Brokerages Set Skechers U.S.A., Inc. (NYSE:SKX) PT at $80.42

Skechers U.S.A., Inc. (NYSE:SKX) has earned a consensus recommendation of “Moderate Buy” from the thirteen brokerages that are presently covering the company, Marketbeat Ratings reports. Two equities research analysts have rated the stock with a hold rating and eleven have issued a buy rating on the company. The average twelve-month target price among analysts that have issued ratings on the stock in the last year is $80.42.

A number of equities analysts have weighed in on SKX shares. StockNews.com downgraded Skechers U.S.A. from a “buy” rating to a “hold” rating in a research note on Monday, February 10th. UBS Group decreased their price target on Skechers U.S.A. from $92.00 to $90.00 and set a “buy” rating for the company in a research note on Friday, February 7th. Piper Sandler assumed coverage on Skechers U.S.A. in a report on Tuesday, December 10th. They set a “neutral” rating and a $65.00 target price on the stock. TD Cowen lifted their target price on Skechers U.S.A. from $88.00 to $93.00 and gave the stock a “buy” rating in a research report on Wednesday, January 8th. Finally, Bank of America dropped their price target on Skechers U.S.A. from $76.00 to $70.00 and set a “buy” rating on the stock in a research report on Monday.

Skechers U.S.A. Stock Performance

Shares of SKX stock opened at $57.79 on Tuesday. The company has a current ratio of 1.97, a quick ratio of 1.12 and a debt-to-equity ratio of 0.01. The company has a market cap of $8.63 billion, a PE ratio of 13.93, a P/E/G ratio of 1.11 and a beta of 1.21. The company’s fifty day simple moving average is $64.54 and its 200-day simple moving average is $65.27. Skechers U.S.A. has a 52 week low of $53.79 and a 52 week high of $78.85.

Skechers U.S.A. (NYSE:SKX) last released its quarterly earnings data 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 net margin of 7.13% and a return on equity of 13.73%. As a group, equities research analysts anticipate that Skechers U.S.A. will post 4.47 EPS for the current year.

Insider Buying and Selling

In other news, COO David Weinberg sold 8,219 shares of Skechers U.S.A. stock in a transaction that occurred 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 transaction, the chief operating officer now owns 122,211 shares of the company’s stock, valued at $8,246,798.28. The trade was a 6.30 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, General Counsel Phillip Paccione sold 10,994 shares of the stock in a transaction that occurred on 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 directly owns 15,000 shares of the company’s stock, valued at approximately $849,450. This represents a 42.29 % 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 valued at $14,700,809 over the last quarter. Corporate insiders own 24.75% of the company’s stock.

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

Several hedge funds have recently modified their holdings of the stock. Sanctuary Advisors LLC raised its holdings in Skechers U.S.A. by 88.1% during the 3rd quarter. Sanctuary Advisors LLC now owns 29,538 shares of the textile maker’s stock worth $1,822,000 after buying an additional 13,836 shares during the period. Raymond James Financial Inc. purchased a new stake in shares of Skechers U.S.A. in the 4th quarter valued at approximately $12,852,000. National Bank of Canada FI boosted its stake in Skechers U.S.A. by 2,340.0% in the 3rd quarter. National Bank of Canada FI now owns 70,710 shares of the textile maker’s stock worth $4,732,000 after purchasing an additional 67,812 shares during the period. Charles Schwab Investment Management Inc. grew its position in Skechers U.S.A. by 1.3% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,316,882 shares of the textile maker’s stock worth $88,126,000 after purchasing an additional 17,429 shares in the last quarter. Finally, Assenagon Asset Management S.A. raised its stake in Skechers U.S.A. by 15.2% during the 4th quarter. Assenagon Asset Management S.A. now owns 120,007 shares of the textile maker’s stock valued at $8,069,000 after purchasing an additional 15,874 shares during the period. 79.96% of the stock is 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.