Wedbush Boosts Skechers U.S.A. (NYSE:SKX) Price Target to $76.00

Skechers U.S.A. (NYSE:SKX) had its target price raised by Wedbush from $68.00 to $76.00 in a research report sent to investors on Friday, Benzinga reports. Wedbush currently has an outperform rating on the textile maker’s stock. Wedbush also issued estimates for Skechers U.S.A.’s Q2 2024 earnings at $0.89 EPS and Q4 2024 earnings at $0.70 EPS.

Other equities research analysts also recently issued research reports about the stock. Stifel Nicolaus reduced their price target on shares of Skechers U.S.A. from $72.00 to $70.00 and set a buy rating for the company in a research report on Friday, February 2nd. Bank of America began coverage on shares of Skechers U.S.A. in a research report on Friday, March 8th. They issued a neutral rating and a $67.00 price target for the company. Barclays began coverage on shares of Skechers U.S.A. in a research report on Monday, April 1st. They issued an overweight rating and a $71.00 price target for the company. TD Cowen upped their price target on shares of Skechers U.S.A. from $70.00 to $74.00 and gave the company a buy rating in a research report on Wednesday, March 6th. Finally, Raymond James cut their target price on shares of Skechers U.S.A. from $68.00 to $66.00 and set an outperform rating for the company in a research report on Monday, February 5th. Two equities research analysts have rated the stock with a hold rating and eleven have given a buy rating to the company. Based on data from MarketBeat, the stock currently has an average rating of Moderate Buy and an average price target of $66.83.

Skechers U.S.A. Trading Up 11.2 %

Shares of NYSE:SKX opened at $65.41 on Friday. The stock has a market capitalization of $10.03 billion, a price-to-earnings ratio of 17.21, a PEG ratio of 1.19 and a beta of 1.32. Skechers U.S.A. has a 1-year low of $45.58 and a 1-year high of $69.07. The company has a debt-to-equity ratio of 0.06, a quick ratio of 1.46 and a current ratio of 2.38. The company has a 50 day moving average price of $59.73 and a 200 day moving average price of $58.17.

Skechers U.S.A. (NYSE:SKX) last issued its earnings results on Thursday, April 25th. The textile maker reported $1.33 earnings per share for the quarter, topping analysts’ consensus estimates of $1.10 by $0.23. The firm had revenue of $2.25 billion during the quarter, compared to analysts’ expectations of $2.20 billion. Skechers U.S.A. had a net margin of 7.17% and a return on equity of 13.76%. The firm’s revenue for the quarter was up 12.5% compared to the same quarter last year. During the same period last year, the firm posted $1.02 earnings per share. On average, research analysts anticipate that Skechers U.S.A. will post 4.06 EPS for the current fiscal year.

Insider Activity at Skechers U.S.A.

In related news, CEO Robert Greenberg sold 99,139 shares of Skechers U.S.A. stock in a transaction on Thursday, February 8th. The shares were sold at an average price of $57.87, for a total value of $5,737,173.93. Following the completion of the sale, the chief executive officer now owns 196,050 shares of the company’s stock, valued at approximately $11,345,413.50. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. In related news, CEO Robert Greenberg sold 99,139 shares of Skechers U.S.A. stock in a transaction on Thursday, February 8th. The shares were sold at an average price of $57.87, for a total value of $5,737,173.93. Following the completion of the sale, the chief executive officer now owns 196,050 shares of the company’s stock, valued at approximately $11,345,413.50. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, COO David Weinberg sold 67,390 shares of Skechers U.S.A. stock in a transaction on Thursday, February 8th. The shares were sold at an average price of $57.87, for a total transaction of $3,899,859.30. Following the completion of the sale, the chief operating officer now directly owns 141,405 shares of the company’s stock, valued at approximately $8,183,107.35. The disclosure for this sale can be found here. In the last 90 days, insiders sold 254,875 shares of company stock valued at $15,021,192. Insiders own 24.75% of the company’s stock.

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

Several institutional investors and hedge funds have recently modified their holdings of SKX. Redmont Wealth Advisors LLC bought a new position in Skechers U.S.A. in the 1st quarter worth $25,000. Huntington National Bank raised its holdings in Skechers U.S.A. by 861.7% in the 3rd quarter. Huntington National Bank now owns 577 shares of the textile maker’s stock worth $28,000 after acquiring an additional 517 shares during the period. DekaBank Deutsche Girozentrale bought a new position in Skechers U.S.A. in the 3rd quarter worth $31,000. GAMMA Investing LLC bought a new position in Skechers U.S.A. in the 4th quarter worth $36,000. Finally, Game Plan Financial Advisors LLC bought a new position in Skechers U.S.A. in the 1st quarter worth $43,000. Institutional investors and hedge funds own 79.96% of the company’s stock.

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.