Traders Buy Large Volume of Call Options on Sleep Number (SNBR)

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Sleep Number Corp (NASDAQ:SNBR) was the recipient of unusually large options trading activity on Thursday. Traders acquired 2,810 call options on the stock. This represents an increase of 945% compared to the typical daily volume of 269 call options.

Shares of NASDAQ:SNBR opened at $47.82 on Friday. Sleep Number has a 12-month low of $26.22 and a 12-month high of $48.35. The firm has a market cap of $1.42 billion, a price-to-earnings ratio of 24.91, a P/E/G ratio of 1.00 and a beta of 1.29.

In other Sleep Number news, SVP Patricia Ann Dirks sold 10,805 shares of Sleep Number stock in a transaction that occurred on Friday, February 15th. The shares were sold at an average price of $42.61, for a total transaction of $460,401.05. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CMO Kevin Kennedy Brown sold 3,500 shares of Sleep Number stock in a transaction that occurred on Tuesday, February 19th. The stock was sold at an average price of $43.41, for a total transaction of $151,935.00. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 104,690 shares of company stock worth $4,528,198. Corporate insiders own 4.30% of the company’s stock.

Several hedge funds have recently added to or reduced their stakes in SNBR. Geode Capital Management LLC lifted its position in shares of Sleep Number by 1.0% in 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. Norges Bank bought a new stake in shares of Sleep Number in the 4th quarter worth $16,774,000. Advisory Services Network LLC purchased a new position in shares of Sleep Number in the 4th quarter worth about $121,000. Millennium Management LLC boosted its holdings in shares of Sleep Number by 347.3% in the 4th quarter. Millennium Management LLC now owns 219,397 shares of the company’s stock worth $6,961,000 after buying an additional 170,352 shares during the last quarter. Finally, Municipal Employees Retirement System of Michigan purchased a new position in shares of Sleep Number in the 4th quarter worth about $320,000.

SNBR has been the subject of a number of research reports. BidaskClub raised shares of Sleep Number from a “hold” rating to a “buy” rating in a research note on Friday, January 11th. Barclays initiated coverage on shares of Sleep Number in a research note on Monday, January 28th. They set an “equal weight” rating and a $36.00 target price for the company. Zacks Investment Research raised shares of Sleep Number from a “sell” rating to a “hold” rating in a research note on Saturday, February 16th. Piper Jaffray Companies lifted their target price on shares of Sleep Number to $43.00 and gave the company a “neutral” rating in a research note on Thursday, February 14th. They noted that the move was a valuation call. Finally, SunTrust Banks lifted their target price on shares of Sleep Number to $35.00 and gave the company a “hold” rating in a research note on Thursday, February 14th. One research analyst has rated the stock with a sell rating, four have issued a hold rating, three have given a buy rating and one has given a strong buy rating to the company. Sleep Number presently has an average rating of “Hold” and an average target price of $38.83.

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About Sleep Number

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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