Maverick Capital Ltd. Raises Position in Sleep Number Co. (NASDAQ:SNBR)

Maverick Capital Ltd. increased its holdings in Sleep Number Co. (NASDAQ:SNBR) by 150.7% during the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 50,477 shares of the company’s stock after purchasing an additional 30,341 shares during the quarter. Maverick Capital Ltd. owned 0.23% of Sleep Number worth $925,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other large investors also recently added to or reduced their stakes in SNBR. Quarry LP purchased a new position in shares of Sleep Number in the second quarter valued at about $43,000. GAMMA Investing LLC increased its position in shares of Sleep Number by 15.7% in the third quarter. GAMMA Investing LLC now owns 5,779 shares of the company’s stock valued at $106,000 after acquiring an additional 784 shares during the period. XTX Topco Ltd purchased a new position in shares of Sleep Number in the second quarter valued at about $128,000. Susquehanna Fundamental Investments LLC increased its position in shares of Sleep Number by 6.2% in the second quarter. Susquehanna Fundamental Investments LLC now owns 18,791 shares of the company’s stock valued at $180,000 after acquiring an additional 1,100 shares during the period. Finally, Renaissance Technologies LLC purchased a new position in shares of Sleep Number in the second quarter valued at about $195,000. Hedge funds and other institutional investors own 85.67% of the company’s stock.

Insider Activity

In related news, major shareholder Stadium Capital Management Llc bought 59,011 shares of the business’s stock in a transaction dated Thursday, October 31st. The shares were purchased at an average price of $13.83 per share, with a total value of $816,122.13. Following the purchase, the insider now owns 1,920,000 shares of the company’s stock, valued at approximately $26,553,600. This trade represents a 3.17 % increase in their position. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In the last 90 days, insiders have purchased 169,373 shares of company stock valued at $2,305,052. Corporate insiders own 6.80% of the company’s stock.

Sleep Number Trading Down 1.1 %

Shares of SNBR opened at $15.00 on Monday. The firm’s 50-day moving average price is $14.86 and its 200-day moving average price is $13.56. The firm has a market capitalization of $335.55 million, a price-to-earnings ratio of -8.29 and a beta of 2.08. Sleep Number Co. has a 1-year low of $8.13 and a 1-year high of $20.75.

Analyst Upgrades and Downgrades

A number of equities analysts have issued reports on the stock. StockNews.com upgraded shares of Sleep Number from a “hold” rating to a “buy” rating in a research report on Tuesday, November 19th. Piper Sandler decreased their price objective on shares of Sleep Number from $16.00 to $12.00 and set a “neutral” rating on the stock in a research report on Thursday, October 31st.

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.