Piper Sandler Lowers Boston Beer (NYSE:SAM) Price Target to $240.00

Boston Beer (NYSE:SAM) had its target price cut by Piper Sandler from $275.00 to $240.00 in a report released on Wednesday,Benzinga reports. The brokerage presently has a “neutral” rating on the stock. Piper Sandler’s target price would indicate a potential downside of 1.51% from the stock’s current price.

Several other equities analysts have also issued reports on the company. UBS Group lowered their price target on Boston Beer from $315.00 to $290.00 and set a “neutral” rating on the stock in a research note on Thursday, January 16th. Citigroup cut their target price on Boston Beer from $335.00 to $290.00 and set a “neutral” rating for the company in a research note on Wednesday, January 15th. StockNews.com raised Boston Beer from a “hold” rating to a “buy” rating in a research report on Tuesday. Needham & Company LLC started coverage on shares of Boston Beer in a research note on Friday, December 6th. They set a “hold” rating on the stock. Finally, Roth Mkm reaffirmed a “buy” rating and set a $349.00 price objective (down from $389.00) on shares of Boston Beer in a report on Wednesday. One research analyst has rated the stock with a sell rating, nine have assigned a hold rating and two have issued a buy rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Hold” and a consensus target price of $293.40.

Boston Beer Price Performance

NYSE SAM opened at $243.67 on Wednesday. The company’s fifty day moving average is $258.51 and its two-hundred day moving average is $280.52. Boston Beer has a 52-week low of $222.27 and a 52-week high of $339.77. The firm has a market capitalization of $2.80 billion, a price-to-earnings ratio of 35.83, a P/E/G ratio of 1.23 and a beta of 1.06.

Hedge Funds Weigh In On Boston Beer

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. Creative Planning raised its stake in shares of Boston Beer by 6.5% in the third quarter. Creative Planning now owns 2,540 shares of the company’s stock valued at $734,000 after acquiring an additional 155 shares during the last quarter. Wealth Enhancement Advisory Services LLC increased its holdings in Boston Beer by 389.2% during the 3rd quarter. Wealth Enhancement Advisory Services LLC now owns 5,714 shares of the company’s stock valued at $1,652,000 after purchasing an additional 4,546 shares in the last quarter. Pallas Capital Advisors LLC raised its position in Boston Beer by 323.5% in the 3rd quarter. Pallas Capital Advisors LLC now owns 3,261 shares of the company’s stock valued at $984,000 after purchasing an additional 2,491 shares during the last quarter. Kornitzer Capital Management Inc. KS boosted its stake in Boston Beer by 3.4% in the third quarter. Kornitzer Capital Management Inc. KS now owns 3,968 shares of the company’s stock worth $1,147,000 after purchasing an additional 129 shares in the last quarter. Finally, Capital Performance Advisors LLP bought a new stake in shares of Boston Beer during the third quarter worth $138,000. 81.13% of the stock is currently owned by institutional investors and hedge funds.

About Boston Beer

The Boston Beer Company, Inc produces and sells alcohol beverages primarily in the United States. The company's flagship beer is Samuel Adams Boston Lager. It offers various beers, hard ciders, flavored malt beverages, and hard seltzers under the Samuel Adams, Twisted Tea, Truly, Angry Orchard, Dogfish Head, Angel City, and Coney Island brand names.