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Steven Madden (NASDAQ:SHOO) was upgraded by stock analysts at Sterne Agee from a “neutral” rating to a “buy” rating in a report issued on Friday, TheFlyOnTheWall.com reports. The firm currently has a $40.00 price target on the stock, up from their previous price target of $34.00. Sterne Agee’s price target suggests a potential upside of 23.76% from the stock’s previous close.

Shares of Steven Madden (NASDAQ:SHOO) traded up 1.86% on Friday, hitting $32.92. 538,355 shares of the company’s stock traded hands. Steven Madden has a 1-year low of $30.20 and a 1-year high of $39.48. The stock has a 50-day moving average of $33.48 and a 200-day moving average of $34.03. The company has a market cap of $2.148 billion and a price-to-earnings ratio of 16.10.

Steven Madden (NASDAQ:SHOO) last released its earnings data on Thursday, July 31st. The company reported $0.44 earnings per share for the quarter, missing the analysts’ consensus estimate of $0.45 by $0.01. The company had revenue of $295.70 million for the quarter, compared to the consensus estimate of $313.50 million. During the same quarter in the previous year, the company posted $0.65 earnings per share. The company’s revenue for the quarter was down .6% on a year-over-year basis. Analysts expect that Steven Madden will post $2.04 EPS for the current fiscal year.

Several other analysts have also recently commented on the stock. Analysts at Citigroup Inc. downgraded shares of Steven Madden from a “buy” rating to a “neutral” rating in a research note on Tuesday. They now have a $35.00 price target on the stock, down previously from $40.00. Separately, analysts at Wedbush cut their price target on shares of Steven Madden from $36.00 to $34.00 in a research note on Friday, August 1st. Finally, analysts at Telsey Advisory Group cut their price target on shares of Steven Madden from $39.00 to $37.00 in a research note on Friday, August 1st. They now have a “not rated” rating on the stock. Three equities research analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. Steven Madden presently has an average rating of “Buy” and an average price target of $39.67.

In other Steven Madden news, major shareholder Steven Madden unloaded 100,000 shares of Steven Madden stock on the open market in a transaction that occurred on Wednesday, August 6th. The shares were sold at an average price of $32.55, for a total value of $3,255,000.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Major shareholders that own at least 10% of a company’s shares are required to disclose their transactions with the SEC.

Steven Madden, Ltd. designs, sources, markets and sells name brand and private label footwear for women, men and children and name brand and private label fashion handbags and accessories.

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