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Patrick A. Hopf, a member of a group that includes Stadium Capital Management, recently acquired 25,000 shares of Sleep Number Corp (NASDAQ:SNBR), a company specializing in household furniture. The purchase, executed on February 21, 2025, was made at a price of $14.2976 per share, amounting to a total transaction value of $357,440. The stock currently trades at $14.74, having declined 18.3% over the past week. According to InvestingPro data, the company maintains impressive gross profit margins of 58.8%. Following this acquisition, Hopf’s total direct holdings in the company stand at 75,000 shares. While Hopf is associated with a group that owns more than 10% of Sleep Number’s outstanding shares, he disclaims beneficial ownership of the securities owned by other group members. With the company’s next earnings report due on March 5, InvestingPro subscribers can access 10+ additional exclusive insights and detailed analysis through the comprehensive Pro Research Report.
In other recent news, Sleep Number Corporation has been the focus of significant developments concerning its governance and leadership. Stadium Capital Management, the company’s largest shareholder, has nominated four directors for Sleep Number’s Board, emphasizing the need for a refreshed board to address financial performance and governance issues. The nominations include individuals with expertise in capital allocation and business turnarounds. Concurrently, Piper Sandler reiterated a Neutral rating on Sleep Number, citing concerns over longstanding leadership issues and underperformance. The firm acknowledged the company’s reputable brand but pointed out the need for changes in leadership dynamics. Stadium Capital has also criticized the current board for insufficient management changes, including the gradual declassification of the board and CEO Shelly Ibach’s retirement. The investment firm is advocating for an independent CEO search process and the appointment of new directors to improve governance. These developments highlight ongoing calls for significant changes within Sleep Number to enhance its performance and shareholder returns.
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