Sleep Number (NASDAQ:SNBR) Rating Lowered to Sell at Zacks Investment Research

Sleep Count (NASDAQ:SNBR) was downgraded to a “sell” rating from a “hold” rating by Zacks Investment Research in a research note released Saturday, Zacks.com reports.

According to Zacks, “Sleep Number Corporation changed the mattress industry with the idea that ‘one size does not fit all’ when it comes to sleep. Today, the company is a leader in sleep innovation and has been ranked “Best Mattress Customer Satisfaction” by JD 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 to their customers, ongoing customer relationships , made possible by their direct-to-consumer business model, and exclusive distribution that is highly productive and driven by its mission-driven sales teams. Sleep Number’s business model allows you to focus on what’s relevant to your customers while building lifelong relationships with your brand. Their team of 4,000 brand ambassadors are committed to their mission to improve life through personalized sleep experiences. Well-being through better sleep quality. “

Separately, Wedbush lowered its price target on Sleep Number to $105.00 from $130.00, and gave the company a neutral rating in a research report on Thursday, October 28. Two analysts have assigned a sell rating to the stock, two have given a hold rating and two have given a buy rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of Hold and a consensus price target of $116.80.

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NASDAQ:SNBR shares opened at $72.55 on Friday. Sleep Number has a 52-week low of $71.03 and a 52-week high of $151.44. The stock has a market cap of $1.64 billion, a price-to-earnings ratio of 9.30, a PEG ratio of 0.74, and a beta of 1.70. The company has a 50-day moving average price of $78.85 and a 200-day moving average price of $91.46.

Sleep Number (NASDAQ:SNBR) last announced its quarterly earnings results on Wednesday, October 27th. The company reported earnings per share of $2.22 for the quarter, beating the consensus estimate of $1.44 by $0.78. The company had revenue of $640.00 million for the quarter, compared to analysts’ expectations of $569.90 million. Sleep Number had a negative return on equity of 58.26% and a net margin of 9.02%. Sleep Number’s quarterly revenue increased 20.5% year over year. In the same period last year, the company generated earnings per share of $1.79. Research analysts expect Sleep Number to post 7.24 EPS for the current fiscal year.

In other news from Sleep Number, CMO Kevin Kennedy Brown sold 16,190 shares of the company’s stock in a transaction that took place on Friday, November 5th. The stock sold at an average price of $89.79 for a total value of $1,453,700.10. The sale was disclosed in a document filed with the SEC, available at this hyperlink. In addition, SVP Christopher D. Krusmark sold 1,705 shares of Sleep Number in a transaction that took place on Thursday, November 4th. The stock sold at an average price of $91.00 for a total value of $155,155.00. The disclosure for this sale can be found here. 5.70% of the shares are currently owned by company insiders.

Several major investors have recently changed their holdings in SNBR. Citigroup Inc. increased its stake in Sleep Number by 59.2% during the second quarter. Citigroup Inc. now owns 21,898 shares of the company’s stock valued at $2,408,000 after purchasing an additional 8,139 shares last quarter. The Florida Retirement System State Board of Administration increased its stake in Sleep Number by 2.1% during the second quarter. The State Board of Administration of the Florida Retirement System now owns 10,852 shares of the company, valued at $1,193,000, after purchasing an additional 224 shares last quarter. BNP Paribas Arbitrage SA increased its stake in Sleep Number by 46.2% in the second quarter. BNP Paribas Arbitrage SA now owns 38,249 shares of the company, valued at $4,205,000, having purchased an additional 12,080 shares last quarter. Principal Financial Group Inc. increased its stake in Sleep Number by 24.5% during the second quarter. Principal Financial Group Inc. now owns 230,221 shares of the company’s stock valued at $25,313,000 after purchasing an additional 45,319 shares last quarter. Finally, during the second quarter, abrdn plc acquired a new interest in Sleep Number stock valued at approximately $25,271,000. 98.88% of the shares are currently owned by hedge funds and other institutional investors.

Sleep number company profile

Sleep Number Corp. designs, manufactures, markets, and distributes beds, proprietary beds, and other sleep-related accessory products. It offers beds under the Sleep Number brand name. The company was founded in 1987 by Robert Walker and JoAnn Walker and is headquartered in Minneapolis, MN.

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Analyst Recommendations for Sleep Numbers (NASDAQ:SNBR)

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