Boston Beer (NYSE:SAM) Given New $240.00 Price Target at Piper Sandler

Boston Beer (NYSE:SAM) had its price objective reduced by Piper Sandler from $275.00 to $240.00 in a research report sent to investors on Wednesday,Benzinga reports. They currently have a neutral rating on the stock.

A number of other equities analysts have also commented on the stock. Morgan Stanley reduced their price target on shares of Boston Beer from $290.00 to $270.00 and set an “equal weight” rating on the stock in a research report on Wednesday. StockNews.com upgraded shares of Boston Beer from a “hold” rating to a “buy” rating in a research report on Tuesday. Roth Mkm restated a “buy” rating and issued a $349.00 price target (down from $389.00) on shares of Boston Beer in a research report on Wednesday. Needham & Company LLC assumed coverage on shares of Boston Beer in a research report on Friday, December 6th. They issued a “hold” rating on the stock. Finally, Citigroup reduced their price target on shares of Boston Beer from $335.00 to $290.00 and set a “neutral” rating on the stock in a research report on Wednesday, January 15th. One investment analyst has rated the stock with a sell rating, nine have assigned a hold rating and two have given a buy rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus target price of $293.40.

Boston Beer Stock Performance

Shares of Boston Beer stock opened at $243.80 on Wednesday. The firm’s 50-day simple moving average is $257.33 and its 200-day simple moving average is $280.37. Boston Beer has a twelve month low of $222.27 and a twelve month high of $339.77. The firm has a market cap of $2.80 billion, a P/E ratio of 35.85, a price-to-earnings-growth ratio of 1.23 and a beta of 1.06.

Institutional Investors Weigh In On Boston Beer

A number of institutional investors and hedge funds have recently modified their holdings of SAM. Norges Bank bought a new stake in shares of Boston Beer during the fourth quarter worth approximately $30,741,000. J. Goldman & Co LP raised its stake in shares of Boston Beer by 251.8% during the fourth quarter. J. Goldman & Co LP now owns 119,687 shares of the company’s stock worth $35,904,000 after buying an additional 85,669 shares during the last quarter. Cooper Creek Partners Management LLC bought a new stake in shares of Boston Beer during the fourth quarter worth approximately $25,054,000. Global Alpha Capital Management Ltd. bought a new stake in shares of Boston Beer during the fourth quarter worth approximately $23,349,000. Finally, Freestone Grove Partners LP bought a new stake in shares of Boston Beer during the fourth quarter worth approximately $21,412,000. 81.13% of the stock is owned by institutional investors.

About Boston Beer

The Boston Beer Company, Inc produces and sells alcohol beverages primarily in the United States. The company's flagship beer is Samuel Adams Boston Lager. It offers various beers, hard ciders, flavored malt beverages, and hard seltzers under the Samuel Adams, Twisted Tea, Truly, Angry Orchard, Dogfish Head, Angel City, and Coney Island brand names.