc. now owns 1,240,507 shares of the company’s stock valued at $18,905,000 after acquiring an additional 229,587 shares during the period. Institutional investors own 85.67% of the company’s stock.

Analysts Set New Price Targets

Several equities analysts have commented on SNBR shares. UBS Group set a $7.00 target price on shares of Sleep Number in a research report on Friday, April 25th. Piper Sandler dropped their target price on shares of Sleep Number from $11.00 to $6.00 and set a “neutral” rating on the stock in a research report on Friday, April 11th. Wedbush dropped their target price on shares of Sleep Number from $18.00 to $12.00 and set a “neutral” rating on the stock in a research report on Thursday, March 6th. Finally, StockNews.com cut shares of Sleep Number from a “buy” rating to a “hold” rating in a research report on Thursday, May 1st.

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.