Victory Capital Management Inc. Acquires New Shares in Sleep Number Corporation (NASDAQ:SNBR)

Key Points

• Victory Capital Management Inc. has made a new investment of approximately $279,000 in Sleep Number Corporation, acquiring 44,052 shares, which represents about 0.19% of the company's total stock.
• Insider trading activity includes CEO Linda Findley purchasing 61,020 shares and CFO Francis K. Lee buying 7,200 shares, both at $7.12 per share, indicating confidence in the company’s future.
• Sleep Number's stock has been rated as "neutral" by Piper Sandler and has seen significant target price reductions, highlighting a potential struggle with current financial performance.

Victory Capital Management Inc. acquired a new stake in shares of Sleep Number Corporation (NASDAQ:SNBR - Free Report) during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund acquired 44,052 shares of the company's stock, valued at approximately $279,000. Victory Capital Management Inc. owned approximately 0.19% of Sleep Number at the end of the most recent reporting period.

Several other institutional investors have also modified their holdings of the business. Vanguard Group Inc. lifted its stake in Sleep Number by 0.7% in the 4th quarter. Vanguard Group Inc. now owns 1,254,866 shares of the company's stock valued at $19,124,000 after acquiring an additional 9,232 shares in the last quarter. JPMorgan Chase & Co. lifted 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 valued at $3,446,000 after acquiring an additional 111,915 shares in the last quarter. Arrowstreet Capital Limited Partnership raised its stake in shares of Sleep Number by 18.6% during the 4th quarter. Arrowstreet Capital Limited Partnership now owns 385,599 shares of the company's stock worth $5,877,000 after purchasing an additional 60,410 shares in the last quarter. ExodusPoint Capital Management LP bought a new stake in shares of Sleep Number during the 4th quarter worth approximately $320,000. Finally, Wells Fargo & Company MN raised its stake in shares of Sleep Number by 26.7% during the 4th quarter. Wells Fargo & Company MN now owns 13,063 shares of the company's stock worth $199,000 after purchasing an additional 2,756 shares in the last quarter. Institutional investors own 85.67% of the company's stock.

Sleep Number Stock Up 1.9%

Shares of SNBR stock traded up $0.18 during trading on Wednesday, reaching $9.28. 275,850 shares of the company's stock were exchanged, compared to its average volume of 641,853. The stock has a market capitalization of $211.19 million, a PE ratio of -5.08 and a beta of 1.71. Sleep Number Corporation has a twelve month low of $4.48 and a twelve month high of $20.75. The firm's fifty day moving average price is $8.04 and its 200-day moving average price is $9.53.

Sleep Number (NASDAQ:SNBR - Get Free Report) last issued its quarterly earnings data on Wednesday, July 30th. The company reported ($1.09) EPS for the quarter, missing analysts' consensus estimates of ($0.12) by ($0.97). The business had revenue of $327.93 million during the quarter, compared to analysts' expectations of $357.42 million. During the same quarter last year, the company posted ($0.22) earnings per share. Sleep Number's quarterly revenue was down 19.7% on a year-over-year basis. As a group, analysts anticipate that Sleep Number Corporation will post -0.42 EPS for the current fiscal year.

Analysts Set New Price Targets

A number of brokerages have recently issued reports on SNBR. Wall Street Zen cut Sleep Number from a "buy" rating to a "hold" rating in a research note on Thursday, May 1st. UBS Group set a $7.00 price objective on Sleep Number in a research note on Friday, April 25th. Finally, Piper Sandler decreased their target price on Sleep Number from $11.00 to $6.00 and set a "neutral" rating on the stock in a report on Friday, April 11th.

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.