Evercore ISI Issues Positive Forecast for Deckers Outdoor (NYSE:DECK) Stock Price

Key Points

• Evercore ISI has raised its price target for Deckers Outdoor (NYSE:DECK) from $110 to $115, indicating a potential downside of 2.43% from the current price.
• The company's quarterly earnings report revealed $0.93 earnings per share, exceeding analyst estimates of $0.68, with a net margin of 19.49%.
• Deckers Outdoor's share buyback program allows for repurchasing up to $2.25 billion in stock, reflecting confidence in the company's valuation.
• The stock has seen significant trading activity, with a recent price of $117.87 following a 12.3% increase during midday trading.

Deckers Outdoor (NYSE:DECK - Get Free Report) had its price target boosted by analysts at Evercore ISI from $110.00 to $115.00 in a note issued to investors on Friday,Benzinga reports. The firm presently has an "in-line" rating on the textile maker's stock. Evercore ISI's price objective would indicate a potential downside of 2.43% from the company's current price.

Other analysts have also recently issued research reports about the stock. Argus began coverage on shares of Deckers Outdoor in a research note on Friday, June 13th. They issued a "hold" rating for the company. Bank of America reduced their price objective on shares of Deckers Outdoor from $128.00 to $114.00 and set a "neutral" rating for the company in a research note on Thursday, July 17th. Citigroup reduced their price objective on shares of Deckers Outdoor from $215.00 to $150.00 and set a "buy" rating for the company in a research note on Monday, April 28th. Cowen restated a "buy" rating on shares of Deckers Outdoor in a report on Tuesday, May 20th. Finally, 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 report on Tuesday, May 20th. One analyst has rated the stock with a sell rating, fourteen have given a hold rating, ten have assigned a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, the company currently has an average rating of "Hold" and a consensus target price of $133.66.

Deckers Outdoor Trading Up 12.3%

Shares of NYSE:DECK traded up $12.93 during midday trading on Friday, hitting $117.87. The stock had a trading volume of 4,642,435 shares, compared to its average volume of 3,387,415. Deckers Outdoor has a 1 year low of $93.72 and a 1 year high of $223.98. The stock has a 50 day moving average price of $106.44 and a two-hundred day moving average price of $130.35. The company has a market capitalization of $17.61 billion, a PE ratio of 18.51, a P/E/G ratio of 7.09 and a beta of 0.99.

Deckers Outdoor (NYSE:DECK - Get Free Report) last announced its quarterly earnings data 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. Deckers Outdoor had a return on equity of 41.17% and a net margin of 19.49%. The company had revenue of $964.54 million for the quarter, compared to analyst estimates of $901.45 million. During the same quarter in the previous year, the company earned $4.52 EPS. The firm's revenue for the quarter was up 16.9% compared to the same quarter last year. As a group, equities analysts expect that Deckers Outdoor will post 5.89 EPS for the current year.

Deckers Outdoor declared that its Board of Directors has initiated a share buyback program on Thursday, May 22nd that allows the company to buyback $2.25 billion in shares. This buyback authorization allows the textile maker to buy up to 11.7% of its stock through open market purchases. Stock buyback programs are often a sign that the company's board believes its stock is undervalued.

Insider Activity

In related news, insider Angela Ogbechie sold 6,244 shares of the firm's stock in a transaction that occurred on 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 in the company, valued at $2,075,722.20. This trade represents a 23.81% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Cindy L. Davis acquired 1,825 shares of the stock in a transaction that occurred on Friday, June 6th. The shares were bought at an average price of $109.76 per share, for a total transaction of $200,312.00. Following the purchase, the director directly 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 disclosure for this purchase can be found here. Corporate insiders own 0.40% of the company's stock.

Hedge Funds Weigh In On Deckers Outdoor

A number of hedge funds have recently modified their holdings of the stock. Revolve Wealth Partners LLC acquired a new position in shares of Deckers Outdoor in the fourth quarter worth $247,000. Commonwealth Equity Services LLC raised its holdings in shares of Deckers Outdoor by 17.3% during the 4th quarter. Commonwealth Equity Services LLC now owns 9,120 shares of the textile maker's stock valued at $1,852,000 after purchasing an additional 1,346 shares in the last quarter. LPL Financial LLC raised its holdings in shares of Deckers Outdoor by 30.3% during the 4th quarter. LPL Financial LLC now owns 196,013 shares of the textile maker's stock valued at $39,808,000 after purchasing an additional 45,552 shares in the last quarter. Corebridge Financial Inc. boosted its holdings in Deckers Outdoor by 12.4% in the fourth quarter. Corebridge Financial Inc. now owns 45,651 shares of the textile maker's stock worth $9,271,000 after purchasing an additional 5,028 shares in the last quarter. Finally, Modern Wealth Management LLC bought a new stake in Deckers Outdoor in the fourth quarter worth $516,000. 97.79% of the stock is currently owned by institutional investors and hedge funds.

About Deckers Outdoor

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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