Deckers Outdoor (NYSE:DECK) Price Target Raised to $137.00 at Raymond James Financial

Key Points

• Analysts at Raymond James Financial have raised the price target for Deckers Outdoor from $123.00 to $137.00, indicating a potential upside of 16.23% from its current price.
• The company's recent quarterly earnings report showed a profit of $0.93 per share, surpassing analysts' expectations of $0.68, with revenue also exceeding forecasts at $964.54 million.
• Deckers Outdoor's Board of Directors has initiated a $2.25 billion stock buyback program, signaling confidence in the stock's value.
• Multiple equities analysts have reiterated buy ratings, with target prices ranging from $128.00 to $175.00, reflecting strong support for the stock in the market.

Deckers Outdoor (NYSE:DECK - Get Free Report) had its price objective upped by analysts at Raymond James Financial from $123.00 to $137.00 in a note issued to investors on Friday,Benzinga reports. The firm currently has a "strong-buy" rating on the textile maker's stock. Raymond James Financial's price target suggests a potential upside of 16.23% from the company's current price.

Other equities analysts also recently issued reports about the stock. Needham & Company LLC reissued a "buy" rating and set a $128.00 price target (up from $120.00) on shares of Deckers Outdoor in a report on Wednesday. TD Securities raised their target price on shares of Deckers Outdoor from $150.00 to $175.00 and gave the company a "buy" rating in a research note on Tuesday, May 20th. Barclays raised their target price on shares of Deckers Outdoor from $128.00 to $134.00 and gave the company an "overweight" rating in a report on Friday. UBS Group boosted their target price on shares of Deckers Outdoor from $144.00 to $158.00 and gave the stock a "buy" rating in a report on Friday. Finally, Evercore ISI raised their price target on shares of Deckers Outdoor from $110.00 to $115.00 and gave the company an "in-line" rating in a research report on Friday. One research analyst has rated the stock with a sell rating, fourteen have issued a hold rating, ten have issued a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, the stock has an average rating of "Hold" and a consensus target price of $131.77.

Deckers Outdoor Stock Performance

NYSE DECK traded up $12.93 during trading hours on Friday, hitting $117.87. 9,462,320 shares of the company's stock were exchanged, compared to its average volume of 3,425,036. The business's 50 day moving average is $106.44 and its 200-day moving average is $130.35. Deckers Outdoor has a 12-month low of $93.72 and a 12-month high of $223.98. The firm has a market capitalization of $17.61 billion, a P/E ratio of 18.49, a price-to-earnings-growth ratio of 7.09 and a beta of 0.99.

Deckers Outdoor (NYSE:DECK - Get Free Report) last released its quarterly earnings results on Thursday, July 24th. The textile maker reported $0.93 earnings per share for the quarter, beating analysts' consensus estimates of $0.68 by $0.25. The company had revenue of $964.54 million for the quarter, compared to analysts' expectations of $901.45 million. Deckers Outdoor had a return on equity of 41.17% and a net margin of 19.49%. The business's revenue for the quarter was up 16.9% compared to the same quarter last year. During the same quarter in the previous year, the company posted $4.52 earnings per share. As a group, equities research analysts anticipate that Deckers Outdoor will post 5.89 EPS for the current fiscal year.

Deckers Outdoor announced that its Board of Directors has initiated a stock buyback program on Thursday, May 22nd that authorizes the company to buyback $2.25 billion in shares. This buyback authorization authorizes the textile maker to buy up to 11.7% of its shares through open market purchases. Shares buyback programs are usually a sign that the company's leadership believes its shares are undervalued.

Insider Activity at Deckers Outdoor

In related news, Director Cindy L. Davis purchased 1,825 shares of the business's stock in a transaction on Friday, June 6th. The stock was acquired at an average price of $109.76 per share, for a total transaction of $200,312.00. Following the purchase, the director owned 13,340 shares of the company's stock, valued at approximately $1,464,198.40. This trade represents a 15.85% increase in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, insider Angela Ogbechie sold 6,244 shares of the stock in a transaction dated Monday, June 2nd. The shares were sold at an average price of $103.89, for a total transaction of $648,689.16. Following the transaction, the insider owned 19,980 shares of the company's stock, valued at approximately $2,075,722.20. The trade was a 23.81% decrease in their position. The disclosure for this sale can be found here. 0.40% of the stock is owned by company insiders.

Institutional Trading of Deckers Outdoor

Institutional investors have recently made changes to their positions in the stock. Mpwm Advisory Solutions LLC purchased a new stake in Deckers Outdoor during the 4th quarter valued at $26,000. Headlands Technologies LLC purchased a new position in Deckers Outdoor during the fourth quarter valued at approximately $29,000. Vega Investment Solutions acquired a new stake in Deckers Outdoor in the 4th quarter valued at $29,000. Fourth Dimension Wealth LLC purchased a new position in Deckers Outdoor in the 4th quarter valued at $41,000. Finally, Itau Unibanco Holding S.A. boosted its position in shares of Deckers Outdoor by 352.1% during the 4th quarter. Itau Unibanco Holding S.A. now owns 217 shares of the textile maker's stock valued at $44,000 after acquiring an additional 169 shares during the last quarter. Hedge funds and other institutional investors own 97.79% of the company's stock.

Deckers Outdoor Company Profile

Deckers Outdoor Corporation, together with its subsidiaries, designs, markets, and distributes footwear, apparel, and accessories for casual lifestyle use and high-performance activities in the United States and internationally. The company offers premium footwear, apparel, and accessories under the UGG brand name; footwear, apparel, and accessories for ultra-runners and athletes under the HOKA brand name; and sandals, shoes, and boots under the Teva brand name.

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