Wedbush Cuts Sleep Number (NASDAQ:SNBR) Price Target to $12.00

Sleep Number (NASDAQ:SNBR) had its price target lowered by research analysts at Wedbush from $18.00 to $12.00 in a report released on Thursday,Benzinga reports. The brokerage currently has a “neutral” rating on the stock. Wedbush’s price target suggests a potential downside of 6.90% from the company’s current price.

Separately, StockNews.com upgraded shares of Sleep Number from a “hold” rating to a “buy” rating in a report on Thursday, January 9th.

Sleep Number Stock Up 2.1 %

SNBR stock opened at $12.89 on Thursday. The company has a fifty day simple moving average of $16.12 and a two-hundred day simple moving average of $15.79. The firm has a market capitalization of $288.36 million, a P/E ratio of -7.12 and a beta of 2.14. Sleep Number has a 52 week low of $8.13 and a 52 week high of $20.75.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in SNBR. Wealthfront Advisers LLC purchased a new position in Sleep Number in the 4th quarter worth about $14,861,000. Stadium Capital Management LLC increased its stake in Sleep Number by 30.3% in the 4th quarter. Stadium Capital Management LLC now owns 2,616,459 shares of the company’s stock worth $39,875,000 after buying an additional 608,092 shares during the period. Hodges Capital Management Inc. increased its stake in Sleep Number by 146.6% in the 3rd quarter. Hodges Capital Management Inc. now owns 1,010,920 shares of the company’s stock worth $18,520,000 after buying an additional 601,005 shares during the period. Formula Growth Ltd. increased its stake in Sleep Number by 31.8% in the 4th quarter. Formula Growth Ltd. now owns 485,206 shares of the company’s stock worth $7,395,000 after buying an additional 117,055 shares during the period. Finally, JPMorgan Chase & Co. increased its stake in Sleep Number by 98.0% in the 4th quarter. JPMorgan Chase & Co. now owns 226,144 shares of the company’s stock worth $3,446,000 after buying an additional 111,915 shares during the period. Hedge funds and other institutional investors own 85.67% of the company’s stock.

Sleep Number Company Profile

Sleep Number Corporation, together with its subsidiaries, offers 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 provides smart adjustable bases under the FlextFit brand, and smart beds under the Climate 360 name.