Sleep Number (NASDAQ:SNBR) Posts Quarterly Earnings Results, Beats Expectations By $0.44 EPS

Sleep Number (NASDAQ:SNBR) issued its quarterly earnings results on Wednesday. The company reported $0.03 earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.41) by $0.44, reports. The business had revenue of $470.45 million for the quarter, compared to analysts’ expectations of $475.17 million. Sleep Number had a negative net margin of 1.87% and a negative return on equity of 1.05%.

Sleep Number Stock Up 4.9 %

Shares of Sleep Number stock opened at $14.23 on Friday. The firm has a market capitalization of $317.76 million, a P/E ratio of -9.36 and a beta of 1.96. Sleep Number has a 52 week low of $9.00 and a 52 week high of $39.98. The firm’s 50 day moving average is $14.34 and its two-hundred day moving average is $13.91.

Hedge Funds Weigh In On Sleep Number

Several hedge funds have recently added to or reduced their stakes in the stock. Stadium Capital Management LLC grew its position in shares of Sleep Number by 51.2% during the third quarter. Stadium Capital Management LLC now owns 2,002,227 shares of the company’s stock worth $49,235,000 after acquiring an additional 678,001 shares during the last quarter. Charles Schwab Investment Management Inc. grew its position in shares of Sleep Number by 29.8% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 802,190 shares of the company’s stock worth $11,896,000 after acquiring an additional 184,038 shares during the last quarter. SW Investment Management LLC grew its position in shares of Sleep Number by 6.3% during the third quarter. SW Investment Management LLC now owns 584,672 shares of the company’s stock worth $14,377,000 after acquiring an additional 34,672 shares during the last quarter. Partnership Wealth Management LLC purchased a new position in shares of Sleep Number during the fourth quarter worth approximately $3,836,000. Finally, Jacobs Levy Equity Management Inc. grew its position in shares of Sleep Number by 588.7% during the third quarter. Jacobs Levy Equity Management Inc. now owns 239,838 shares of the company’s stock worth $5,898,000 after acquiring an additional 205,015 shares during the last quarter. 85.67% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

SNBR has been the topic of a number of recent research reports. Piper Sandler upped their target price on shares of Sleep Number from $12.00 to $13.00 and gave the stock a “neutral” rating in a research note on Thursday. UBS Group upped their target price on shares of Sleep Number from $12.00 to $13.00 and gave the stock a “neutral” rating in a research note on Thursday. Finally, Wedbush restated a “neutral” rating and set a $13.50 target price on shares of Sleep Number in a research note on Thursday.

About Sleep Number

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.