Sleep Number (NASDAQ:SNBR) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a note issued to investors on Thursday, Zacks.com reports. The firm presently has a $55.00 price target on the stock. Zacks Investment Research‘s price target suggests a potential upside of 40.45% from the stock’s previous close.

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. “

A number of other analysts also recently issued reports on SNBR. BidaskClub raised Sleep Number from a “buy” rating to a “strong-buy” rating in a research note on Wednesday, March 6th. ValuEngine raised Sleep Number from a “hold” rating to a “buy” rating in a research note on Thursday, February 14th. Piper Jaffray Companies raised their target price on Sleep Number to $43.00 and gave the stock a “neutral” rating in a research note on Thursday, February 14th. They noted that the move was a valuation call. Barclays reaffirmed a “hold” rating on shares of Sleep Number in a research note on Friday, February 15th. Finally, SunTrust Banks raised their target price on Sleep Number to $35.00 and gave the stock a “hold” rating in a research note on Thursday, February 14th. Four investment analysts have rated the stock with a hold rating, two have given a buy rating and one has assigned a strong buy rating to the stock. Sleep Number currently has a consensus rating of “Buy” and a consensus price target of $42.80.

NASDAQ SNBR opened at $39.16 on Thursday. Sleep Number has a one year low of $26.22 and a one year high of $49.56. The firm has a market capitalization of $1.18 billion, a P/E ratio of 20.40, a PEG ratio of 1.04 and a beta of 1.30.

Sleep Number (NASDAQ:SNBR) last posted its quarterly earnings data on Wednesday, April 17th. The company reported $0.80 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.73 by $0.07. Sleep Number had a negative return on equity of 178.70% and a net margin of 4.54%. The firm had revenue of $426.45 million during the quarter, compared to the consensus estimate of $427.53 million. During the same period in the prior year, the company earned $0.52 EPS. The firm’s revenue was up 9.7% compared to the same quarter last year. Equities analysts predict that Sleep Number will post 2.43 earnings per share for the current year.

In other Sleep Number news, SVP Suresh Krishna sold 14,025 shares of the firm’s stock in a transaction on Tuesday, February 19th. The stock was sold at an average price of $42.62, for a total value of $597,745.50. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Shelly Radue Ibach sold 10,000 shares of the firm’s stock in a transaction on Thursday, February 14th. The stock was sold at an average price of $42.00, for a total value of $420,000.00. The disclosure for this sale can be found here. Insiders sold a total of 152,764 shares of company stock valued at $6,850,756 over the last ninety days. Corporate insiders own 5.60% of the company’s stock.

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Dimensional Fund Advisors LP grew its holdings in shares of Sleep Number by 0.3% during the 4th quarter. Dimensional Fund Advisors LP now owns 1,755,694 shares of the company’s stock worth $55,709,000 after purchasing an additional 6,014 shares during the period. Rothschild & Co. Asset Management US Inc. grew its holdings in shares of Sleep Number by 1.5% during the 4th quarter. Rothschild & Co. Asset Management US Inc. now owns 923,421 shares of the company’s stock worth $29,300,000 after purchasing an additional 13,839 shares during the period. D. E. Shaw & Co. Inc. grew its holdings in shares of Sleep Number by 53.9% during the 4th quarter. D. E. Shaw & Co. Inc. now owns 739,871 shares of the company’s stock worth $23,477,000 after purchasing an additional 259,177 shares during the period. Norges Bank purchased a new position in shares of Sleep Number during the 4th quarter worth $16,774,000. Finally, Geode Capital Management LLC grew its holdings in shares of Sleep Number by 1.0% during the 4th quarter. Geode Capital Management LLC now owns 416,283 shares of the company’s stock worth $13,207,000 after purchasing an additional 4,251 shares during the period.

Sleep Number Company Profile

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 and sheets, as well as other bedding products, including mattresses, box springs, and foundations under the Sleep Number name.

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