Skechers U.S.A. (NYSE:SKX) Price Target Increased to $76.00 by Analysts at Wedbush

Skechers U.S.A. (NYSE:SKX) had its price target lifted by stock analysts at Wedbush from $68.00 to $76.00 in a research report issued on Friday, Benzinga reports. The brokerage presently has an “outperform” rating on the textile maker’s stock. Wedbush’s price target would suggest a potential upside of 12.99% from the company’s current price.

Several other research analysts have also issued reports on the company. Bank of America initiated coverage on Skechers U.S.A. in a research note on Friday, March 8th. They set a “neutral” rating and a $67.00 price objective for the company. Raymond James cut their price objective on Skechers U.S.A. from $68.00 to $66.00 and set an “outperform” rating on the stock in a report on Monday, February 5th. Barclays initiated coverage on Skechers U.S.A. in a report on Monday, April 1st. They set an “overweight” rating and a $71.00 price objective on the stock. TD Cowen boosted their target price on Skechers U.S.A. from $70.00 to $74.00 and gave the stock a “buy” rating in a report on Wednesday, March 6th. Finally, Evercore ISI lowered their price objective on Skechers U.S.A. from $73.00 to $68.00 and set an “outperform” rating on the stock in a research report on Wednesday, April 17th. Two investment analysts have rated the stock with a hold rating and eleven have given a buy rating to the company. According to MarketBeat, Skechers U.S.A. presently has a consensus rating of “Moderate Buy” and a consensus target price of $66.83.

Skechers U.S.A. Stock Performance

Shares of SKX traded up $8.44 during mid-day trading on Friday, hitting $67.26. The company’s stock had a trading volume of 3,233,420 shares, compared to its average volume of 1,662,536. Skechers U.S.A. has a one year low of $45.58 and a one year high of $69.07. The company has a debt-to-equity ratio of 0.06, a quick ratio of 1.46 and a current ratio of 2.38. The firm has a market capitalization of $10.31 billion, a PE ratio of 19.23, a price-to-earnings-growth ratio of 1.07 and a beta of 1.32. The stock’s 50-day moving average is $59.61 and its two-hundred day moving average is $57.92.

Skechers U.S.A. (NYSE:SKX) last posted its quarterly earnings data on Thursday, April 25th. The textile maker reported $1.33 earnings per share for the quarter, beating the consensus estimate of $1.10 by $0.23. Skechers U.S.A. had a return on equity of 12.89% and a net margin of 6.82%. The company had revenue of $2.25 billion during the quarter, compared to analysts’ expectations of $2.20 billion. During the same period in the prior year, the business earned $1.02 earnings per share. Skechers U.S.A.’s revenue for the quarter was up 12.5% compared to the same quarter last year. As a group, sell-side analysts anticipate that Skechers U.S.A. will post 3.81 EPS for the current year.

Insider Transactions at Skechers U.S.A.

In other news, COO David Weinberg sold 67,390 shares of the stock in a transaction that occurred on Thursday, February 8th. The stock was sold at an average price of $57.87, for a total value of $3,899,859.30. Following the completion of the transaction, the chief operating officer now owns 141,405 shares of the company’s stock, valued at approximately $8,183,107.35. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other Skechers U.S.A. news, EVP Mark A. Nason sold 6,432 shares of the stock in a transaction on Friday, February 9th. The stock was sold at an average price of $58.83, for a total transaction of $378,394.56. Following the sale, the executive vice president now directly owns 34,023 shares in the company, valued at approximately $2,001,573.09. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, COO David Weinberg sold 67,390 shares of the firm’s stock in a transaction on Thursday, February 8th. The stock was sold at an average price of $57.87, for a total value of $3,899,859.30. Following the completion of the transaction, the chief operating officer now owns 141,405 shares in the company, valued at $8,183,107.35. The disclosure for this sale can be found here. In the last quarter, insiders sold 254,875 shares of company stock valued at $15,021,192. Corporate insiders own 24.75% of the company’s stock.

Hedge Funds Weigh In On Skechers U.S.A.

Institutional investors and hedge funds have recently modified their holdings of the company. Bfsg LLC boosted its holdings in shares of Skechers U.S.A. by 2.9% in the fourth quarter. Bfsg LLC now owns 6,545 shares of the textile maker’s stock valued at $408,000 after purchasing an additional 186 shares during the period. National Bank of Canada FI grew its position in Skechers U.S.A. by 7.1% in the 4th quarter. National Bank of Canada FI now owns 3,035 shares of the textile maker’s stock valued at $188,000 after acquiring an additional 200 shares in the last quarter. Janney Capital Management LLC grew its position in Skechers U.S.A. by 2.8% in the 3rd quarter. Janney Capital Management LLC now owns 8,646 shares of the textile maker’s stock valued at $423,000 after acquiring an additional 233 shares in the last quarter. 1492 Capital Management LLC grew its position in shares of Skechers U.S.A. by 1.0% during the fourth quarter. 1492 Capital Management LLC now owns 26,270 shares of the textile maker’s stock worth $1,638,000 after buying an additional 259 shares in the last quarter. Finally, Inspire Investing LLC lifted its stake in Skechers U.S.A. by 4.5% in the third quarter. Inspire Investing LLC now owns 6,230 shares of the textile maker’s stock valued at $305,000 after buying an additional 268 shares during the last quarter. 79.96% of the stock is currently owned by hedge funds and other institutional investors.

Skechers U.S.A. Company Profile

Skechers U.SA, Inc designs, develops, markets, and distributes footwear for men, women, and children worldwide. The company operates through Wholesale and Direct-to-Consumer segments. It offers footwear under Skechers Hands Free Slip-ins, Skechers Arch Fit, and Skechers Air-Cooled Memory Foam brands.