Boston Beer (NYSE:SAM) Price Target Cut to $240.00 by Analysts at Piper Sandler

Boston Beer (NYSE:SAM) had its price target lowered by Piper Sandler from $275.00 to $240.00 in a research report sent to investors on Wednesday morning,Benzinga reports. The firm currently has a neutral rating on the stock.

Several other analysts have also issued reports on SAM. Morgan Stanley cut their price objective on Boston Beer from $290.00 to $270.00 and set an “equal weight” rating for the company in a report on Wednesday. Needham & Company LLC initiated coverage on Boston Beer in a report on Friday, December 6th. They set a “hold” rating for the company. UBS Group cut their price objective on Boston Beer from $315.00 to $290.00 and set a “neutral” rating for the company in a report on Thursday, January 16th. Citigroup cut their price objective on Boston Beer from $335.00 to $290.00 and set a “neutral” rating for the company in a report on Wednesday, January 15th. Finally, Roth Mkm reiterated a “buy” rating and set a $349.00 price objective (down from $389.00) on shares of Boston Beer in a report on Wednesday. One investment analyst has rated the stock with a sell rating, nine have issued a hold rating and two have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus price target of $293.40.

Boston Beer Stock Up 2.8 %

SAM opened at $240.91 on Wednesday. The stock has a fifty day moving average of $259.81 and a 200-day moving average of $280.78. The firm has a market capitalization of $2.77 billion, a P/E ratio of 35.43, a PEG ratio of 1.23 and a beta of 1.06. Boston Beer has a 12-month low of $222.27 and a 12-month high of $371.65.

Hedge Funds Weigh In On Boston Beer

Institutional investors have recently bought and sold shares of the stock. Blue Trust Inc. grew its position in Boston Beer by 405.6% during the fourth quarter. Blue Trust Inc. now owns 91 shares of the company’s stock worth $26,000 after buying an additional 73 shares in the last quarter. EverSource Wealth Advisors LLC grew its position in Boston Beer by 2,225.0% during the fourth quarter. EverSource Wealth Advisors LLC now owns 93 shares of the company’s stock worth $28,000 after buying an additional 89 shares in the last quarter. First Horizon Advisors Inc. grew its position in Boston Beer by 105.1% during the third quarter. First Horizon Advisors Inc. now owns 121 shares of the company’s stock worth $35,000 after buying an additional 62 shares in the last quarter. GeoWealth Management LLC acquired a new stake in Boston Beer during the fourth quarter worth about $35,000. Finally, Covestor Ltd grew its position in Boston Beer by 36.6% during the third quarter. Covestor Ltd now owns 127 shares of the company’s stock worth $37,000 after buying an additional 34 shares in the last quarter. 81.13% of the stock is currently owned by institutional investors.

About Boston Beer

The Boston Beer Company, Inc produces and sells alcohol beverages primarily in the United States. The company's flagship beer is Samuel Adams Boston Lager. It offers various beers, hard ciders, flavored malt beverages, and hard seltzers under the Samuel Adams, Twisted Tea, Truly, Angry Orchard, Dogfish Head, Angel City, and Coney Island brand names.