Stitch Fix (SFIX) Stock Rating Lowered by Piper Jaffray Companies

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Stitch Fix (NASDAQ:SFIX) was downgraded by stock analysts at Piper Jaffray Companies from an “overweight” rating to a “neutral” rating in a report issued on Thursday, September 20th, MarketBeat.com reports. They presently have a $43.00 price target on the stock, up from their prior price target of $29.00. Piper Jaffray Companies’ target price would indicate a potential upside of 64.88% from the company’s previous close.

A number of other equities research analysts have also commented on the company. Zacks Investment Research upgraded Stitch Fix from a “hold” rating to a “buy” rating and set a $55.00 price target on the stock in a research report on Saturday, September 15th. KeyCorp reiterated a “buy” rating and issued a $53.00 price target (up previously from $38.00) on shares of Stitch Fix in a research report on Thursday, September 13th. ValuEngine upgraded Stitch Fix from a “hold” rating to a “buy” rating in a research report on Friday, August 10th. SunTrust Banks assumed coverage on Stitch Fix in a research report on Friday, August 10th. They issued a “buy” rating and a $38.00 price target on the stock. Finally, Wells Fargo & Co assumed coverage on Stitch Fix in a research report on Thursday, August 2nd. They issued a “market perform” rating and a $30.00 price target on the stock. Eight investment analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. The company has an average rating of “Hold” and a consensus price target of $33.18.

SFIX stock traded up $1.48 during midday trading on Thursday, reaching $26.08. 3,507,836 shares of the stock were exchanged, compared to its average volume of 2,061,961. Stitch Fix has a 52 week low of $14.48 and a 52 week high of $52.44.

Stitch Fix (NASDAQ:SFIX) last issued its quarterly earnings data on Monday, October 1st. The company reported $0.18 earnings per share for the quarter, topping analysts’ consensus estimates of $0.04 by $0.14. Stitch Fix had a return on equity of 15.39% and a net margin of 1.90%. The business had revenue of $318.30 million for the quarter, compared to analyst estimates of $318.93 million. The business’s quarterly revenue was up 23.2% compared to the same quarter last year. Equities research analysts expect that Stitch Fix will post 0.22 EPS for the current fiscal year.

In related news, COO Mike C. Smith sold 25,000 shares of the company’s stock in a transaction that occurred on Monday, July 16th. The stock was sold at an average price of $32.96, for a total transaction of $824,000.00. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, CEO Katrina Lake sold 200,000 shares of the company’s stock in a transaction that occurred on Wednesday, July 18th. The stock was sold at an average price of $33.18, for a total value of $6,636,000.00. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 691,507 shares of company stock worth $21,348,514.

A number of hedge funds have recently bought and sold shares of the stock. Bank of Montreal Can raised its stake in Stitch Fix by 74.5% during the 3rd quarter. Bank of Montreal Can now owns 117,245 shares of the company’s stock worth $5,132,000 after buying an additional 50,050 shares during the period. Kovack Advisors Inc. purchased a new stake in shares of Stitch Fix in the third quarter worth approximately $440,000. Bank of New York Mellon Corp purchased a new stake in shares of Stitch Fix in the second quarter worth approximately $367,000. California Public Employees Retirement System purchased a new stake in shares of Stitch Fix in the second quarter worth approximately $228,000. Finally, Putnam Investments LLC purchased a new stake in shares of Stitch Fix in the second quarter worth approximately $6,019,000. 21.59% of the stock is currently owned by institutional investors and hedge funds.

About Stitch Fix

Stitch Fix, Inc sells a range of apparel, shoes, and accessories through its Website and mobile app in the United States. It offers denim, dresses, blouses, skirts, shoes, jewelry, and handbags for men and women under the Stitch Fix brand. The company was formerly known as rack habit inc. and changed its name to Stitch Fix, Inc in October 2011.

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Analyst Recommendations for Stitch Fix (NASDAQ:SFIX)

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