Stock Traders Buy High Volume of Call Options on Sleep Number (NASDAQ:SNBR)

Sleep Number Co. (NASDAQ:SNBR) was the recipient of unusually large options trading activity on Tuesday. Traders bought 1,427 call options on the company. This is an increase of approximately 905% compared to the typical volume of 142 call options.

In other news, Director Daniel Alegre sold 12,852 shares of the company’s stock in a transaction that occurred on Tuesday, May 25th. The stock was sold at an average price of $107.55, for a total value of $1,382,232.60. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. 5.70% of the stock is currently owned by corporate insiders.

Institutional investors and hedge funds have recently made changes to their positions in the stock. Norges Bank purchased a new position in Sleep Number during the 4th quarter valued at about $36,964,000. Morgan Stanley grew its holdings in Sleep Number by 41.4% during the 4th quarter. Morgan Stanley now owns 311,236 shares of the company’s stock valued at $25,478,000 after buying an additional 91,061 shares in the last quarter. Acadian Asset Management LLC grew its holdings in Sleep Number by 133.7% during the 1st quarter. Acadian Asset Management LLC now owns 273,508 shares of the company’s stock valued at $39,248,000 after buying an additional 156,465 shares in the last quarter. JPMorgan Chase & Co. boosted its position in shares of Sleep Number by 28.4% during the 1st quarter. JPMorgan Chase & Co. now owns 260,230 shares of the company’s stock valued at $37,341,000 after acquiring an additional 57,608 shares during the last quarter. Finally, Goldman Sachs Group Inc. boosted its position in shares of Sleep Number by 3.5% during the 1st quarter. Goldman Sachs Group Inc. now owns 224,094 shares of the company’s stock valued at $32,155,000 after acquiring an additional 7,611 shares during the last quarter. 92.33% of the stock is owned by institutional investors.

Shares of SNBR opened at $97.78 on Thursday. The business has a 50-day moving average price of $109.24. Sleep Number has a fifty-two week low of $42.15 and a fifty-two week high of $151.44. The stock has a market cap of $2.39 billion, a price-to-earnings ratio of 16.19, a P/E/G ratio of 1.18 and a beta of 1.96.

Sleep Number (NASDAQ:SNBR) last announced its quarterly earnings data on Monday, July 19th. The company reported $0.88 earnings per share for the quarter, missing the consensus estimate of $1.17 by ($0.29). Sleep Number had a negative return on equity of 81.06% and a net margin of 8.54%. The firm had revenue of $484.32 million during the quarter, compared to analysts’ expectations of $506.25 million. During the same period last year, the business posted ($0.45) EPS. The company’s revenue was up 70.0% compared to the same quarter last year. Sell-side analysts expect that Sleep Number will post 6.78 EPS for the current fiscal year.

SNBR has been the subject of several recent analyst reports. TheStreet downgraded shares of Sleep Number from a “b” rating to a “c+” rating in a research report on Friday, April 9th. Piper Sandler reiterated an “overweight” rating and issued a $135.00 target price (down from $165.00) on shares of Sleep Number in a report on Wednesday. Finally, Zacks Investment Research upgraded Sleep Number from a “hold” rating to a “buy” rating and set a $121.00 target price on the stock in a report on Tuesday. One investment analyst has rated the stock with a sell rating, two have given a hold rating and three have issued a buy rating to the company. The stock currently has a consensus rating of “Hold” and a consensus target price of $121.80.

About Sleep Number

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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