Zacks Investment Research upgraded shares of Sleep Number (NASDAQ:SNBR) from a hold rating to a buy rating in a research note issued to investors on Tuesday. The brokerage currently has $51.00 price target on the stock.
According to Zacks, “Sleep Number Corporation transformed the mattress industry with the idea that ‘one size does not fit all’ when it comes to sleep. Today, the company is the leader in sleep innovation and was ranked Highest in Customer Satisfaction with Mattresses by J.D. Power. Their investments over the past five years have further differentiated their brand and strengthened their three competitive advantages: proprietary innovations that provide meaningful sleep benefits for their customers; ongoing customer relationships that are enabled by their direct-to-consumer business model; and exclusive distribution that is highly productive and fuelled by their mission-driven sales teams. Sleep Number’s business model enables one to stay focused on what is relevant to their customer while building life-long relationships with their brand. Their team of 4,000 brand ambassadors is dedicated to their mission of improving lives by individualizing sleep experiences. They are driven to improve well-being through better quality sleep. “
A number of other equities analysts have also issued reports on the company. BidaskClub raised Sleep Number from a buy rating to a strong-buy rating in a research report on Wednesday, March 6th. Barclays reissued a hold rating on shares of Sleep Number in a research report on Friday, February 15th. ValuEngine raised Sleep Number from a hold rating to a buy rating in a research report on Thursday, February 14th. SunTrust Banks upped their price target on Sleep Number to $35.00 and gave the company a hold rating in a research report on Thursday, February 14th. Finally, Piper Jaffray Companies upped their price target on Sleep Number to $43.00 and gave the company a neutral rating in a research report on Thursday, February 14th. They noted that the move was a valuation call. One research analyst has rated the stock with a sell rating, four have given a hold rating, three have assigned a buy rating and one has given a strong buy rating to the stock. The stock presently has an average rating of Hold and an average price target of $38.83.
In other Sleep Number news, insider Shelly Radue Ibach sold 10,000 shares of the stock in a transaction on Thursday, February 14th. The stock was sold at an average price of $42.00, for a total value of $420,000.00. The sale was disclosed in a document filed with the SEC, which is available through this link. Also, CMO Kevin Kennedy Brown sold 3,500 shares of the stock in a transaction on Tuesday, February 19th. The stock was sold at an average price of $43.41, for a total value of $151,935.00. The disclosure for this sale can be found here. Insiders sold 94,690 shares of company stock worth $4,048,198 over the last ninety days. 4.30% of the stock is owned by corporate insiders.
A number of hedge funds and other institutional investors have recently modified their holdings of the business. Disciplined Growth Investors Inc. MN increased its position in Sleep Number by 1.9% in the third quarter. Disciplined Growth Investors Inc. MN now owns 3,651,363 shares of the company’s stock worth $134,297,000 after buying an additional 68,752 shares during the period. Dimensional Fund Advisors LP increased its position in Sleep Number by 0.3% in the fourth quarter. Dimensional Fund Advisors LP now owns 1,755,694 shares of the company’s stock worth $55,709,000 after buying an additional 6,014 shares during the period. Rothschild & Co. Asset Management US Inc. increased its position in Sleep Number by 1.5% in the fourth quarter. Rothschild & Co. Asset Management US Inc. now owns 923,421 shares of the company’s stock worth $29,300,000 after buying an additional 13,839 shares during the period. D. E. Shaw & Co. Inc. increased its position in Sleep Number by 53.9% in the fourth quarter. D. E. Shaw & Co. Inc. now owns 739,871 shares of the company’s stock worth $23,477,000 after buying an additional 259,177 shares during the period. Finally, Norges Bank acquired a new stake in Sleep Number in the fourth quarter worth $16,774,000.
About Sleep Number
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 and sheets, as well as other bedding products, including mattresses, box springs, and foundations under the Sleep Number name.
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