Needham & Company LLC Reaffirms Hold Rating for Skechers U.S.A. (NYSE:SKX)

Skechers U.S.A. (NYSE:SKX)‘s stock had its “hold” rating reaffirmed by equities researchers at Needham & Company LLC in a research report issued on Friday,Benzinga reports.

A number of other research firms have also commented on SKX. TD Cowen increased their price objective on Skechers U.S.A. from $88.00 to $93.00 and gave the company a “buy” rating in a research note on Wednesday, January 8th. Evercore ISI upped their target price on shares of Skechers U.S.A. from $72.00 to $85.00 and gave the company an “outperform” rating in a report on Tuesday, January 28th. Morgan Stanley lifted their price target on shares of Skechers U.S.A. from $81.00 to $84.00 and gave the stock an “overweight” rating in a report on Friday, October 25th. Piper Sandler began coverage on shares of Skechers U.S.A. in a research note on Tuesday, December 10th. They set a “neutral” rating and a $65.00 price objective on the stock. Finally, StockNews.com upgraded shares of Skechers U.S.A. from a “hold” rating to a “buy” rating in a research report on Thursday, January 23rd. Two analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $81.60.

Skechers U.S.A. Stock Performance

NYSE:SKX opened at $75.69 on Friday. The company has a current ratio of 1.96, a quick ratio of 1.25 and a debt-to-equity ratio of 0.01. The company has a market capitalization of $11.43 billion, a P/E ratio of 18.64, a price-to-earnings-growth ratio of 0.92 and a beta of 1.19. The firm has a 50-day moving average price of $70.27 and a two-hundred day moving average price of $66.39. Skechers U.S.A. has a twelve month low of $55.67 and a twelve month high of $78.85.

Skechers U.S.A. (NYSE:SKX) last issued its quarterly earnings data on Thursday, February 6th. The textile maker reported $0.65 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.73 by ($0.08). Skechers U.S.A. had a return on equity of 13.71% and a net margin of 7.19%. As a group, research analysts expect that Skechers U.S.A. will post 4.24 earnings per share for the current fiscal year.

Insider Buying and Selling at Skechers U.S.A.

In other Skechers U.S.A. news, COO David Weinberg sold 8,219 shares of the company’s stock in a transaction dated Tuesday, December 31st. The stock was sold at an average price of $67.48, for a total transaction of $554,618.12. Following the completion of the sale, the chief operating officer now directly owns 122,211 shares in the company, valued at $8,246,798.28. This represents a 6.30 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, President Michael Greenberg sold 10,274 shares of Skechers U.S.A. stock in a transaction dated Tuesday, December 31st. The shares were sold at an average price of $67.48, for a total value of $693,289.52. Following the completion of the transaction, the president now directly owns 149,327 shares in the company, valued at $10,076,585.96. This represents a 6.44 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 24.75% of the stock is owned by company insiders.

Institutional Trading of Skechers U.S.A.

A number of institutional investors and hedge funds have recently bought and sold shares of SKX. UMB Bank n.a. grew its stake in Skechers U.S.A. by 423.3% during the third quarter. UMB Bank n.a. now owns 450 shares of the textile maker’s stock worth $30,000 after buying an additional 364 shares during the period. IFP Advisors Inc lifted its holdings in shares of Skechers U.S.A. by 62.4% during the 4th quarter. IFP Advisors Inc now owns 825 shares of the textile maker’s stock valued at $55,000 after acquiring an additional 317 shares in the last quarter. Venturi Wealth Management LLC boosted its position in Skechers U.S.A. by 52.9% during the 3rd quarter. Venturi Wealth Management LLC now owns 864 shares of the textile maker’s stock worth $58,000 after purchasing an additional 299 shares during the period. Mirae Asset Global Investments Co. Ltd. acquired a new stake in Skechers U.S.A. in the 4th quarter valued at $65,000. Finally, Brooklyn Investment Group purchased a new position in Skechers U.S.A. in the third quarter valued at about $67,000. Institutional investors and hedge funds own 79.96% of the company’s stock.

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.