Morgan Stanley Acquires 91,061 Shares of Sleep Number Co. (NASDAQ:SNBR)


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Morgan Stanley grew its holdings in shares of Sleep Number Co. (NASDAQ:SNBR) by 41.4% in the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 311,236 shares of the company’s stock after purchasing an additional 91,061 shares during the quarter. Morgan Stanley owned about 1.12% of Sleep Number worth $25,478,000 at the end of the most recent reporting period.

Several other hedge funds have also recently added to or reduced their stakes in SNBR. Hennessy Advisors Inc. bought a new position in shares of Sleep Number in the fourth quarter valued at approximately $13,818,000. BlackRock Inc. boosted its position in shares of Sleep Number by 4.1% in the fourth quarter. BlackRock Inc. now owns 4,181,450 shares of the company’s stock valued at $342,294,000 after acquiring an additional 163,059 shares during the period. Schroder Investment Management Group bought a new position in shares of Sleep Number in the fourth quarter valued at approximately $7,365,000. SG Capital Management LLC bought a new position in shares of Sleep Number in the fourth quarter valued at approximately $5,550,000. Finally, Kempen Capital Management N.V. boosted its position in shares of Sleep Number by 15.8% in the fourth quarter. Kempen Capital Management N.V. now owns 464,508 shares of the company’s stock valued at $38,025,000 after acquiring an additional 63,390 shares during the period. Institutional investors own 94.32% of the company’s stock.

A number of equities research analysts recently weighed in on the stock. Piper Sandler raised their target price on shares of Sleep Number from $108.00 to $165.00 and gave the company an “overweight” rating in a research note on Thursday, February 25th. Bank of America downgraded shares of Sleep Number from a “neutral” rating to an “underperform” rating and raised their target price for the company from $73.00 to $88.00 in a research note on Thursday, February 4th. Stifel Nicolaus reaffirmed a “buy” rating on shares of Sleep Number in a research note on Tuesday, January 26th. UBS Group raised shares of Sleep Number from a “sell” rating to a “neutral” rating and raised their target price for the company from $65.00 to $135.00 in a research note on Thursday, February 18th. Finally, Wedbush lifted their price target on shares of Sleep Number from $120.00 to $130.00 and gave the stock a “neutral” rating in a research note on Thursday, February 18th. Two analysts have rated the stock with a sell rating, three have assigned a hold rating and two have given a buy rating to the stock. The company presently has an average rating of “Hold” and an average target price of $112.20.

In related news, Director Michael J. Harrison sold 5,366 shares of Sleep Number stock in a transaction on Friday, February 19th. The shares were sold at an average price of $118.69, for a total value of $636,890.54. Also, Director Jean Michel Valette sold 25,000 shares of Sleep Number stock in a transaction on Monday, April 5th. The shares were sold at an average price of $137.70, for a total transaction of $3,442,500.00. The disclosure for this sale can be found here. Insiders sold 52,590 shares of company stock worth $6,987,878 in the last 90 days. Company insiders own 6.00% of the company’s stock.

Shares of Sleep Number stock opened at $124.82 on Tuesday. Sleep Number Co. has a 52-week low of $20.61 and a 52-week high of $151.44. The stock has a market capitalization of $3.10 billion, a price-to-earnings ratio of 35.46, a P/E/G ratio of 1.09 and a beta of 2.07. The company’s 50 day moving average price is $136.97 and its 200-day moving average price is $94.54.

Sleep Number (NASDAQ:SNBR) last issued its earnings results on Tuesday, February 16th. The company reported $2.19 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.53 by $0.66. Sleep Number had a net margin of 5.89% and a negative return on equity of 70.15%. The firm had revenue of $567.90 million for the quarter, compared to analysts’ expectations of $558.55 million. Analysts forecast that Sleep Number Co. will post 4.11 earnings per share for the current year.

Sleep Number Profile

Sleep Number Corporation, together with its subsidiaries, provides 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 offers adjustable bases under the FlextFit name; temperature-balancing products, including DualTemp layer; SleepIQ Kids k2 beds for kids; and smart beds under the Sleep Number 360 and 360 names.

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Institutional Ownership by Quarter for Sleep Number (NASDAQ:SNBR)

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