Jefferies Financial Group Weighs in on Deckers Outdoor Co.’s Q3 2023 Earnings (NYSE:DECK)

Deckers Outdoor Co. (NYSE:DECKGet Rating) – Jefferies Financial Group lifted their Q3 2023 earnings estimates for Deckers Outdoor in a research report issued to clients and investors on Friday, July 29th. Jefferies Financial Group analyst C. Tarlowe now expects that the textile maker will earn $9.65 per share for the quarter, up from their previous forecast of $9.31. The consensus estimate for Deckers Outdoor’s current full-year earnings is $18.00 per share. Jefferies Financial Group also issued estimates for Deckers Outdoor’s Q4 2023 earnings at $3.27 EPS, Q2 2024 earnings at $4.88 EPS, Q4 2024 earnings at $4.66 EPS and FY2024 earnings at $21.50 EPS.

Several other research analysts have also commented on the stock. UBS Group increased their price target on shares of Deckers Outdoor from $378.00 to $400.00 and gave the stock a “buy” rating in a research note on Friday. Cowen raised their price objective on shares of Deckers Outdoor from $407.00 to $415.00 in a report on Friday. Wells Fargo & Company started coverage on shares of Deckers Outdoor in a report on Monday, June 27th. They set an “equal weight” rating and a $280.00 price objective for the company. Wedbush lifted their price target on shares of Deckers Outdoor from $292.00 to $312.00 and gave the company a “neutral” rating in a report on Thursday, July 21st. Finally, BTIG Research dropped their target price on shares of Deckers Outdoor from $487.00 to $477.00 and set a “buy” rating for the company in a research note on Thursday, July 21st. Three equities research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $396.64.

Deckers Outdoor Stock Performance

Shares of NYSE:DECK opened at $313.21 on Monday. The company has a market cap of $8.31 billion, a PE ratio of 19.22 and a beta of 0.84. Deckers Outdoor has a 52 week low of $212.93 and a 52 week high of $451.49. The firm has a 50 day simple moving average of $267.44 and a 200 day simple moving average of $275.24.

Deckers Outdoor (NYSE:DECKGet Rating) last posted its quarterly earnings data on Thursday, May 19th. The textile maker reported $2.51 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.35 by $1.16. The business had revenue of $736.00 million during the quarter, compared to analysts’ expectations of $639.81 million. Deckers Outdoor had a net margin of 14.35% and a return on equity of 30.20%. The business’s revenue was up 31.1% on a year-over-year basis. During the same period last year, the firm posted $1.18 earnings per share.

Deckers Outdoor declared that its board has authorized a share buyback plan on Thursday, July 28th that authorizes the company to buyback $1.20 billion in shares. This buyback authorization authorizes the textile maker to buy up to 14.4% of its shares through open market purchases. Shares buyback plans are often a sign that the company’s leadership believes its shares are undervalued.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in DECK. Steadfast Capital Management LP raised its holdings in Deckers Outdoor by 8,817.1% during the 1st quarter. Steadfast Capital Management LP now owns 833,391 shares of the textile maker’s stock worth $228,157,000 after purchasing an additional 824,045 shares during the last quarter. Suvretta Capital Management LLC bought a new position in Deckers Outdoor during the 4th quarter valued at $79,207,000. American Century Companies Inc. raised its stake in shares of Deckers Outdoor by 56.5% during the 4th quarter. American Century Companies Inc. now owns 571,017 shares of the textile maker’s stock worth $209,169,000 after purchasing an additional 206,161 shares during the period. Luxor Capital Group LP bought a new stake in shares of Deckers Outdoor during the 1st quarter worth $44,789,000. Finally, 1832 Asset Management L.P. raised its stake in Deckers Outdoor by 59.4% in the 4th quarter. 1832 Asset Management L.P. now owns 364,437 shares of the textile maker’s stock valued at $135,435,000 after acquiring an additional 135,837 shares during the period. Institutional investors own 96.81% of the company’s stock.

Deckers Outdoor Company Profile

(Get Rating)

Deckers Outdoor Corporation, together with its subsidiaries, designs, markets, and distributes footwear, apparel, and accessories for casual lifestyle use and high-performance activities. The company offers premium footwear, apparel, and accessories under the UGG brand name; sandals, shoes, and boots under the Teva brand name; and relaxed casual shoes and sandals under the Sanuk brand name.

See Also

Earnings History and Estimates for Deckers Outdoor (NYSE:DECK)

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