Prudential Financial Inc. Cuts Stock Position in Sleep Number Corp (NASDAQ:SNBR)

Prudential Financial Inc. lessened its holdings in Sleep Number Corp (NASDAQ:SNBR) by 2.3% in the second quarter, according to its most recent filing with the SEC. The institutional investor owned 48,968 shares of the company’s stock after selling 1,130 shares during the period. Prudential Financial Inc. owned 0.16% of Sleep Number worth $1,978,000 as of its most recent SEC filing.

Other hedge funds have also modified their holdings of the company. Penserra Capital Management LLC purchased a new stake in Sleep Number in the 1st quarter worth $31,000. O Shaughnessy Asset Management LLC purchased a new stake in Sleep Number in the 1st quarter worth $62,000. Meeder Asset Management Inc. purchased a new stake in Sleep Number in the 2nd quarter worth $85,000. SG Americas Securities LLC purchased a new stake in Sleep Number in the 1st quarter worth $132,000. Finally, Convergence Investment Partners LLC purchased a new stake in Sleep Number in the 2nd quarter worth $190,000.

Shares of Sleep Number stock traded up $0.63 during trading on Thursday, reaching $44.54. 2,649 shares of the stock traded hands, compared to its average volume of 367,739. The company has a market capitalization of $1.31 billion, a price-to-earnings ratio of 23.22, a P/E/G ratio of 1.08 and a beta of 1.16. The business has a fifty day simple moving average of $43.47 and a two-hundred day simple moving average of $41.56. Sleep Number Corp has a 52-week low of $30.44 and a 52-week high of $52.08.

Sleep Number (NASDAQ:SNBR) last issued its quarterly earnings data on Thursday, July 25th. The company reported $0.10 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.03 by $0.07. The firm had revenue of $355.96 million during the quarter, compared to analyst estimates of $336.30 million. Sleep Number had a negative return on equity of 66.17% and a net margin of 4.66%. The business’s quarterly revenue was up 12.5% compared to the same quarter last year. During the same quarter last year, the business posted $0.10 earnings per share. On average, sell-side analysts predict that Sleep Number Corp will post 2.55 EPS for the current year.

In related news, Director Jean Michel Valette sold 25,000 shares of the stock in a transaction dated Monday, July 29th. The shares were sold at an average price of $51.50, for a total value of $1,287,500.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Shelly Radue Ibach sold 40,000 shares of the stock in a transaction dated Monday, July 29th. The shares were sold at an average price of $48.87, for a total transaction of $1,954,800.00. The disclosure for this sale can be found here. Company insiders own 5.60% of the company’s stock.

A number of brokerages have recently weighed in on SNBR. BidaskClub lowered Sleep Number from a “buy” rating to a “hold” rating in a research report on Tuesday, August 27th. ValuEngine upgraded Sleep Number from a “sell” rating to a “hold” rating in a research report on Thursday, September 12th. Finally, SunTrust Banks raised their price objective on Sleep Number to $43.00 and gave the company a “hold” rating in a research report on Friday, July 26th. Six research analysts have rated the stock with a hold rating, Sleep Number currently has a consensus rating of “Hold” and an average price target of $44.75.

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, temperature-balancing products, beds for kids, sheets, and other bedding products under the Sleep Number name.

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Institutional Ownership by Quarter for Sleep Number (NASDAQ:SNBR)

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