Piper Sandler Cuts Sleep Number (NASDAQ:SNBR) Price Target to $5.00

Sleep Number (NASDAQ:SNBR) had its target price lowered by research analysts at Piper Sandler from $12.00 to $5.00 in a research note issued to investors on Friday,Benzinga reports. The brokerage presently has a “neutral” rating on the stock. Piper Sandler’s price target would indicate a potential upside of 40.85% from the stock’s current price.

SNBR has been the topic of several other research reports. UBS Group restated a “neutral” rating and set a $10.00 price target on shares of Sleep Number in a report on Thursday, February 12th. Weiss Ratings reissued a “sell (e+)” rating on shares of Sleep Number in a research report on Friday, January 9th. Two research analysts have rated the stock with a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, Sleep Number presently has a consensus rating of “Reduce” and an average price target of $7.50.

Sleep Number Stock Down 3.3%

SNBR stock traded down $0.12 during midday trading on Friday, hitting $3.55. The company’s stock had a trading volume of 1,352,927 shares, compared to its average volume of 850,644. The firm has a 50-day simple moving average of $8.91 and a 200-day simple moving average of $7.76. The firm has a market capitalization of $80.90 million, a P/E ratio of -1.05 and a beta of 1.93. Sleep Number has a 52-week low of $3.49 and a 52-week high of $13.94.

Sleep Number (NASDAQ:SNBR) last announced its quarterly earnings data on Thursday, March 12th. The company reported ($2.55) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.56) by ($1.99). The firm had revenue of $347.39 million during the quarter, compared to analyst estimates of $328.67 million. The company’s quarterly revenue was down 7.8% on a year-over-year basis. During the same quarter in the prior year, the firm posted ($0.21) EPS. On average, sell-side analysts expect that Sleep Number will post -0.42 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Sleep Number

A number of institutional investors and hedge funds have recently added to or reduced their stakes in SNBR. Pacific Ridge Capital Partners LLC boosted its stake in Sleep Number by 48.0% during the 4th quarter. Pacific Ridge Capital Partners LLC now owns 1,145,612 shares of the company’s stock worth $9,692,000 after purchasing an additional 371,336 shares during the period. Charles Schwab Investment Management Inc. raised its holdings in shares of Sleep Number by 52.1% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 1,121,245 shares of the company’s stock valued at $9,486,000 after buying an additional 384,124 shares during the last quarter. Millennium Management LLC boosted its stake in shares of Sleep Number by 1,080.8% during the third quarter. Millennium Management LLC now owns 716,873 shares of the company’s stock worth $5,032,000 after buying an additional 656,162 shares during the period. Geode Capital Management LLC boosted its stake in shares of Sleep Number by 1.4% during the second quarter. Geode Capital Management LLC now owns 530,764 shares of the company’s stock worth $3,586,000 after buying an additional 7,570 shares during the period. Finally, Invenomic Capital Management LP purchased a new position in shares of Sleep Number during the third quarter worth about $3,411,000. 85.67% of the stock is owned by institutional investors and hedge funds.

Key Headlines Impacting Sleep Number

Here are the key news stories impacting Sleep Number this week:

• Positive Sentiment: Launched a major product reset — five new beds aimed at delivering a more luxurious experience at lower price points; management says availability starts March 23, which could help drive demand and better conversion if execution is strong. Sleep Number Redesigns Its Mattress Portfolio
• Positive Sentiment: Revenue topped analyst expectations for Q4 — the company reported roughly $347M in revenue versus consensus near $329M and said it exceeded 2025 guidance, signaling some operational progress during the turnaround. Sleep Number Exceeds Q4 Expectations
• Positive Sentiment: Management presented a plan targeting double-digit sales growth in the second half and highlighted cost reductions and a product/marketing reset — positive if execution sustains revenue and margin recovery. Sleep Number outlines double-digit second-half sales growth
• Neutral Sentiment: Full earnings call and transcripts are available for investors to review management’s commentary and Q&A for color on cadence to recovery and inventory/marketing plans. Q4 2025 Earnings Call Summary
• Neutral Sentiment: Product details and timing are public (March 23 online/in-store); market impact will depend on early sell-through and promotional strategy. Product Portfolio Coverage
• Negative Sentiment: Large EPS miss — the company reported a sizable per-share loss (well below consensus), which shocked the market and pressured the stock despite the revenue beat. This raises near-term profitability and cash-flow concerns. Q4 Loss Tops Estimates (Zacks)
• Negative Sentiment: Revenue declined ~7.8% year-over-year and margins remain under pressure (pro‑forma adjusted EBITDA ~9% for 2025), keeping execution risk and investor skepticism high while the turnaround progresses. Q4 and Full-Year 2025 Results (Business Wire)

About Sleep Number

Sleep Number Corporation (NASDAQ: SNBR) is a Minneapolis‐based company specializing in the design, manufacture and retail of adjustable air mattresses and bedding products. The company’s flagship Sleep Number® bed features dual air chambers that allow each side of the mattress to be tailored to an individual’s preferred firmness, supported by integrated SleepIQ® technology. This proprietary monitoring system tracks biometric data such as heart rate, breathing and motion, delivering personalized sleep insights through a connected app.

Founded in 1987 as Select Comfort, the business pioneered adjustable air mattress technology and has since grown into a direct-to-consumer retailer.