Evercore ISI Issues Positive Forecast for Skechers U.S.A. (NYSE:SKX) Stock Price

Skechers U.S.A. (NYSE:SKX) had its target price raised by Evercore ISI from $72.00 to $85.00 in a research report report published on Tuesday morning,Benzinga reports. Evercore ISI currently has an outperform rating on the textile maker’s stock.

Other equities analysts have also recently issued reports about the stock. Needham & Company LLC initiated coverage on shares of Skechers U.S.A. in a research note on Friday, November 22nd. They set a “hold” rating for the company. Morgan Stanley raised their price target on shares of Skechers U.S.A. from $81.00 to $84.00 and gave the stock an “overweight” rating in a research note on Friday, October 25th. Deutsche Bank Aktiengesellschaft raised their price target on shares of 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. TD Cowen raised 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 research note on Wednesday, January 8th. Finally, Piper Sandler initiated coverage on shares of Skechers U.S.A. in a research note on Tuesday, December 10th. They set a “neutral” rating and a $65.00 price target for the company. Two research analysts have rated the stock with a hold rating and eleven have given a buy rating to the stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $80.18.

Skechers U.S.A. Stock Performance

Shares of SKX stock opened at $76.85 on Tuesday. The company has a debt-to-equity ratio of 0.01, a quick ratio of 1.25 and a current ratio of 1.96. The company has a market capitalization of $11.60 billion, a P/E ratio of 18.93, a price-to-earnings-growth ratio of 0.90 and a beta of 1.19. The company’s 50 day moving average price is $68.37 and its two-hundred day moving average price is $65.92. Skechers U.S.A. has a 52 week low of $55.67 and a 52 week high of $76.90.

Insiders Place Their Bets

In other Skechers U.S.A. news, President Michael Greenberg sold 10,274 shares of Skechers U.S.A. stock in a transaction on Tuesday, December 31st. The shares were sold at an average price of $67.48, for a total transaction of $693,289.52. Following the completion of the transaction, the president now directly owns 149,327 shares of the company’s stock, valued at $10,076,585.96. The trade was a 6.44 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, COO David Weinberg sold 8,219 shares of Skechers U.S.A. stock in a transaction on Tuesday, December 31st. The stock was sold at an average price of $67.48, for a total transaction of $554,618.12. Following the transaction, the chief operating officer now directly owns 122,211 shares of the company’s stock, valued at approximately $8,246,798.28. This trade represents a 6.30 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 24.75% of the company’s stock.

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

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in SKX. Kestra Private Wealth Services LLC lifted its holdings in shares of Skechers U.S.A. by 58.7% during the fourth quarter. Kestra Private Wealth Services LLC now owns 6,501 shares of the textile maker’s stock worth $437,000 after buying an additional 2,405 shares in the last quarter. Vaughan Nelson Investment Management L.P. lifted its holdings in shares of Skechers U.S.A. by 68.3% during the fourth quarter. Vaughan Nelson Investment Management L.P. now owns 623,745 shares of the textile maker’s stock worth $41,940,000 after buying an additional 253,045 shares in the last quarter. Stephens Inc. AR acquired a new stake in shares of Skechers U.S.A. during the fourth quarter worth $632,000. Empirical Finance LLC acquired a new stake in shares of Skechers U.S.A. during the fourth quarter worth $555,000. Finally, Empowered Funds LLC lifted its holdings in shares of Skechers U.S.A. by 7.0% during the fourth quarter. Empowered Funds LLC now owns 116,738 shares of the textile maker’s stock worth $7,849,000 after buying an additional 7,657 shares in the last quarter. 79.96% of the stock is 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.