Skechers U.S.A., Inc. (NYSE:SKX) Receives $80.42 Average Price Target from Brokerages

Shares of Skechers U.S.A., Inc. (NYSE:SKX) have been given an average rating of “Moderate Buy” by the thirteen ratings firms that are covering the firm, MarketBeat Ratings reports. Two equities research analysts have rated the stock with a hold rating and eleven have given a buy rating to the company. The average 1 year price objective among brokerages that have issued ratings on the stock in the last year is $80.42.

Several brokerages have commented on SKX. Barclays lowered their price objective on shares of Skechers U.S.A. from $80.00 to $77.00 and set an “overweight” rating for the company in a report on Monday, February 10th. Piper Sandler initiated coverage on Skechers U.S.A. in a research report on Tuesday, December 10th. They set a “neutral” rating and a $65.00 price target on the stock. Needham & Company LLC reiterated a “hold” rating on shares of Skechers U.S.A. in a report on Friday, February 7th. Bank of America dropped their target price on shares of Skechers U.S.A. from $76.00 to $70.00 and set a “buy” rating on the stock in a report on Monday, March 24th. Finally, Raymond James decreased their price target on shares of Skechers U.S.A. from $80.00 to $75.00 and set an “outperform” rating for the company in a research note on Friday, February 7th.

Insider Activity

In other news, General Counsel Phillip Paccione sold 10,994 shares of the firm’s stock in a transaction dated Monday, March 3rd. The shares were sold at an average price of $56.63, for a total transaction of $622,590.22. Following the sale, the general counsel now owns 15,000 shares of the company’s stock, valued at $849,450. This trade represents a 42.29 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, CEO Robert Greenberg sold 52,600 shares of Skechers U.S.A. stock in a transaction that occurred on Wednesday, February 12th. The stock was sold at an average price of $62.72, for a total transaction of $3,299,072.00. Following the completion of the sale, the chief executive officer now owns 61,367 shares of the company’s stock, valued at $3,848,938.24. This represents a 46.15 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 236,738 shares of company stock worth $14,700,809 over the last 90 days. 24.75% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Skechers U.S.A.

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. NewEdge Advisors LLC boosted its position in Skechers U.S.A. by 85.2% in the fourth quarter. NewEdge Advisors LLC now owns 413 shares of the textile maker’s stock worth $28,000 after purchasing an additional 190 shares during the last quarter. TD Private Client Wealth LLC boosted its holdings in shares of Skechers U.S.A. by 534.3% in the fourth quarter. TD Private Client Wealth LLC now owns 425 shares of the textile maker’s stock worth $29,000 after buying an additional 358 shares during the last quarter. Investment Management Corp VA ADV bought a new stake in Skechers U.S.A. during the fourth quarter valued at approximately $32,000. UMB Bank n.a. increased its holdings in Skechers U.S.A. by 53.1% during the fourth quarter. UMB Bank n.a. now owns 689 shares of the textile maker’s stock valued at $46,000 after buying an additional 239 shares during the last quarter. Finally, IFP Advisors Inc raised its position in Skechers U.S.A. by 62.4% in the fourth quarter. IFP Advisors Inc now owns 825 shares of the textile maker’s stock worth $55,000 after acquiring an additional 317 shares during the period. Hedge funds and other institutional investors own 79.96% of the company’s stock.

Skechers U.S.A. Stock Performance

Shares of SKX stock opened at $56.90 on Tuesday. The firm has a market capitalization of $8.50 billion, a price-to-earnings ratio of 13.71, a PEG ratio of 1.11 and a beta of 1.21. The stock has a fifty day moving average of $64.28 and a 200 day moving average of $65.21. Skechers U.S.A. has a 52 week low of $53.79 and a 52 week high of $78.85. The company has a quick ratio of 1.12, a current ratio of 1.97 and a debt-to-equity ratio of 0.01.

Skechers U.S.A. (NYSE:SKX) last posted its earnings results on Thursday, February 6th. The textile maker reported $0.65 EPS for the quarter, missing the consensus estimate of $0.73 by ($0.08). Skechers U.S.A. had a return on equity of 13.73% and a net margin of 7.13%. As a group, research analysts expect that Skechers U.S.A. will post 4.47 earnings per share for the current year.

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.