Evercore ISI Forecasts Strong Price Appreciation for Skechers U.S.A. (NYSE:SKX) Stock

Skechers U.S.A. (NYSE:SKX) had its target price raised by equities researchers at Evercore ISI from $72.00 to $85.00 in a research note issued on Tuesday,Benzinga reports. The brokerage presently has an “outperform” rating on the textile maker’s stock. Evercore ISI’s target price would indicate a potential upside of 10.71% from the company’s previous close.

Several other equities analysts have also recently weighed in on the company. Piper Sandler initiated coverage on Skechers U.S.A. in a research note on Tuesday, December 10th. They set a “neutral” rating and a $65.00 price objective on the stock. Morgan Stanley raised their price target on shares of Skechers U.S.A. from $81.00 to $84.00 and gave the company an “overweight” rating in a research report on Friday, October 25th. TD Cowen boosted their price target on shares of Skechers U.S.A. from $88.00 to $93.00 and gave the stock a “buy” rating in a report on Wednesday, January 8th. Barclays increased their price objective on shares of Skechers U.S.A. from $79.00 to $80.00 and gave the company an “overweight” rating in a research note on Friday, October 25th. Finally, Deutsche Bank Aktiengesellschaft boosted their target price on Skechers U.S.A. from $83.00 to $84.00 and gave the stock a “buy” rating in a research note on Friday, October 25th. Two equities research analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $80.18.

Skechers U.S.A. Stock Performance

SKX opened at $76.78 on Tuesday. Skechers U.S.A. has a 1-year low of $55.67 and a 1-year high of $77.85. The company has a market cap of $11.59 billion, a price-to-earnings ratio of 18.91, a PEG ratio of 0.90 and a beta of 1.19. The company’s fifty day moving average price is $68.70 and its two-hundred day moving average price is $65.98. The company has a current ratio of 1.96, a quick ratio of 1.25 and a debt-to-equity ratio of 0.01.

Insider Transactions at Skechers U.S.A.

In other Skechers U.S.A. news, President Michael Greenberg sold 10,274 shares of the stock in a transaction on Tuesday, December 31st. The stock was sold at an average price of $67.48, for a total transaction of $693,289.52. Following the sale, the president now owns 149,327 shares in the company, valued at $10,076,585.96. This represents a 6.44 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, COO David Weinberg sold 8,219 shares of the firm’s stock in a transaction 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 of the company’s stock, valued at $8,246,798.28. The trade was a 6.30 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 24.75% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Skechers U.S.A.

Several hedge funds and other institutional investors have recently modified their holdings of the stock. Pacer Advisors Inc. grew its position in shares of Skechers U.S.A. by 5,780.6% during the 3rd quarter. Pacer Advisors Inc. now owns 2,639,390 shares of the textile maker’s stock valued at $176,628,000 after purchasing an additional 2,594,507 shares in the last quarter. Commerce Bank boosted its stake in Skechers U.S.A. by 949.5% during the third quarter. Commerce Bank now owns 467,774 shares of the textile maker’s stock valued at $31,303,000 after buying an additional 423,204 shares during the period. Coronation Fund Managers Ltd. grew its position in Skechers U.S.A. by 378.6% during the third quarter. Coronation Fund Managers Ltd. now owns 498,837 shares of the textile maker’s stock worth $33,382,000 after buying an additional 394,618 shares in the last quarter. Wellington Management Group LLP increased its stake in Skechers U.S.A. by 39.0% in the 3rd quarter. Wellington Management Group LLP now owns 1,025,556 shares of the textile maker’s stock worth $68,630,000 after acquiring an additional 287,939 shares during the last quarter. Finally, Teachers Retirement System of The State of Kentucky raised its holdings in shares of Skechers U.S.A. by 646.3% in the 2nd quarter. Teachers Retirement System of The State of Kentucky now owns 323,321 shares of the textile maker’s stock valued at $22,348,000 after acquiring an additional 280,000 shares in the last quarter. 79.96% of the stock is currently owned by institutional investors.

Skechers U.S.A. Company Profile

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.