Skechers U.S.A. (NYSE:SKX) Given New $85.00 Price Target at Evercore ISI

Skechers U.S.A. (NYSE:SKX) had its price objective boosted by Evercore ISI from $72.00 to $85.00 in a research note published on Tuesday morning,Benzinga reports. They currently have an outperform rating on the textile maker’s stock.

SKX has been the subject of a number of other research reports. Piper Sandler began coverage on shares of Skechers U.S.A. in a research report on Tuesday, December 10th. They issued a “neutral” rating and a $65.00 price objective for the company. Morgan Stanley boosted their price objective on shares of Skechers U.S.A. from $81.00 to $84.00 and gave the company an “overweight” rating in a research note on Friday, October 25th. Deutsche Bank Aktiengesellschaft increased their target price on Skechers U.S.A. from $83.00 to $84.00 and gave the stock a “buy” rating in a research report on Friday, October 25th. TD Cowen boosted their price target on Skechers U.S.A. from $88.00 to $93.00 and gave the company a “buy” rating in a research report on Wednesday, January 8th. Finally, Bank of America cut their price objective on Skechers U.S.A. from $81.00 to $80.00 and set a “buy” rating on the stock in a report on Friday, October 25th. Two equities research analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $80.18.

Skechers U.S.A. Stock Performance

NYSE:SKX opened at $78.22 on Tuesday. The firm has a 50 day simple moving average of $69.03 and a 200-day simple moving average of $66.06. The company has a debt-to-equity ratio of 0.01, a current ratio of 1.96 and a quick ratio of 1.25. The firm has a market cap of $11.81 billion, a PE ratio of 19.27, a P/E/G ratio of 0.90 and a beta of 1.19. Skechers U.S.A. has a 1-year low of $55.67 and a 1-year high of $78.85.

Insider Transactions at Skechers U.S.A.

In related news, COO David Weinberg sold 8,219 shares of the company’s stock in a transaction on Tuesday, December 31st. The shares were sold at an average price of $67.48, for a total value of $554,618.12. Following the sale, the chief operating officer now directly owns 122,211 shares of the company’s stock, valued at $8,246,798.28. This represents a 6.30 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, President Michael Greenberg sold 10,274 shares of the company’s stock in a transaction on Tuesday, December 31st. The shares were sold at an average price of $67.48, for a total transaction of $693,289.52. Following the completion of the sale, the president now directly owns 149,327 shares in the company, valued at $10,076,585.96. This represents a 6.44 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 24.75% of the company’s stock.

Institutional Trading of Skechers U.S.A.

Institutional investors have recently added to or reduced their stakes in the stock. Sanctuary Advisors LLC raised its holdings in Skechers U.S.A. by 88.1% in the third quarter. Sanctuary Advisors LLC now owns 29,538 shares of the textile maker’s stock valued at $1,822,000 after acquiring an additional 13,836 shares in the last quarter. Victory Capital Management Inc. raised its holdings in Skechers U.S.A. by 22.3% in the third quarter. Victory Capital Management Inc. now owns 138,893 shares of the textile maker’s stock valued at $9,295,000 after acquiring an additional 25,289 shares in the last quarter. Transform Wealth LLC acquired a new stake in Skechers U.S.A. in the third quarter valued at $7,186,000. National Bank of Canada FI raised its holdings in Skechers U.S.A. by 2,340.0% in the third quarter. National Bank of Canada FI now owns 70,710 shares of the textile maker’s stock valued at $4,732,000 after acquiring an additional 67,812 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. raised its holdings in Skechers U.S.A. by 1.3% in the third quarter. Charles Schwab Investment Management Inc. now owns 1,316,882 shares of the textile maker’s stock valued at $88,126,000 after acquiring an additional 17,429 shares in the last quarter. 79.96% of the stock is owned by institutional investors and hedge funds.

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.