Sleep Number Corporation

SNBR • NASDAQ

Sleep Number Corporation is a furnishings, fixtures & appliances company in the consumer cyclical sector on NASDAQ, led by Shelly R. Ibach, with a market cap of $192.8M. As of Q3 2025, 87% of shares are held by 132 institutional investors, with STADIUM CAPITAL MANAGEMENT LLC as the largest holder at 11.49%.

Strategic AdvisorShelly R. Ibach

Market Cap$192.8M

Furnishings, Fixtures & Appliances

Consumer Cyclical

Employees4.1K

Websitesleepnumber.com

Country

United States of America

Overview

Overview of institutional ownership in SNBR as of Q3 2025 with a market cap of $159.9M

All Institutions

Institutions: 132
Value Held: $139.0M
Shares Held: 19.8M
Avg Position: $1.1M
Median Position: $184.6K

Hedge Funds

Hedge Funds: 26
Value Held: $54.3M
Shares Held: 7.7M
Avg Position: $2.1M
Median Position: $801.1K

Ownership Breakdown

Institutional (non-HF)

52.93%

$84.6M

Hedge Funds

34.0%

$54.3M

Retail & Other

13.07%

$20.9M

Based on market cap of $159.9M as of Q3 2025. Institutional (non-HF) excludes hedge funds to avoid double counting.

Biggest Investors

Institutions with the largest positions in SNBR as of Q3 2025

Institution	Key People	Position Value	Ownership	Owned Since	Total AUM (Long)
STADIUM CAPITAL MANAGEMENT LLC Hedge Fund•Long/Short	Eileen Katherine Silva CFO	$18.4M 19.63% of portfolio	11.49% 2.6M shares	Q4 2021 Held for 3y 11m	$93.6M
B BlackRock, Inc. Institution	-	$10.5M 0.00% of portfolio	6.55% 1.5M shares	≤ Q2 2013 Held for 12y 5m+	$5.67T
VANGUARD GROUP INC Institution	Salim Ramji CEO	$8.7M 0.00% of portfolio	5.47% 1.2M shares	≤ Q2 2013 Held for 12y 5m+	$6.69T
BRIGHTLIGHT CAPITAL MANAGEMENT LP Hedge Fund•Long/Short	Mihail Alexandru Covaci President	$7.8M 4.72% of portfolio	4.88% 1.1M shares	Q1 2024 Held for 1y 8m	$165.2M
Pacific Ridge Capital Partners, LLC Long Only Manager	Mark Daniel Cooper President	$5.4M 1.18% of portfolio	3.40% 774.3K shares	Q2 2024 Held for 1y 5m	$460.6M
FMR LLC Institution	-	$5.4M 0.00% of portfolio	3.36% 765.8K shares	≤ Q2 2013 Held for 12y 5m+	$1.92T
SCHWAB CHARLES INVESTMENT MANAGEMENT INC Long Only Manager	Omar Aguilar Chavez CEO	$5.2M 0.00% of portfolio	3.24% 737.1K shares	≤ Q2 2013 Held for 12y 5m+	$620.51B
MILLENNIUM MANAGEMENT LLC Hedge Fund•Multi-Strategy	Dan Michael Berkovitz Chairman	$5.0M 0.00% of portfolio	3.15% 716.9K shares	Q3 2014 Held for 11y 2m	$121.98B
GOLDMAN SACHS GROUP INC Institution	David M. Solomon CEO	$4.8M 0.00% of portfolio	2.99% 681.6K shares	≤ Q2 2013 Held for 12y 5m+	$691.34B
JACOBS LEVY EQUITY MANAGEMENT, INC Hedge Fund•Quant	Bruce Ira Jacobs President	$4.4M 0.02% of portfolio	2.75% 626.3K shares	Q1 2022 Held for 3y 8m	$25.2B

Net Capital Flow

Institutional buying and selling activity for SNBR in Q3 2025

Traded: +$12.5M
Buyers: 68
Sellers: 61
Total Bought: +$32.1M
Total Sold: −$19.7M
Avg Position: $926.4K

Biggest Buyers

Institution	Net Bought	Current Position
FMR LLC Institution	+$4.7M +663.3K shares	$5.4M 765.8K shares
MILLENNIUM MANAGEMENT LLC Hedge Fund•Multi-Strategy	+$4.6M +656.2K shares	$5.0M 716.9K shares
GOLDMAN SACHS GROUP INC Institution	+$4.1M +582.4K shares	$4.8M 681.6K shares
I Invenomic Capital Management LP Hedge Fund•Long/Short	+$3.4M +486.0K shares	$3.4M 486.0K shares
C Cubist Systematic Strategies, LLC Institution	+$2.2M +311.5K shares	$2.5M 362.3K shares
A Arrowpoint Asset Management, LLC Hedge Fund•Multi-Strategy	+$1.5M +213.0K shares	$1.5M 213.0K shares
SCHWAB CHARLES INVESTMENT MANAGEMENT INC Long Only Manager	+$1.5M +208.4K shares	$5.2M 737.1K shares
J JANE STREET GROUP, LLC Institution	+$948.6K +135.1K shares	$1.3M 186.3K shares
TWO SIGMA INVESTMENTS LLC Hedge Fund•Multi-Strategy	+$907.6K +129.3K shares	$1.2M 172.2K shares
TWO SIGMA ADVISERS, LLC Hedge Fund•Multi-Strategy	+$739.2K +105.3K shares	$739.2K 105.3K shares

Biggest Sellers

Institution	Net Sold	Current Position
TOWLE & CO Long Only Manager	−$6.6M −974.9K shares	Sold Off 0 shares
SG Capital Management LLC Hedge Fund•Event Driven	−$2.1M −317.6K shares	Sold Off 0 shares
LAKEWOOD CAPITAL MANAGEMENT, LP Hedge Fund•Long/Short	−$1.6M −231.2K shares	$391.7K 55.8K shares
MORGAN STANLEY RIA/Wealth	−$1.2M −168.9K shares	$2.3M 331.0K shares
Atom Investors LP Hedge Fund•Market Neutral	−$615.2K −91.1K shares	Sold Off 0 shares
RENAISSANCE TECHNOLOGIES LLC Hedge Fund•Quant	−$609.3K −90.2K shares	Sold Off 0 shares
B BlackRock, Inc. Institution	−$608.6K −86.7K shares	$10.5M 1.5M shares
Mutual Advisors, LLC RIA/Wealth	−$561.7K −67.8K shares	Sold Off 0 shares
JACOBS LEVY EQUITY MANAGEMENT, INC Hedge Fund•Quant	−$464.4K −66.2K shares	$4.4M 626.3K shares
CITIGROUP INC Institution	−$416.7K −59.4K shares	$796.8K 113.5K shares

Entry and Exit Activity

Institutions that initiated new positions or completely exited SNBR in Q3 2025

New Positions: 11
New Value: $1.0M
Exited Positions: 17
Exited Value: $11.6M

New Positions

Institution	Position Value
I IPG Investment Advisors LLC RIA/Wealth	$360.8K 51.4K shares
Round Rock Advisors, LLC RIA/Wealth	$259.0K 40.1K shares
P PharVision Advisers, LLC Hedge Fund•Long/Short	$132.8K 18.9K shares
Worth Venture Partners, LLC Fund of Funds	$105.3K 15.0K shares
I Inscription Capital, LLC RIA/Wealth	$90.9K 12.9K shares
JustInvest LLC Long Only Manager	$70.4K 10.0K shares
Larson Financial Group LLC RIA/Wealth	$13.8K 2.0K shares
TD PRIVATE CLIENT WEALTH LLC RIA/Wealth	$723.0 103.0 shares
B Bare Financial Services, Inc Institution	$330.0 47.0 shares
Sunbelt Securities, Inc. RIA/Wealth	$302.0 43.0 shares

Exited Positions

Institution	Previous Position
TOWLE & CO Long Only Manager	$6.6M 974.9K shares
SG Capital Management LLC Hedge Fund•Event Driven	$2.1M 317.6K shares
Atom Investors LP Hedge Fund•Market Neutral	$615.2K 91.1K shares
RENAISSANCE TECHNOLOGIES LLC Hedge Fund•Quant	$609.3K 90.2K shares
Mutual Advisors, LLC RIA/Wealth	$561.7K 67.8K shares
CWM Advisors, LLC ETF Provider	$391.1K 57.9K shares
IEQ CAPITAL, LLC RIA/Wealth	$298.6K 44.2K shares
O OXFORD ASSET MANAGEMENT Institution	$144.4K 21.4K shares
Alpha Wealth Funds, LLC Hedge Fund•Long/Short	$114.2K 17.0K shares
S Squarepoint Ops LLC Hedge Fund•Quant	$92.6K 13.7K shares

Options Activity

Institutions with the largest Call and Put options positions in SNBR as of Q3 2025

Call Positions: 5
Call Value: $1.7M
Put Positions: 5
Put Value: $1.4M

Call Positions

Institution	Position Value
J JANE STREET GROUP, LLC Institution	$725.2K 1.0K contracts
SUSQUEHANNA INTERNATIONAL GROUP, LLP Private Equity	$566.5K 807.0 contracts
W WOLVERINE TRADING, LLC Institution	$235.0K 330.0 contracts
CITADEL ADVISORS LLC Hedge Fund•Multi-Strategy	$190.2K 271.0 contracts
Walleye Trading Advisors, LLC Hedge Fund•Multi-Strategy	- - contracts

Put Positions

Institution	Position Value
CITADEL ADVISORS LLC Hedge Fund•Multi-Strategy	$964.5K 1.4K contracts
SUSQUEHANNA INTERNATIONAL GROUP, LLP Private Equity	$162.9K 232.0 contracts
J JANE STREET GROUP, LLC Institution	$112.3K 160.0 contracts
Walleye Trading Advisors, LLC Hedge Fund•Multi-Strategy	$99.0K 141.0 contracts
W WOLVERINE TRADING, LLC Institution	$84.0K 118.0 contracts

Most Committed Institutions

Institutions with SNBR as the highest % of their portfolio as of Q3 2025

Institution	Key People	Portfolio Weight	Ownership	Owned Since	Total AUM (Long)
STADIUM CAPITAL MANAGEMENT LLC Hedge Fund•Long/Short	Eileen Katherine Silva CFO	19.63% $18.4M	11.49% 2.6M shares	Q4 2021 Held for 3y 11m	$93.6M
BRIGHTLIGHT CAPITAL MANAGEMENT LP Hedge Fund•Long/Short	Mihail Alexandru Covaci President	4.72% $7.8M	4.88% 1.1M shares	Q1 2024 Held for 1y 8m	$165.2M
Pacific Ridge Capital Partners, LLC Long Only Manager	Mark Daniel Cooper President	1.18% $5.4M	3.40% 774.3K shares	Q2 2024 Held for 1y 5m	$460.6M
FORMULA GROWTH LTD Hedge Fund•Long/Short	Randall William Kelly President	0.56% $1.6M	1.02% 231.8K shares	Q4 2023 Held for 1y 11m	$288.3M
Worth Venture Partners, LLC Fund of Funds	David Alexander Wertentheil CEO	0.52% $105.3K	0.07% 15.0K shares	Q3 2025 Held for 2 months	$20.3M
SummerHaven Investment Management, LLC Long Only Manager	Kurt Jonathon Nelson CEO	0.46% $782.0K	0.49% 111.4K shares	Q3 2022 Held for 3y 2m	$170.9M
S SCHWARZ DYGOS WHEELER INVESTMENT ADVISORS LLC RIA/Wealth	Stephen John Dygos Managing Partner	0.27% $1.3M	0.81% 183.7K shares	Q4 2018 Held for 6y 11m	$473.1M
C Corton Capital Inc. Institution	-	0.20% $81.8K	0.05% 11.7K shares	Q2 2025 Held for 5 months	$40.6M
I Invenomic Capital Management LP Hedge Fund•Long/Short	Benjamin Robert Deschaine President	0.18% $3.4M	2.13% 486.0K shares	Q3 2025 Held for 2 months	$1.9B
C CastleKnight Management LP Hedge Fund•Event Driven	Aaron Michael Weitman CIO	0.11% $2.0M	1.22% 278.4K shares	Q4 2023 Held for 1y 11m	$1.9B

Hedge Fund Spotlight

Discover hedge funds investing in SNBR

Arrowpoint Asset Management, LLC

Hedge Fund • Multi-Strategy

Portfolio ManagerDavid John Corkins

Portfolio Value: $5.4B
Positions: 305
Last Reported: Q3 2025

Sector Allocation

Position in Sleep Number Corporation

Market Value: $1.5M
Shares Held: 213.0K
Portfolio Weight: 0.03%
Owned Since: 2025-Q3

Top Holding	Sector	Market Value	Weight
1 SPDR Bloomberg 1-3 Month T-Bill ETF BIL	ETF ETF	$143.4M	2.66%
2 Trimble Inc. TRMB	Hardware, Equipment & Parts Technology	$126.6M	2.35%
3 CarGurus, Inc. CARG	Internet Content & Information Communication Services	$99.5M	1.85%