Sleep Number (SNBR) Raised to “Hold” at Zacks Investment Research

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Zacks Investment Research upgraded shares of Sleep Number (NASDAQ:SNBR) from a sell rating to a hold rating in a research report report published on Wednesday.

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. “

SNBR has been the subject of a number of other reports. Raymond James cut shares of Sleep Number from an outperform rating to a market perform rating in a report on Thursday, April 19th. Bank of America dropped their price target on shares of Sleep Number from $27.00 to $25.00 and set an underperform rating for the company in a research report on Thursday, April 19th. BidaskClub lowered shares of Sleep Number from a buy rating to a hold rating in a research report on Thursday, March 1st. ValuEngine lowered shares of Sleep Number from a hold rating to a sell rating in a research report on Thursday, May 3rd. Finally, SunTrust Banks reiterated a hold rating and issued a $32.00 price target on shares of Sleep Number in a research report on Friday, April 20th. Two equities research analysts have rated the stock with a sell rating, five have given a hold rating and three have given a buy rating to the company. Sleep Number currently has a consensus rating of Hold and a consensus price target of $33.86.

Shares of SNBR stock opened at $30.28 on Wednesday. Sleep Number has a 12 month low of $27.44 and a 12 month high of $40.72. The company has a market cap of $1.14 billion, a price-to-earnings ratio of 20.32, a price-to-earnings-growth ratio of 0.92 and a beta of 0.82.

Sleep Number (NASDAQ:SNBR) last announced its earnings results on Wednesday, April 18th. The company reported $0.52 EPS for the quarter, missing the Zacks’ consensus estimate of $0.56 by ($0.04). Sleep Number had a net margin of 4.25% and a return on equity of 74.14%. The business had revenue of $389.00 million for the quarter, compared to analysts’ expectations of $396.68 million. During the same period in the prior year, the company posted $0.56 earnings per share. The firm’s quarterly revenue was down 1.2% on a year-over-year basis. equities research analysts predict that Sleep Number will post 1.81 EPS for the current year.

In related news, Director Brenda J. Lauderback sold 974 shares of the company’s stock in a transaction on Thursday, May 24th. The shares were sold at an average price of $28.50, for a total transaction of $27,759.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, SVP Mark A. Kimball sold 8,000 shares of the company’s stock in a transaction on Monday, April 2nd. The stock was sold at an average price of $35.12, for a total transaction of $280,960.00. The disclosure for this sale can be found here. Corporate insiders own 4.30% of the company’s stock.

Several large investors have recently modified their holdings of the stock. Kempen Capital Management N.V. boosted its position in shares of Sleep Number by 18.8% during the first quarter. Kempen Capital Management N.V. now owns 151,474 shares of the company’s stock worth $5,324,000 after acquiring an additional 23,965 shares during the last quarter. CIBC World Markets Inc. bought a new position in shares of Sleep Number during the first quarter worth $1,389,000. Xact Kapitalforvaltning AB bought a new position in shares of Sleep Number during the first quarter worth $233,000. Element Capital Management LLC bought a new position in shares of Sleep Number during the first quarter worth $253,000. Finally, Barclays PLC boosted its position in shares of Sleep Number by 129.2% during the first quarter. Barclays PLC now owns 44,934 shares of the company’s stock worth $1,580,000 after acquiring an additional 25,331 shares during the last quarter.

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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