Sleep Number (NASDAQ:SNBR) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a research report issued on Thursday.

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. “

Other equities analysts have also issued reports about the stock. BidaskClub lowered shares of Sleep Number from a “strong-buy” rating to a “buy” rating in a research report on Tuesday, October 9th. ValuEngine lowered shares of Sleep Number from a “buy” rating to a “hold” rating in a research report on Wednesday, December 5th. Finally, TheStreet lowered shares of Sleep Number from a “c” rating to a “d-” rating in a research report on Wednesday, October 24th. Two investment analysts have rated the stock with a sell rating, four have given a hold rating and two have given a buy rating to the stock. The company presently has a consensus rating of “Hold” and a consensus price target of $35.25.

SNBR stock opened at $33.79 on Thursday. The company has a market capitalization of $1.16 billion, a P/E ratio of 22.68, a P/E/G ratio of 0.79 and a beta of 1.35. Sleep Number has a 52 week low of $26.22 and a 52 week high of $41.05.

Sleep Number (NASDAQ:SNBR) last released its earnings results on Wednesday, October 24th. The company reported $0.52 EPS for the quarter, missing analysts’ consensus estimates of $0.71 by ($0.19). Sleep Number had a return on equity of 490.11% and a net margin of 3.93%. The company had revenue of $438.78 million during the quarter, compared to analyst estimates of $410.90 million. Analysts anticipate that Sleep Number will post 1.77 earnings per share for the current fiscal year.

In related news, EVP Andrew P. Carlin sold 3,000 shares of the business’s stock in a transaction on Friday, November 2nd. The shares were sold at an average price of $38.86, for a total value of $116,580.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Kathleen L. Nedorostek sold 5,000 shares of the business’s stock in a transaction on Friday, November 23rd. The stock was sold at an average price of $37.30, for a total transaction of $186,500.00. The disclosure for this sale can be found here. In the last three months, insiders sold 23,006 shares of company stock valued at $891,350. 4.30% of the stock is owned by insiders.

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Riverhead Capital Management LLC increased its holdings in Sleep Number by 26.6% in the 3rd quarter. Riverhead Capital Management LLC now owns 8,084 shares of the company’s stock worth $297,000 after acquiring an additional 1,700 shares in the last quarter. Wells Fargo & Company MN increased its holdings in Sleep Number by 3.6% in the 3rd quarter. Wells Fargo & Company MN now owns 53,831 shares of the company’s stock worth $1,981,000 after acquiring an additional 1,863 shares in the last quarter. TIAA CREF Investment Management LLC increased its holdings in Sleep Number by 1.0% in the 3rd quarter. TIAA CREF Investment Management LLC now owns 214,985 shares of the company’s stock worth $7,907,000 after acquiring an additional 2,204 shares in the last quarter. Flinton Capital Management LLC increased its holdings in Sleep Number by 37.6% in the 2nd quarter. Flinton Capital Management LLC now owns 8,466 shares of the company’s stock worth $246,000 after acquiring an additional 2,312 shares in the last quarter. Finally, Legal & General Group Plc increased its holdings in Sleep Number by 3.2% in the 3rd quarter. Legal & General Group Plc now owns 81,334 shares of the company’s stock worth $2,984,000 after acquiring an additional 2,522 shares in the last quarter.

Sleep Number Company Profile

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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