Vanguard Amends Sleep Number Stake; Institutional Confidence Noted

TL;DR

**Vanguard still owns a big chunk of Sleep Number, signaling institutional confidence.**

AI Summary

The Vanguard Group, a major investment firm, filed an amended SC 13G/A on January 10, 2024, disclosing its beneficial ownership of Sleep Number Corp. common stock as of December 29, 2023. This filing indicates that Vanguard holds a significant stake, which is important for investors as large institutional holdings can signal confidence in a company's long-term prospects and influence stock stability. For current or prospective Sleep Number Corp. shareholders, this update confirms continued institutional interest, potentially reducing volatility and providing a floor for the stock price.

Why It Matters

Large institutional ownership by firms like Vanguard can provide stability to a stock and signal a vote of confidence in the company's future, which can be reassuring for individual investors.

Risk Assessment

Risk Level: low — This filing is a routine update from a large institutional investor and does not indicate any immediate negative risks for Sleep Number Corp.

Analyst Insight

Investors should note Vanguard's continued institutional ownership as a sign of stability, but also conduct their own due diligence on Sleep Number Corp.'s fundamentals and future prospects.

Key Players & Entities

• The Vanguard Group (company) — reporting person and institutional investor
• Sleep Number Corp. (company) — subject company whose securities are being reported
• December 29, 2023 (date) — date of event requiring the filing
• January 10, 2024 (date) — filing date of the SC 13G/A

Forward-Looking Statements

• Vanguard will maintain a significant stake in Sleep Number Corp. throughout 2024. (The Vanguard Group) — medium confidence, target: December 31, 2024

FAQ

Filing Documents

• tv0023-sleepnumbercorp.htm (SC 13G/A) — 11KB
• 0001104659-24-002870.txt ( ) — 13KB

(a) - Name of Issuer

Item 1(a) - Name of Issuer: Sleep Number Corp.

(b) - Address of Issuer's Principal Executive Offices

Item 1(b) - Address of Issuer's Principal Executive Offices: 1001 Third Avenue South Minneapolis, MN 55404

(a) - Name of Person Filing

Item 2(a) - Name of Person Filing: The Vanguard Group - 23-1945930

(b) – Address of Principal Business Office or, if none, residence

Item 2(b) – Address of Principal Business Office or, if none, residence: 100 Vanguard Blvd. Malvern, PA 19355

(c) – Citizenship

Item 2(c) – Citizenship: Pennsylvania

(d) - Title of Class of Securities

Item 2(d) - Title of Class of Securities: Common Stock

(e) - CUSIP Number

Item 2(e) - CUSIP Number 83125X103

- Type of Filing

Item 3 - Type of Filing: This statement is being filed pursuant to Rule 13d-1. An investment adviser in accordance with 240.13d-1(b)(1)(ii)(E).

- Ownership

Item 4 - Ownership: (a) Amount Beneficially Owned: (b) Percent of Class: (c) Number of shares as to which such person has: (i) sole power to vote or direct to vote: (ii) shared power to vote or direct to vote: (iii) sole power to dispose of or to direct the disposition of: (iv) shared power to dispose or to direct the disposition of: Comments: The responses to questions 5 through 9 and 11 on the cover page(s) are incorporated by reference into this Item 4.

- Ownership of Five Percent or Less of a Class

Item 5 - Ownership of Five Percent or Less of a Class: If this statement is being filed to report the fact that as of the date hereof the reporting person has ceased to be the beneficial owner of more than 5 percent of the class of securities, check the following

- Ownership of More Than Five Percent on Behalf of Another Person

Item 6 - Ownership of More Than Five Percent on Behalf of Another Person: The Vanguard Group, Inc.'s clients, including investment companies registered under the Investment Company Act of 1940 and other managed accounts, have the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of, the securities reported herein. No one other person's interest in the securities reported herein is more than 5%. Item 7 - Identification and Classification of the Subsidiary Which Acquired The Security Being Reported on by the Parent Holding Company: Not applicable

- Identification and Classification of Members of Group

Item 8 - Identification and Classification of Members of Group: Not applicable

- Notice of Dissolution of Group

Item 9 - Notice of Dissolution of Group: Not applicable

- Certification

Item 10 - Certification: By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were acquired and are held in the ordinary course of business and were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under 240.14a-11. Signature After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct. Date: January 10, 2024 By /s/ Ashley Grim Name: Ashley Grim Title: Head of Global Fund Administration