Malaga Cove Capital LLC Acquires 7,818 Shares of Birkenstock Holding PLC (NYSE:BIRK)

Key Points

• Malaga Cove Capital LLC expanded its holdings in Birkenstock Holding PLC by 64.6% to approximately $914,000 during the first quarter.
• Several other hedge funds also significantly increased their positions in Birkenstock, including PNC Financial Services Group Inc., which boosted its stake by 2,514.6%.
• Wall Street analysts maintain a predominantly buy rating for Birkenstock, with a consensus target price of $68.50, reflecting strong confidence in the stock's performance.

Malaga Cove Capital LLC raised its position in Birkenstock Holding PLC (NYSE:BIRK - Free Report) by 64.6% during the 1st quarter, according to its most recent filing with the SEC. The institutional investor owned 19,926 shares of the company's stock after acquiring an additional 7,818 shares during the period. Malaga Cove Capital LLC's holdings in Birkenstock were worth $914,000 as of its most recent filing with the SEC.

A number of other large investors have also recently bought and sold shares of BIRK. Signaturefd LLC grew its position in shares of Birkenstock by 66.5% in the 1st quarter. Signaturefd LLC now owns 841 shares of the company's stock valued at $39,000 after acquiring an additional 336 shares during the period. NewEdge Advisors LLC bought a new stake in Birkenstock in the 4th quarter valued at $45,000. Quarry LP increased its holdings in shares of Birkenstock by 120.3% in the fourth quarter. Quarry LP now owns 1,097 shares of the company's stock valued at $62,000 after purchasing an additional 599 shares during the last quarter. Headlands Technologies LLC acquired a new stake in shares of Birkenstock during the 4th quarter worth about $76,000. Finally, JPMorgan Chase & Co. grew its stake in Birkenstock by 112.0% in the 4th quarter. JPMorgan Chase & Co. now owns 1,338 shares of the company's stock valued at $76,000 after buying an additional 707 shares during the last quarter. Institutional investors and hedge funds own 19.93% of the company's stock.

Birkenstock Trading Down 0.6%

Shares of NYSE:BIRK traded down $0.29 during mid-day trading on Wednesday, reaching $49.43. 1,573,787 shares of the company's stock were exchanged, compared to its average volume of 1,909,192. The company has a debt-to-equity ratio of 0.47, a quick ratio of 1.34 and a current ratio of 3.06. Birkenstock Holding PLC has a twelve month low of $40.56 and a twelve month high of $64.78. The firm has a market capitalization of $9.28 billion, a price-to-earnings ratio of 34.81, a PEG ratio of 1.19 and a beta of 1.31. The business's fifty day moving average price is $51.17 and its 200-day moving average price is $51.13.

Birkenstock (NYSE:BIRK - Get Free Report) last released its earnings results on Thursday, May 15th. The company reported $0.58 earnings per share for the quarter, beating analysts' consensus estimates of $0.57 by $0.01. Birkenstock had a net margin of 12.86% and a return on equity of 10.22%. The business had revenue of $623.54 million during the quarter, compared to the consensus estimate of $567.84 million. During the same quarter in the prior year, the firm posted $0.38 EPS. The company's revenue for the quarter was up 19.3% compared to the same quarter last year. On average, research analysts predict that Birkenstock Holding PLC will post 1.77 EPS for the current fiscal year.

Analysts Set New Price Targets

Several research firms recently issued reports on BIRK. Bank of America boosted their price target on Birkenstock from $70.00 to $73.00 and gave the company a "buy" rating in a research note on Friday, May 16th. BMO Capital Markets lifted their price target on shares of Birkenstock from $70.00 to $75.00 and gave the company an "outperform" rating in a research report on Friday, May 16th. UBS Group set a $77.00 price target on Birkenstock and gave the stock a "buy" rating in a research report on Tuesday. Piper Sandler cut their target price on Birkenstock from $70.00 to $60.00 and set an "overweight" rating for the company in a research report on Friday, April 11th. Finally, William Blair reaffirmed an "outperform" rating on shares of Birkenstock in a research report on Tuesday, June 3rd. Thirteen equities research analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of "Buy" and an average target price of $68.58.

Birkenstock Company Profile

Birkenstock Holding plc manufactures and sells footwear products. It also offers sandals, shoes, closed-toe silhouettes, skincare products, and accessories. The company sells its products through e-commerce sites and a network of owned retail stores, as well as business-to-business channels. It operates in the United States, Brazil, Canada, Mexico, Europe, APMA, and internationally.