Piper Sandler Forecasts Strong Price Appreciation for Best Buy (NYSE:BBY) Stock

Best Buy (NYSE:BBY) had its price objective increased by equities researchers at Piper Sandler from $75.00 to $76.00 in a research note issued on Wednesday,MarketScreener reports. The firm presently has a “neutral” rating on the technology retailer’s stock. Piper Sandler’s price objective points to a potential downside of 6.06% from the company’s previous close.

A number of other research analysts also recently issued reports on the stock. Barclays raised their price target on shares of Best Buy from $74.00 to $81.00 and gave the stock an “equal weight” rating in a research report on Tuesday. Jefferies Financial Group cut their price objective on shares of Best Buy from $95.00 to $94.00 and set a “buy” rating on the stock in a research note on Tuesday. Wells Fargo & Company increased their price target on Best Buy from $67.00 to $75.00 and gave the company a “buy” rating in a research note on Friday, August 29th. Evercore ISI lifted their price objective on shares of Best Buy from $80.00 to $85.00 and gave the stock an “in-line” rating in a research note on Wednesday. Finally, JPMorgan Chase & Co. boosted their target price on Best Buy from $89.00 to $97.00 and gave the stock an “overweight” rating in a research report on Friday, November 14th. Eight equities research analysts have rated the stock with a Buy rating, twelve have given a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average price target of $84.53.

Best Buy Trading Up 1.6%

NYSE:BBY opened at $80.90 on Wednesday. The stock has a market cap of $17.00 billion, a price-to-earnings ratio of 22.35, a price-to-earnings-growth ratio of 2.21 and a beta of 1.25. The company has a debt-to-equity ratio of 0.43, a quick ratio of 0.36 and a current ratio of 1.04. The business’s 50-day simple moving average is $77.83 and its 200 day simple moving average is $73.37. Best Buy has a one year low of $54.99 and a one year high of $91.72.

Best Buy (NYSE:BBY) last issued its quarterly earnings results on Tuesday, November 25th. The technology retailer reported $1.40 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.31 by $0.09. The business had revenue of $9.67 billion during the quarter, compared to analyst estimates of $9.57 billion. Best Buy had a net margin of 1.87% and a return on equity of 47.32%. The business’s revenue was up 2.4% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $1.26 earnings per share. Best Buy has set its FY 2026 guidance at 6.250-6.350 EPS. As a group, sell-side analysts predict that Best Buy will post 6.18 earnings per share for the current fiscal year.

Insider Activity at Best Buy

In other news, CAO Mathew Watson sold 2,018 shares of the company’s stock in a transaction that occurred on Thursday, September 4th. The stock was sold at an average price of $76.76, for a total transaction of $154,901.68. Following the completion of the transaction, the chief accounting officer directly owned 20,132 shares in the company, valued at $1,545,332.32. The trade was a 9.11% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Chairman Richard M. Schulze sold 500,000 shares of the stock in a transaction on Monday, October 20th. The shares were sold at an average price of $80.83, for a total transaction of $40,415,000.00. Following the completion of the sale, the chairman directly owned 12,486,904 shares of the company’s stock, valued at approximately $1,009,316,450.32. This trade represents a 3.85% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last ninety days, insiders sold 1,733,111 shares of company stock worth $141,293,157. Company insiders own 0.47% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the stock. Trust Investment Advisors acquired a new position in Best Buy in the third quarter valued at about $1,939,000. CIBC Bancorp USA Inc. acquired a new stake in shares of Best Buy during the 3rd quarter worth approximately $2,062,000. Achmea Investment Management B.V. boosted its position in shares of Best Buy by 45.4% in the 3rd quarter. Achmea Investment Management B.V. now owns 261,849 shares of the technology retailer’s stock worth $19,801,000 after purchasing an additional 81,720 shares during the last quarter. Ariadne Wealth Management LP bought a new stake in shares of Best Buy in the 3rd quarter valued at about $208,000. Finally, Caerus Investment Advisors LLC bought a new position in shares of Best Buy during the third quarter worth $744,000. 80.96% of the stock is currently owned by institutional investors and hedge funds.

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.