Piper Sandler Begins Coverage on Birkenstock (NYSE:BIRK)

Research analysts at Piper Sandler began coverage on shares of Birkenstock (NYSE:BIRK) in a research report issued to clients and investors on Tuesday, MarketBeat.com reports. The brokerage set an “overweight” rating and a $65.00 price target on the stock. Piper Sandler’s price target indicates a potential upside of 20.04% from the company’s current price.

Several other research analysts also recently commented on the stock. Stifel Nicolaus raised their price objective on shares of Birkenstock from $63.00 to $70.00 and gave the stock a “buy” rating in a report on Friday, August 23rd. BMO Capital Markets reaffirmed an “outperform” rating and issued a $60.00 price target on shares of Birkenstock in a report on Friday, August 30th. BTIG Research set a $60.00 price objective on Birkenstock and gave the company a “buy” rating in a research note on Friday, October 18th. Evercore ISI restated an “outperform” rating and issued a $77.00 target price (up previously from $63.00) on shares of Birkenstock in a research note on Monday, August 26th. Finally, Hsbc Global Res upgraded Birkenstock to a “strong-buy” rating in a research report on Tuesday, December 3rd. Two analysts have rated the stock with a hold rating, fourteen have issued a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $66.13.

Birkenstock Trading Down 0.4 %

Shares of Birkenstock stock opened at $54.15 on Tuesday. The stock has a market capitalization of $10.17 billion, a P/E ratio of 88.77, a P/E/G ratio of 1.16 and a beta of 2.22. Birkenstock has a 52-week low of $41.00 and a 52-week high of $64.78. The company has a debt-to-equity ratio of 0.55, a quick ratio of 1.49 and a current ratio of 2.91. The stock’s 50-day simple moving average is $49.06 and its 200 day simple moving average is $52.93.

Institutional Inflows and Outflows

Several large investors have recently made changes to their positions in the business. Bank of New York Mellon Corp lifted its stake in shares of Birkenstock by 19.3% in the 2nd quarter. Bank of New York Mellon Corp now owns 62,776 shares of the company’s stock valued at $3,416,000 after acquiring an additional 10,157 shares during the last quarter. Principal Financial Group Inc. bought a new position in shares of Birkenstock in the second quarter worth approximately $4,323,000. TD Asset Management Inc increased its stake in shares of Birkenstock by 22.6% in the second quarter. TD Asset Management Inc now owns 244,372 shares of the company’s stock worth $13,296,000 after buying an additional 45,000 shares during the period. Victory Capital Management Inc. bought a new stake in Birkenstock during the 2nd quarter valued at $18,755,000. Finally, Acadian Asset Management LLC purchased a new stake in Birkenstock during the 2nd quarter valued at $136,000. 19.93% of the stock is owned by hedge funds and other institutional investors.

Birkenstock Company Profile

Birkenstock Holding plc manufactures and sells footwear products. It also offers sandals, shoes, closed-toe silhouettes, skincare products, and accessories. The company sells its products through e-commerce sites and a network of owned retail stores, as well as business-to-business channels. It operates in the United States, Brazil, Canada, Mexico, Europe, APMA, and internationally.