Skechers U.S.A. (NYSE:SKX) PT Raised to $76.00 at Wedbush

Skechers U.S.A. (NYSE:SKX) had its price target lifted by equities research analysts at Wedbush from $68.00 to $76.00 in a research report issued on Friday, Benzinga reports. The firm presently has an “outperform” rating on the textile maker’s stock. Wedbush’s price target would suggest a potential upside of 16.19% from the stock’s previous close. 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.

A number of other research firms have also weighed in on SKX. Raymond James lowered their price target on shares of Skechers U.S.A. from $68.00 to $66.00 and set an “outperform” rating for the company in a report on Monday, February 5th. Bank of America started coverage on shares of Skechers U.S.A. in a report on Friday, March 8th. They set a “neutral” rating and a $67.00 price target for the company. Stifel Nicolaus lowered 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 report on Friday, February 2nd. Evercore ISI decreased their price objective on shares of Skechers U.S.A. from $73.00 to $68.00 and set an “outperform” rating for the company in a report on Wednesday, April 17th. Finally, Barclays began coverage on shares of Skechers U.S.A. in a report on Monday, April 1st. They set an “overweight” rating and a $71.00 price objective for the company. Two investment analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company’s stock. According to 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. Price Performance

Skechers U.S.A. stock opened at $65.41 on Friday. Skechers U.S.A. has a 52-week low of $45.58 and a 52-week high of $69.07. The firm has a fifty day moving average of $59.73 and a 200-day moving average of $58.10. The firm has a market capitalization of $10.03 billion, a P/E ratio of 17.21, a PEG ratio of 1.19 and a beta of 1.32. The company has a quick ratio of 1.46, a current ratio of 2.38 and a debt-to-equity ratio of 0.06.

Skechers U.S.A. (NYSE:SKX) last released its quarterly earnings results on Thursday, April 25th. The textile maker reported $1.33 earnings per share for the quarter, beating analysts’ consensus estimates of $1.10 by $0.23. The business had revenue of $2.25 billion during the quarter, compared to analyst estimates of $2.20 billion. Skechers U.S.A. had a net margin of 7.17% and a return on equity of 13.76%. The business’s revenue was up 12.5% on a year-over-year basis. During the same period last year, the business earned $1.02 EPS. As a group, analysts predict that Skechers U.S.A. will post 4.06 EPS for the current year.

Insider Transactions at Skechers U.S.A.

In other news, EVP Mark A. Nason sold 6,067 shares of the firm’s stock in a transaction dated Friday, March 15th. The shares were sold at an average price of $61.11, for a total value of $370,754.37. Following the transaction, the executive vice president now directly owns 14,023 shares in the company, valued at approximately $856,945.53. The transaction was disclosed in a legal filing with the SEC, which is available at this link. In related news, EVP Mark A. Nason sold 6,067 shares of Skechers U.S.A. stock in a transaction dated Friday, March 15th. The shares were sold at an average price of $61.11, for a total value of $370,754.37. Following the sale, the executive vice president now directly owns 14,023 shares in the company, valued at approximately $856,945.53. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, CEO Robert Greenberg sold 99,139 shares of Skechers U.S.A. stock in a transaction dated Thursday, February 8th. The shares were sold at an average price of $57.87, for a total transaction of $5,737,173.93. Following the completion of the sale, the chief executive officer now owns 196,050 shares in the company, valued at $11,345,413.50. The disclosure for this sale can be found here. In the last three months, insiders have sold 254,875 shares of company stock worth $15,021,192. 24.75% of the stock is currently owned by insiders.

Institutional Trading of Skechers U.S.A.

Hedge funds have recently bought and sold shares of the company. Redmont Wealth Advisors LLC bought a new stake in Skechers U.S.A. in the 1st quarter valued at about $25,000. Huntington National Bank raised its position in shares of Skechers U.S.A. by 861.7% during the 3rd quarter. Huntington National Bank now owns 577 shares of the textile maker’s stock worth $28,000 after buying an additional 517 shares in the last quarter. DekaBank Deutsche Girozentrale bought a new stake in shares of Skechers U.S.A. during the 3rd quarter worth about $31,000. GAMMA Investing LLC bought a new stake in shares of Skechers U.S.A. during the 4th quarter worth about $36,000. Finally, Game Plan Financial Advisors LLC bought a new stake in shares of Skechers U.S.A. during the 1st quarter worth about $43,000. 79.96% of the stock is currently owned by institutional investors.

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.