Skechers U.S.A. (NYSE:SKX) Price Target Raised to $79.00

Skechers U.S.A. (NYSE:SKX) had its target price hoisted by Wedbush from $76.00 to $79.00 in a research report released on Friday morning, Benzinga reports. They currently have an outperform rating on the textile maker’s stock. Wedbush also issued estimates for Skechers U.S.A.’s Q2 2024 earnings at $0.97 EPS, Q3 2024 earnings at $1.15 EPS, Q4 2024 earnings at $0.62 EPS, FY2024 earnings at $4.16 EPS and FY2025 earnings at $4.92 EPS.

Other equities analysts also recently issued reports about the stock. TD Cowen boosted their price target on shares of Skechers U.S.A. from $77.00 to $79.00 and gave the stock a buy rating in a report on Monday, July 22nd. Morgan Stanley raised shares of Skechers U.S.A. from an equal weight rating to an overweight rating and increased their target price for the company from $60.00 to $80.00 in a research report on Tuesday, July 23rd. Wells Fargo & Company began coverage on shares of Skechers U.S.A. in a report on Wednesday, June 12th. They issued an overweight rating and a $83.00 price target on the stock. Stifel Nicolaus increased their price objective on Skechers U.S.A. from $81.00 to $83.00 and gave the company a buy rating in a report on Friday. Finally, Evercore ISI lowered their target price on Skechers U.S.A. from $73.00 to $68.00 and set an outperform rating on the stock in a research note on Wednesday, April 17th. Thirteen equities research analysts have rated the stock with a buy rating, Based on data from MarketBeat, Skechers U.S.A. currently has a consensus rating of Buy and an average target price of $76.75.

Skechers U.S.A. Stock Up 0.3 %

Skechers U.S.A. stock opened at $64.91 on Friday. Skechers U.S.A. has a fifty-two week low of $45.58 and a fifty-two week high of $75.09. The company has a debt-to-equity ratio of 0.01, a quick ratio of 1.33 and a current ratio of 2.06. The firm’s 50-day simple moving average is $69.08 and its 200 day simple moving average is $64.16. The stock has a market cap of $9.90 billion, a PE ratio of 17.08, a price-to-earnings-growth ratio of 0.90 and a beta of 1.25.

Skechers U.S.A. (NYSE:SKX) last announced its earnings results on Thursday, July 25th. The textile maker reported $0.91 earnings per share for the quarter, missing analysts’ consensus estimates of $0.95 by ($0.04). The business had revenue of $2.16 billion during the quarter, compared to analysts’ expectations of $2.24 billion. Skechers U.S.A. had a return on equity of 13.04% and a net margin of 6.90%. Skechers U.S.A.’s quarterly revenue was up 7.3% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.98 EPS. Research analysts predict that Skechers U.S.A. will post 4.18 EPS for the current fiscal year.

Insiders Place Their Bets

In other Skechers U.S.A. news, General Counsel Phillip Paccione sold 423 shares of the stock in a transaction on Tuesday, June 4th. The stock was sold at an average price of $69.45, for a total transaction of $29,377.35. Following the sale, the general counsel now owns 35,000 shares in the company, valued at $2,430,750. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Company insiders own 24.75% of the company’s stock.

Institutional Trading of Skechers U.S.A.

Several institutional investors and hedge funds have recently modified their holdings of the business. Redmont Wealth Advisors LLC purchased a new stake in Skechers U.S.A. in the first quarter valued at approximately $25,000. Bessemer Group Inc. raised its position in shares of Skechers U.S.A. by 66.7% during the 1st quarter. Bessemer Group Inc. now owns 410 shares of the textile maker’s stock valued at $25,000 after buying an additional 164 shares in the last quarter. GAMMA Investing LLC bought a new stake in shares of Skechers U.S.A. during the 4th quarter worth $36,000. Game Plan Financial Advisors LLC purchased a new position in Skechers U.S.A. in the first quarter worth $43,000. Finally, Versant Capital Management Inc grew its position in Skechers U.S.A. by 2,809.1% in the second quarter. Versant Capital Management Inc now owns 640 shares of the textile maker’s stock worth $44,000 after acquiring an additional 618 shares in the last quarter. Hedge funds and other institutional investors own 79.96% of the company’s stock.

About Skechers U.S.A.

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.