Zacks Investment Research Downgrades Sleep Number (SNBR) to Hold

Sleep Number (NASDAQ:SNBR) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a report released on Thursday.

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. “

Other analysts have also recently issued research reports about the company. ValuEngine upgraded Sleep Number from a “hold” rating to a “buy” rating in a research report on Friday, February 2nd. Stifel Nicolaus restated a “buy” rating and issued a $47.00 price target (up previously from $40.00) on shares of Sleep Number in a research report on Friday, February 16th. BidaskClub upgraded Sleep Number from a “hold” rating to a “buy” rating in a research report on Thursday, February 15th. Finally, Bank of America cut Sleep Number from a “neutral” rating to an “underperform” rating in a research report on Friday, November 3rd. Two investment analysts have rated the stock with a sell rating, four have issued a hold rating and five have given a buy rating to the company’s stock. The stock presently has an average rating of “Hold” and an average target price of $34.00.

Sleep Number (NASDAQ SNBR) traded up $0.73 on Thursday, hitting $36.10. The stock had a trading volume of 1,176,200 shares, compared to its average volume of 662,046. Sleep Number has a twelve month low of $21.52 and a twelve month high of $40.72. The firm has a market capitalization of $1,372.82, a PE ratio of 23.29, a P/E/G ratio of 0.98 and a beta of 0.74.

Sleep Number (NASDAQ:SNBR) last posted its earnings results on Thursday, February 15th. The company reported $0.33 EPS for the quarter, topping the Zacks’ consensus estimate of $0.20 by $0.13. Sleep Number had a return on equity of 61.21% and a net margin of 4.51%. The business had revenue of $363.28 million for the quarter, compared to analysts’ expectations of $331.72 million. During the same quarter in the previous year, the firm earned $0.25 earnings per share. The business’s revenue was up 15.9% compared to the same quarter last year. equities research analysts predict that Sleep Number will post 1.88 earnings per share for the current year.

In related news, SVP Mark A. Kimball sold 8,000 shares of the business’s stock in a transaction dated Friday, December 1st. The stock was sold at an average price of $34.99, for a total value of $279,920.00. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. Insiders sold a total of 24,000 shares of company stock worth $884,800 in the last 90 days. 4.00% of the stock is currently owned by insiders.

A number of institutional investors and hedge funds have recently made changes to their positions in the business. BlackRock Inc. purchased a new stake in Sleep Number in the 4th quarter valued at approximately $188,325,000. Vulcan Value Partners LLC purchased a new stake in Sleep Number in the 4th quarter valued at approximately $156,698,000. Disciplined Growth Investors Inc. MN purchased a new stake in Sleep Number in the 3rd quarter valued at approximately $114,107,000. Alliancebernstein L.P. purchased a new stake in Sleep Number in the 4th quarter valued at approximately $59,928,000. Finally, River Road Asset Management LLC boosted its holdings in Sleep Number by 2.5% in the 3rd quarter. River Road Asset Management LLC now owns 884,694 shares of the company’s stock valued at $27,470,000 after purchasing an additional 21,340 shares in the last quarter.

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About Sleep Number

Sleep Number Corporation, formerly Select Comfort Corporation, is a designer, manufacturer, marketer, retailer and servicer of a line of Sleep Number beds. The Company offers consumers individualized sleep solutions and services, which include a complete line of Sleep Number beds, bases and bedding accessories.

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