Tapestry (NYSE:TPR) Given New $90.00 Price Target at Guggenheim

Tapestry (NYSE:TPR) had its price objective lifted by equities researchers at Guggenheim from $70.00 to $90.00 in a research report issued to clients and investors on Friday,Benzinga reports. The firm presently has a “buy” rating on the luxury accessories retailer’s stock. Guggenheim’s price objective suggests a potential upside of 12.34% from the stock’s previous close.

Other analysts have also recently issued research reports about the stock. Robert W. Baird raised their price objective on shares of Tapestry from $58.00 to $64.00 and gave the stock an “outperform” rating in a report on Friday, November 15th. StockNews.com lowered Tapestry from a “buy” rating to a “hold” rating in a report on Monday, October 28th. Wells Fargo & Company upped their target price on Tapestry from $75.00 to $90.00 and gave the company an “overweight” rating in a research report on Monday. TD Cowen lowered Tapestry from a “buy” rating to a “hold” rating and set a $52.00 price target on the stock. in a research report on Tuesday, October 29th. Finally, Citigroup increased their price objective on Tapestry from $49.00 to $55.00 and gave the company a “buy” rating in a report on Friday, October 25th. Six research analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $68.94.

Tapestry Stock Down 2.5 %

TPR traded down $2.09 during trading hours on Friday, hitting $80.12. 2,611,060 shares of the company’s stock were exchanged, compared to its average volume of 4,847,480. Tapestry has a 12-month low of $35.23 and a 12-month high of $87.87. The firm has a 50 day moving average of $67.72 and a 200 day moving average of $53.01. 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 firm has a market cap of $18.67 billion, a P/E ratio of 23.16, a price-to-earnings-growth ratio of 2.07 and a beta of 1.58.

Tapestry (NYSE:TPR) last issued its quarterly earnings results on Thursday, February 6th. The luxury accessories retailer reported $2.00 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.70 by $0.30. Tapestry had a net margin of 12.12% and a return on equity of 36.26%. During the same period in the prior year, the company earned $1.63 earnings per share. Analysts predict that Tapestry will post 4.63 EPS for the current fiscal year.

Insider Activity at Tapestry

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

Hedge Funds Weigh In On Tapestry

Hedge funds and other institutional investors have recently modified their holdings of the company. Checchi Capital Advisers LLC raised its holdings in Tapestry by 1.9% in the fourth quarter. Checchi Capital Advisers LLC now owns 8,878 shares of the luxury accessories retailer’s stock valued at $580,000 after buying an additional 163 shares during the period. Robeco Institutional Asset Management B.V. raised its stake in shares of Tapestry by 0.9% in the 4th quarter. Robeco Institutional Asset Management B.V. now owns 19,303 shares of the luxury accessories retailer’s stock valued at $1,261,000 after acquiring an additional 170 shares during the period. Parkside Financial Bank & Trust lifted its holdings in shares of Tapestry by 13.0% during the 4th quarter. Parkside Financial Bank & Trust now owns 1,586 shares of the luxury accessories retailer’s stock valued at $104,000 after acquiring an additional 182 shares in the last quarter. E Fund Management Co. Ltd. boosted its position in Tapestry by 1.6% during the 4th quarter. E Fund Management Co. Ltd. now owns 12,744 shares of the luxury accessories retailer’s stock worth $833,000 after purchasing an additional 200 shares during the period. Finally, Valley National Advisers Inc. increased its holdings in Tapestry by 0.5% in the 4th quarter. Valley National Advisers Inc. now owns 43,355 shares of the luxury accessories retailer’s stock valued at $2,831,000 after purchasing an additional 202 shares in the last quarter. 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.