Insider Buying: Sleep Number Co. (NASDAQ:SNBR) Major Shareholder Purchases 11,540 Shares of Stock

Sleep Number Co. (NASDAQ:SNBR) major shareholder Stadium Capital Management Llc acquired 11,540 shares of the firm’s stock in a transaction that occurred on Friday, November 15th. The shares were bought at an average price of $12.71 per share, for a total transaction of $146,673.40. Following the completion of the purchase, the insider now owns 2,200,000 shares in the company, valued at $27,962,000. This trade represents a 0.53 % increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Large shareholders that own 10% or more of a company’s stock are required to disclose their transactions with the SEC.

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

• On Monday, November 18th, Stadium Capital Management Llc bought 15,000 shares of Sleep Number stock. The shares were bought at an average cost of $12.12 per share, with a total value of $181,800.00.
• On Wednesday, November 13th, Stadium Capital Management Llc purchased 22,000 shares of Sleep Number stock. The stock was purchased at an average cost of $13.86 per share, for a total transaction of $304,920.00.
• On Monday, November 11th, Stadium Capital Management Llc bought 25,325 shares of Sleep Number stock. The shares were purchased at an average cost of $14.90 per share, for a total transaction of $377,342.50.
• On Wednesday, November 6th, Stadium Capital Management Llc purchased 400 shares of Sleep Number stock. The stock was purchased 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 stock was purchased 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 shares were acquired at an average cost of $13.83 per share, with a total value of $816,122.13.

Sleep Number Trading Down 3.4 %

Shares of NASDAQ SNBR opened at $11.77 on Wednesday. The stock has a market cap of $263.29 million, a price-to-earnings ratio of -6.57 and a beta of 2.08. The stock’s 50-day moving average is $15.51 and its 200 day moving average is $13.64. Sleep Number Co. has a 1-year low of $8.13 and a 1-year high of $20.75.

Institutional Trading of Sleep Number

Several hedge funds have recently added to or reduced their stakes in SNBR. Quarry LP bought a new position in shares of Sleep Number during the second quarter valued at about $43,000. GAMMA Investing LLC grew its holdings in shares of Sleep Number by 15.7% in the third 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 shares of Sleep Number in the first quarter worth $149,000. SG Americas Securities LLC bought a new stake in Sleep Number during the 3rd quarter valued at $210,000. Finally, PDT Partners LLC purchased a new stake in Sleep Number during the 3rd quarter valued at $241,000. 85.67% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

Several analysts have weighed in on SNBR shares. StockNews.com raised Sleep Number from a “hold” rating to a “buy” rating in a report on Tuesday. Piper Sandler dropped their target price on shares of 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.