Evercore ISI Issues Positive Forecast for Skechers U.S.A. (NYSE:SKX) Stock Price

Skechers U.S.A. (NYSE:SKX) had its price objective hoisted by investment analysts at Evercore ISI from $72.00 to $85.00 in a research note issued to investors on Tuesday,Benzinga reports. The brokerage currently has an “outperform” rating on the textile maker’s stock. Evercore ISI’s price objective would indicate a potential upside of 13.33% from the company’s previous close.

A number of other equities research analysts have also commented on SKX. Piper Sandler initiated coverage on Skechers U.S.A. in a research report on Tuesday, December 10th. They set a “neutral” rating and a $65.00 price target on the stock. StockNews.com raised Skechers U.S.A. from a “hold” rating to a “buy” rating in a research report on Thursday, January 23rd. Bank of America dropped their price target on Skechers U.S.A. from $81.00 to $80.00 and set a “buy” rating on the stock in a research report on Friday, October 25th. Barclays raised their price target on Skechers U.S.A. from $79.00 to $80.00 and gave the stock an “overweight” rating in a research report on Friday, October 25th. Finally, Needham & Company LLC initiated coverage on Skechers U.S.A. in a research report on Friday, November 22nd. They issued a “hold” rating on the stock. Two analysts have rated the stock with a hold rating and eleven have given a buy rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $80.18.

Skechers U.S.A. Trading Down 1.2 %

NYSE SKX opened at $75.00 on Tuesday. The firm has a market cap of $11.32 billion, a P/E ratio of 18.47, a P/E/G ratio of 0.90 and a beta of 1.19. The company has a debt-to-equity ratio of 0.01, a current ratio of 1.96 and a quick ratio of 1.25. The stock’s 50-day moving average is $68.09 and its 200-day moving average is $65.87. Skechers U.S.A. has a one year low of $55.67 and a one year high of $76.67.

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 firm’s stock in a transaction that occurred on Tuesday, December 31st. The stock was sold at an average price of $67.48, for a total value of $554,618.12. Following the completion of the transaction, the chief operating officer now directly owns 122,211 shares in the company, valued at $8,246,798.28. This trade represents a 6.30 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, President Michael Greenberg sold 10,274 shares of the firm’s stock in a transaction that occurred on 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 owns 149,327 shares of the company’s stock, valued at approximately $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. Corporate insiders own 24.75% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of SKX. Sei Investments Co. grew its stake in Skechers U.S.A. by 343.3% in the second quarter. Sei Investments Co. now owns 69,463 shares of the textile maker’s stock valued at $4,801,000 after purchasing an additional 53,794 shares in the last quarter. Thrivent Financial for Lutherans boosted its stake in shares of Skechers U.S.A. by 5.5% during the 2nd quarter. Thrivent Financial for Lutherans now owns 35,308 shares of the textile maker’s stock worth $2,440,000 after acquiring an additional 1,829 shares during the period. Algert Global LLC boosted its stake in shares of Skechers U.S.A. by 68.3% during the 2nd quarter. Algert Global LLC now owns 51,005 shares of the textile maker’s stock worth $3,525,000 after acquiring an additional 20,702 shares during the period. Creative Planning boosted its stake in shares of Skechers U.S.A. by 15.7% during the 2nd quarter. Creative Planning now owns 9,504 shares of the textile maker’s stock worth $657,000 after acquiring an additional 1,292 shares during the period. Finally, Quarry LP boosted its stake in shares of Skechers U.S.A. by 44.6% during the 2nd quarter. Quarry LP now owns 1,187 shares of the textile maker’s stock worth $82,000 after acquiring an additional 366 shares during the period. 79.96% of the stock is currently owned by institutional investors.

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.