Wedbush Boosts Skechers U.S.A. (NYSE:SKX) Price Target to $76.00

Skechers U.S.A. (NYSE:SKX) had its price target lifted by Wedbush from $68.00 to $76.00 in a research report released on Friday, Benzinga reports. The brokerage currently has an outperform rating on the textile maker’s stock. Wedbush also issued estimates for Skechers U.S.A.’s Q2 2024 earnings at $0.89 EPS and Q4 2024 earnings at $0.70 EPS.

Several other brokerages have also recently commented on SKX. Raymond James reduced their target price on shares of Skechers U.S.A. from $68.00 to $66.00 and set an outperform rating for the company in a report on Monday, February 5th. Bank of America started coverage on shares of Skechers U.S.A. in a report on Friday, March 8th. They set a neutral rating and a $67.00 target price for the company. Monness Crespi & Hardt increased their price target on shares of Skechers U.S.A. from $60.00 to $72.00 and gave the company a buy rating in a research note on Thursday, January 18th. TD Cowen increased their price target on shares of Skechers U.S.A. from $70.00 to $74.00 and gave the company a buy rating in a research note on Wednesday, March 6th. Finally, Evercore ISI cut their price target on shares of Skechers U.S.A. from $73.00 to $68.00 and set an outperform rating for the company in a research note on Wednesday, April 17th. Two investment analysts have rated the stock with a hold rating and eleven have given a buy rating to the company. According to MarketBeat.com, the company presently has an average rating of Moderate Buy and a consensus price target of $66.83.

Skechers U.S.A. Stock Up 11.2 %

Shares of SKX stock opened at $65.41 on Friday. Skechers U.S.A. has a 12-month low of $45.58 and a 12-month high of $69.07. The firm has a fifty day moving average of $59.73 and a 200-day moving average of $58.17. The company has a market capitalization of $10.03 billion, a price-to-earnings ratio of 17.21, a P/E/G ratio of 1.19 and a beta of 1.32. The company has a quick ratio of 1.46, a current ratio of 2.38 and a debt-to-equity ratio of 0.06.

Skechers U.S.A. (NYSE:SKX) last announced its earnings results on Thursday, April 25th. The textile maker reported $1.33 EPS for the quarter, topping the consensus estimate of $1.10 by $0.23. Skechers U.S.A. had a net margin of 7.17% and a return on equity of 13.76%. The business had revenue of $2.25 billion during the quarter, compared to analysts’ expectations of $2.20 billion. During the same quarter in the prior year, the company posted $1.02 earnings per share. The firm’s revenue was up 12.5% on a year-over-year basis. As a group, equities research analysts predict that Skechers U.S.A. will post 4.06 earnings per share for the current fiscal year.

Insider Activity

In other news, CEO Robert Greenberg sold 99,139 shares of the stock in a transaction dated Thursday, February 8th. The shares were sold at an average price of $57.87, for a total value of $5,737,173.93. Following the transaction, the chief executive officer now directly owns 196,050 shares of the company’s stock, valued at $11,345,413.50. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In related news, CEO Robert Greenberg sold 99,139 shares of the firm’s stock in a transaction dated Thursday, February 8th. The shares were sold at an average price of $57.87, for a total transaction of $5,737,173.93. Following the transaction, the chief executive officer now directly owns 196,050 shares of the company’s stock, valued at $11,345,413.50. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, EVP Mark A. Nason sold 6,067 shares of the firm’s stock in a transaction dated Friday, March 15th. The stock was sold at an average price of $61.11, for a total transaction of $370,754.37. Following the transaction, the executive vice president now directly owns 14,023 shares in the company, valued at $856,945.53. The disclosure for this sale can be found here. Insiders have sold 254,875 shares of company stock valued at $15,021,192 over the last ninety days. 24.75% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Skechers U.S.A.

A number of hedge funds have recently bought and sold shares of SKX. Redmont Wealth Advisors LLC bought a new position in Skechers U.S.A. during the first quarter worth about $25,000. Huntington National Bank increased its position in Skechers U.S.A. by 861.7% during the third quarter. Huntington National Bank now owns 577 shares of the textile maker’s stock worth $28,000 after acquiring an additional 517 shares during the period. DekaBank Deutsche Girozentrale bought a new position in Skechers U.S.A. during the third quarter worth about $31,000. GAMMA Investing LLC bought a new position in Skechers U.S.A. in the 4th quarter valued at about $36,000. Finally, Game Plan Financial Advisors LLC bought a new position in Skechers U.S.A. in the 1st quarter valued at about $43,000. 79.96% of the stock is 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.