Piper Sandler Has Lowered Expectations for Best Buy (NYSE:BBY) Stock Price

Best Buy (NYSE:BBY) had its target price lowered by stock analysts at Piper Sandler from $102.00 to $92.00 in a research report issued to clients and investors on Wednesday,Benzinga reports. The brokerage presently has an “overweight” rating on the technology retailer’s stock. Piper Sandler’s target price suggests a potential upside of 17.05% from the stock’s current price.

Several other research analysts also recently commented on the stock. Barclays decreased their target price on shares of Best Buy from $95.00 to $89.00 and set an “equal weight” rating on the stock in a research note on Thursday, January 9th. Jefferies Financial Group decreased their target price on shares of Best Buy from $106.00 to $92.00 and set a “buy” rating on the stock in a research note on Tuesday. Truist Financial decreased their target price on shares of Best Buy from $107.00 to $95.00 and set a “hold” rating on the stock in a research note on Wednesday, November 27th. Citigroup decreased their target price on shares of Best Buy from $105.00 to $93.00 and set a “buy” rating on the stock in a research note on Wednesday. Finally, Wedbush reaffirmed a “neutral” rating and issued a $90.00 target price on shares of Best Buy in a research note on Monday. One equities research analyst has rated the stock with a sell rating, nine have issued a hold rating, ten have given a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, Best Buy currently has a consensus rating of “Moderate Buy” and a consensus price target of $93.50.

Best Buy Trading Up 4.1 %

BBY stock opened at $78.60 on Wednesday. The company has a market capitalization of $16.80 billion, a PE ratio of 13.44, a price-to-earnings-growth ratio of 2.10 and a beta of 1.43. Best Buy has a one year low of $69.29 and a one year high of $103.71. The company’s 50 day moving average price is $85.75 and its two-hundred day moving average price is $90.43. The company has a debt-to-equity ratio of 0.37, a quick ratio of 0.22 and a current ratio of 1.00.

Best Buy (NYSE:BBY) last posted its quarterly earnings results on Tuesday, March 4th. The technology retailer reported $2.58 EPS for the quarter, topping the consensus estimate of $2.40 by $0.18. The firm had revenue of $13.95 billion for the quarter, compared to the consensus estimate of $13.69 billion. Best Buy had a net margin of 3.01% and a return on equity of 45.93%. During the same period last year, the firm posted $2.72 earnings per share. As a group, analysts predict that Best Buy will post 6.18 earnings per share for the current fiscal year.

Insider Activity

In other news, CFO Matthew M. Bilunas sold 69,166 shares of the business’s stock in a transaction on Wednesday, December 11th. The shares were sold at an average price of $87.46, for a total transaction of $6,049,258.36. Following the sale, the chief financial officer now owns 92,070 shares in the company, valued at approximately $8,052,442.20. The trade was a 42.90 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Company insiders own 0.59% of the company’s stock.

Institutional Trading of Best Buy

A number of hedge funds have recently modified their holdings of the business. IFP Advisors Inc boosted its holdings in shares of Best Buy by 5.2% during the 4th quarter. IFP Advisors Inc now owns 2,538 shares of the technology retailer’s stock valued at $218,000 after buying an additional 125 shares in the last quarter. Mariner LLC boosted its holdings in shares of Best Buy by 0.3% during the 4th quarter. Mariner LLC now owns 43,215 shares of the technology retailer’s stock valued at $3,708,000 after buying an additional 129 shares in the last quarter. LRI Investments LLC boosted its stake in Best Buy by 36.3% in the 4th quarter. LRI Investments LLC now owns 529 shares of the technology retailer’s stock worth $45,000 after purchasing an additional 141 shares in the last quarter. Rothschild Investment LLC boosted its stake in Best Buy by 19.7% in the 4th quarter. Rothschild Investment LLC now owns 861 shares of the technology retailer’s stock worth $74,000 after purchasing an additional 142 shares in the last quarter. Finally, Independent Advisor Alliance boosted its stake in Best Buy by 5.0% in the 4th quarter. Independent Advisor Alliance now owns 3,002 shares of the technology retailer’s stock worth $258,000 after purchasing an additional 142 shares in the last quarter. Institutional investors own 80.96% of the company’s stock.

Best Buy Company Profile

Best Buy Co, Inc engages in the retail of technology products in the United States, Canada, and international. Its stores provide computing and mobile phone products, such as desktops, notebooks, and peripherals; mobile phones comprising related mobile network carrier commissions; networking products; tablets covering e-readers; smartwatches; and consumer electronics consisting of digital imaging, health and fitness products, portable audio comprising headphones and portable speakers, and smart home products, as well as home theaters, which includes home theater accessories, soundbars, and televisions.