Tapestry (NYSE:TPR – Get Free Report) had its price target increased by investment analysts at UBS Group from $57.00 to $70.00 in a note issued to investors on Friday,Benzinga reports. The brokerage presently has a “neutral” rating on the luxury accessories retailer’s stock. UBS Group’s price target would suggest a potential upside of 4.09% from the company’s previous close.
Several other analysts have also recently weighed in on TPR. The Goldman Sachs Group boosted their price objective on Tapestry from $58.00 to $66.00 and gave the stock a “buy” rating in a report on Friday, November 15th. StockNews.com downgraded shares of Tapestry from a “buy” rating to a “hold” rating in a research note on Monday, October 28th. JPMorgan Chase & Co. raised their price objective on shares of Tapestry from $66.00 to $75.00 and gave the company an “overweight” rating in a research note on Monday, December 16th. Guggenheim upped their target price on shares of Tapestry from $60.00 to $70.00 and gave the company a “buy” rating in a research report on Friday, November 15th. Finally, Raymond James restated an “outperform” rating and issued a $57.00 price target (up from $55.00) on shares of Tapestry in a research report on Friday, November 8th. Five investment analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the stock. According to MarketBeat.com, Tapestry presently has an average rating of “Moderate Buy” and an average price target of $64.76.
Get Our Latest Stock Report on Tapestry
Tapestry Stock Down 1.9 %
Insider Buying and Selling
In related news, VP Manesh Dadlani sold 8,872 shares of the stock in a transaction dated Friday, November 15th. The stock was sold at an average price of $57.96, for a total transaction of $514,221.12. Following the completion of the transaction, the vice president now directly 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 transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 1.18% of the stock is currently owned by company insiders.
Hedge Funds Weigh In On Tapestry
Large investors have recently bought and sold shares of the company. Charles Schwab Investment Management Inc. lifted its position in shares of Tapestry by 3.7% in the third quarter. Charles Schwab Investment Management Inc. now owns 7,614,558 shares of the luxury accessories retailer’s stock worth $357,732,000 after purchasing an additional 272,007 shares in the last quarter. Pacer Advisors Inc. lifted its position in Tapestry by 1.0% during the 3rd quarter. Pacer Advisors Inc. now owns 6,078,760 shares of the luxury accessories retailer’s stock worth $285,580,000 after buying an additional 58,135 shares in the last quarter. Geode Capital Management LLC boosted its stake in shares of Tapestry by 1.5% during the 3rd quarter. Geode Capital Management LLC now owns 5,588,879 shares of the luxury accessories retailer’s stock worth $262,156,000 after buying an additional 80,681 shares during the last quarter. Dimensional Fund Advisors LP grew its holdings in shares of Tapestry by 4.9% in the 2nd quarter. Dimensional Fund Advisors LP now owns 3,551,778 shares of the luxury accessories retailer’s stock valued at $151,965,000 after acquiring an additional 165,406 shares in the last quarter. Finally, Westfield Capital Management Co. LP increased its position in shares of Tapestry by 14.8% in the third quarter. Westfield Capital Management Co. LP now owns 1,699,067 shares of the luxury accessories retailer’s stock valued at $79,822,000 after acquiring an additional 219,544 shares during the last quarter. Institutional investors and hedge funds own 90.77% of the company’s stock.
About Tapestry
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.
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