Hodges Capital Management Inc. Purchases 601,005 Shares of Sleep Number Co. (NASDAQ:SNBR)

Hodges Capital Management Inc. increased its position in Sleep Number Co. (NASDAQ:SNBR) by 146.6% in the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 1,010,920 shares of the company’s stock after purchasing an additional 601,005 shares during the quarter. Sleep Number makes up 1.2% of Hodges Capital Management Inc.’s portfolio, making the stock its 21st biggest position. Hodges Capital Management Inc. owned 4.52% of Sleep Number worth $18,520,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Stadium Capital Management LLC lifted its stake in shares of Sleep Number by 8.8% in the 3rd quarter. Stadium Capital Management LLC now owns 2,008,367 shares of the company’s stock valued at $36,793,000 after purchasing an additional 162,164 shares during the period. Van Lanschot Kempen Investment Management N.V. lifted its stake in Sleep Number by 7.7% in the second quarter. Van Lanschot Kempen Investment Management N.V. now owns 968,810 shares of the company’s stock valued at $9,272,000 after buying an additional 69,133 shares during the period. State Street Corp boosted its holdings in Sleep Number by 0.6% during the third quarter. State Street Corp now owns 440,547 shares of the company’s stock worth $8,071,000 after buying an additional 2,472 shares during the last quarter. Millennium Management LLC boosted its holdings in Sleep Number by 326.7% during the second quarter. Millennium Management LLC now owns 370,987 shares of the company’s stock worth $3,550,000 after buying an additional 284,052 shares during the last quarter. Finally, SW Investment Management LLC grew its position in shares of Sleep Number by 16.7% during the 2nd quarter. SW Investment Management LLC now owns 350,000 shares of the company’s stock worth $3,350,000 after buying an additional 50,000 shares during the period. 85.67% of the stock is owned by institutional investors.

Sleep Number Stock Performance

Shares of SNBR opened at $18.67 on Friday. The firm has a market capitalization of $417.65 million, a PE ratio of -10.31 and a beta of 2.08. The stock has a 50 day simple moving average of $14.87 and a 200 day simple moving average of $13.63. Sleep Number Co. has a 52-week low of $8.13 and a 52-week high of $20.75.

Wall Street Analyst Weigh In

A number of brokerages recently issued reports on SNBR. Piper Sandler decreased their price objective on shares of Sleep Number from $16.00 to $12.00 and set a “neutral” rating for the company in a report on Thursday, October 31st. StockNews.com lowered shares of Sleep Number from a “buy” rating to a “hold” rating in a report on Friday.

Insider Buying and Selling

In other news, major shareholder Stadium Capital Management Llc bought 11,540 shares of the company’s stock in a transaction that occurred on Friday, November 15th. The shares were acquired at an average price of $12.71 per share, with a total value of $146,673.40. Following the transaction, the insider now owns 2,200,000 shares in the company, valued at $27,962,000. This represents a 0.53 % increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders have purchased a total of 169,373 shares of company stock worth $2,305,052 over the last ninety days. Company insiders own 6.80% 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.