Tapestry (NYSE:TPR) Price Target Raised to $70.00 at UBS Group

Tapestry (NYSE:TPR) had its price objective hoisted by equities researchers at UBS Group from $57.00 to $70.00 in a note issued to investors on Friday,Benzinga reports. The brokerage presently has a “neutral” rating on the luxury accessories retailer’s stock. UBS Group’s price objective would suggest a potential upside of 3.83% from the company’s current price.

Other equities analysts have also issued research reports about the company. StockNews.com lowered Tapestry from a “buy” rating to a “hold” rating in a research note on Monday, October 28th. Daiwa America upgraded Tapestry to a “hold” rating in a research report on Monday, November 18th. Barclays raised shares of Tapestry from an “equal weight” rating to an “overweight” rating and lifted their price target for the company from $57.00 to $87.00 in a research note on Wednesday. Telsey Advisory Group increased their price objective on shares of Tapestry from $58.00 to $67.00 and gave the company an “outperform” rating in a report on Friday, November 15th. Finally, Evercore ISI boosted their target price on shares of Tapestry from $47.00 to $63.00 and gave the stock an “outperform” rating in a research note on Friday, October 25th. Five research analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $64.76.

Tapestry Stock Performance

TPR traded down $1.11 on Friday, reaching $67.42. The stock had a trading volume of 2,428,489 shares, compared to its average volume of 3,594,954. Tapestry has a 12-month low of $35.23 and a 12-month high of $69.09. The company has a current ratio of 4.93, a quick ratio of 4.38 and a debt-to-equity ratio of 2.35. The business’s 50-day moving average price is $60.62 and its two-hundred day moving average price is $48.76. The company has a market cap of $15.71 billion, a P/E ratio of 19.49, a price-to-earnings-growth ratio of 1.80 and a beta of 1.58.

Insiders Place Their Bets

In other Tapestry news, VP Manesh Dadlani sold 8,872 shares of the firm’s stock in a transaction on Friday, November 15th. The stock was sold at an average price of $57.96, for a total transaction of $514,221.12. Following the completion of the sale, the vice president now owns 35,003 shares of the company’s stock, valued at $2,028,773.88. This trade represents a 20.22 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 1.18% of the stock is owned by insiders.

Institutional Trading of Tapestry

A number of hedge funds and other institutional investors have recently modified their holdings of the business. Redwood Investment Management LLC boosted its stake in Tapestry by 0.4% during the third quarter. Redwood Investment Management LLC now owns 47,407 shares of the luxury accessories retailer’s stock worth $2,269,000 after buying an additional 204 shares during the period. Lebenthal Global Advisors LLC increased its holdings in Tapestry by 2.8% in the 3rd quarter. Lebenthal Global Advisors LLC now owns 7,813 shares of the luxury accessories retailer’s stock valued at $367,000 after purchasing an additional 215 shares during the last quarter. OneDigital Investment Advisors LLC raised its position in Tapestry by 3.0% in the third quarter. OneDigital Investment Advisors LLC now owns 7,520 shares of the luxury accessories retailer’s stock valued at $353,000 after purchasing an additional 218 shares during the period. Summit Trail Advisors LLC lifted its stake in Tapestry by 1.6% during the third quarter. Summit Trail Advisors LLC now owns 16,273 shares of the luxury accessories retailer’s stock worth $765,000 after purchasing an additional 251 shares in the last quarter. Finally, GAMMA Investing LLC boosted its position in shares of Tapestry by 4.8% during the third quarter. GAMMA Investing LLC now owns 6,095 shares of the luxury accessories retailer’s stock worth $286,000 after buying an additional 280 shares during the period. 90.77% of the stock is owned by institutional investors and hedge funds.

Tapestry Company Profile

Tapestry, Inc provides luxury accessories and branded lifestyle products in the United States, Japan, Greater China, and internationally. The company operates in three segments: Coach, Kate Spade, and Stuart Weitzman. It offers women’s handbags; and women’s accessories, such as small leather goods which includes mini and micro handbags, money pieces, wristlets, pouches, and cosmetic cases, as well as novelty accessories including address books, time management and travel accessories, sketchbooks, and portfolios; and belts, key rings, and charms.