Tapestry (NYSE:TPR) Stock Price Target Cut by Wells Fargo & Company

Tapestry (NYSE:TPR) had its target price dropped by analysts at Wells Fargo & Company from $160.00 to $150.00 in a report released on Thursday, Benzinga reports. The firm currently has an “overweight” rating on the luxury accessories retailer’s stock. Wells Fargo & Company‘s price objective would suggest a potential upside of 29.74% from the company’s previous close.

Other research analysts also recently issued research reports about the company. Raymond James Financial dropped their price objective on Tapestry from $165.00 to $140.00 and set an “outperform” rating on the stock in a report on Friday, October 16th. Daiwa Securities Group upgraded shares of Tapestry from a “hold” rating to a “strong-buy” rating in a research note on Monday, August 17th. Barclays lifted their target price on Tapestry from $182.00 to $185.00 and gave the stock an “overweight” rating in a research report on Friday, August 14th. Wall Street Zen downgraded Tapestry from a “buy” rating to a “hold” rating in a report on Sunday, August 16th. Finally, JPMorgan Chase & Co. increased their price target on Tapestry from $205.00 to $211.00 and gave the stock an “overweight” rating in a research report on Tuesday, August 4th. Two investment analysts have rated the stock with a Strong Buy rating, fifteen have issued a Buy rating and four have issued a Hold rating to the stock. According to data from MarketBeat, Tapestry currently has an average rating of “Moderate Buy” and an average target price of $170.00.

Tapestry Stock Performance

Shares of TPR opened at $115.62 on Thursday. Tapestry has a 1 year low of $93.00 and a 1 year high of $164.80. The stock has a market capitalization of $23.05 billion, a PE ratio of 15.88, a PEG ratio of 1.40 and a beta of 1.42. The company has a debt-to-equity ratio of 3.44, a quick ratio of 1.25 and a current ratio of 1.75. The stock has a 50-day simple moving average of $118.19 and a 200-day simple moving average of $137.26.

Tapestry (NYSE:TPR) last issued its earnings results on Thursday, August 13th. The luxury accessories retailer reported $1.32 earnings per share for the quarter, beating the consensus estimate of $1.28 by $0.04. The firm had revenue of $1.88 billion for the quarter, compared to analysts’ expectations of $1.87 billion. Tapestry had a net margin of 19.09% and a return on equity of 254.95%. The firm’s revenue was up 8.9% compared to the same quarter last year. During the same quarter last year, the company earned $1.04 earnings per share. Tapestry has set its FY 2027 guidance at 7.800-7.900 EPS. On average, analysts predict that Tapestry will post 7.94 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, insider Denise Kulikowsky sold 5,810 shares of the company’s stock in a transaction that occurred on Wednesday, September 9th. The shares were sold at an average price of $115.38, for a total value of $670,357.80. Following the completion of the sale, the insider owned 21,136 shares in the company, valued at approximately $2,438,671.68. This represents a 21.56% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Joanne Crevoiserat sold 27,761 shares of the business’s stock in a transaction on Wednesday, August 19th. The shares were sold at an average price of $132.47, for a total transaction of $3,677,499.67. Following the sale, the chief executive officer directly owned 666,149 shares in the company, valued at approximately $88,244,758.03. This trade represents a 4.00% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 1.28% of the stock is owned by insiders.

Institutional Investors Weigh In On Tapestry

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in TPR. Sumitomo Mitsui Trust Group Inc. grew its stake in shares of Tapestry by 2.1% in the 3rd quarter. Sumitomo Mitsui Trust Group Inc. now owns 416,968 shares of the luxury accessories retailer’s stock valued at $47,968,000 after buying an additional 8,686 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. acquired a new stake in Tapestry in the 3rd quarter worth approximately $8,833,000. Stevens Capital Partners grew its holdings in Tapestry by 16.3% during the third quarter. Stevens Capital Partners now owns 90,914 shares of the luxury accessories retailer’s stock valued at $10,459,000 after purchasing an additional 12,733 shares during the last quarter. ProShare Advisors LLC boosted its holdings in shares of Tapestry by 0.6% during the 3rd quarter. ProShare Advisors LLC now owns 32,276 shares of the luxury accessories retailer’s stock worth $3,713,000 after buying an additional 193 shares during the period. Finally, Summit Global Investments lifted its position in Tapestry by 7.9% during the 3rd quarter. Summit Global Investments now owns 9,056 shares of the luxury accessories retailer’s stock worth $1,042,000 after acquiring an additional 663 shares during the last quarter. Hedge funds and other institutional investors own 90.77% of the company’s stock.

About Tapestry

Tapestry, Inc is a global house of modern luxury accessories and lifestyle brands. The company’s portfolio includes Coach, known for handbags, leather goods, footwear, apparel and accessories; Kate Spade New York, which offers handbags, accessories, apparel, footwear, home products and related lifestyle merchandise; and Stuart Weitzman, a designer and manufacturer of women’s footwear.

Tapestry sells its products through company-operated stores, outlet locations, e-commerce websites, wholesale partners and select distributors.