Insider Buying: Sleep Number Co. (NASDAQ:SNBR) Major Shareholder Acquires 22,000 Shares of Stock

Sleep Number Co. (NASDAQ:SNBR) major shareholder Stadium Capital Management Llc acquired 22,000 shares of the business’s stock in a transaction that occurred on Wednesday, November 13th. The shares were acquired at an average cost of $13.86 per share, for a total transaction of $304,920.00. Following the completion of the acquisition, the insider now owns 2,171,860 shares of the company’s stock, valued at $30,101,979.60. This trade represents a 0.00 % increase in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Large shareholders that own more than 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 11th, Stadium Capital Management Llc purchased 25,325 shares of Sleep Number stock. The stock was bought at an average price of $14.90 per share, for a total transaction of $377,342.50.
• On Wednesday, November 6th, Stadium Capital Management Llc acquired 400 shares of Sleep Number stock. The shares were bought at an average price of $14.21 per share, with a total value of $5,684.00.
• On Monday, November 4th, Stadium Capital Management Llc bought 36,097 shares of Sleep Number stock. The stock was bought at an average price of $13.09 per share, for a total transaction of $472,509.73.
• On Thursday, October 31st, Stadium Capital Management Llc purchased 59,011 shares of Sleep Number stock. The stock was purchased at an average price of $13.83 per share, for a total transaction of $816,122.13.

Sleep Number Trading Down 1.9 %

SNBR opened at $13.82 on Thursday. The firm has a market capitalization of $309.17 million, a PE ratio of -7.64 and a beta of 2.08. The firm has a 50 day moving average of $15.60 and a two-hundred day moving average of $13.66. Sleep Number Co. has a 12-month low of $8.13 and a 12-month high of $20.75.

Hedge Funds Weigh In On Sleep Number

A number of hedge funds have recently bought and sold shares of SNBR. Quarry LP acquired a new stake in Sleep Number in the 2nd quarter valued at $43,000. GAMMA Investing LLC raised its position in shares of Sleep Number by 15.7% during the 3rd quarter. GAMMA Investing LLC now owns 5,779 shares of the company’s stock worth $106,000 after purchasing an additional 784 shares during the last quarter. State Board of Administration of Florida Retirement System purchased a new position in Sleep Number in the 1st quarter valued at about $149,000. SG Americas Securities LLC acquired a new stake in Sleep Number in the 3rd quarter worth about $210,000. Finally, XTX Topco Ltd purchased a new stake in Sleep Number during the 2nd quarter worth approximately $128,000. Hedge funds and other institutional investors own 85.67% of the company’s stock.

Wall Street Analysts Forecast Growth

SNBR has been the subject of several recent analyst reports. StockNews.com downgraded shares of Sleep Number from a “buy” rating to a “hold” rating in a research note on Monday. Piper Sandler lowered their price objective on Sleep Number from $16.00 to $12.00 and set a “neutral” rating for the company in a research 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.