Westfield Capital Management Co. LP Makes New Investment in Birkenstock Holding PLC (NYSE:BIRK)

Key Points

• Westfield Capital Management Co. LP has made a significant investment in Birkenstock Holding PLC, acquiring approximately 1,572,685 shares, valued at around $72 million, representing 0.84% of the company.
• Birkenstock's recent earnings report showed an 8.33% increase in earnings per share (EPS), surpassing estimates, with a revenue increase of 19.3% compared to the previous year.
• Several analysts have raised their price targets for Birkenstock, with firms like BMO Capital Markets increasing their target to $75.00, indicating a positive outlook for the stock.

Westfield Capital Management Co. LP acquired a new position in shares of Birkenstock Holding PLC (NYSE:BIRK - Free Report) in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 1,572,685 shares of the company's stock, valued at approximately $72,108,000. Westfield Capital Management Co. LP owned approximately 0.84% of Birkenstock at the end of the most recent reporting period.

Several other hedge funds have also recently bought and sold shares of the stock. Malaga Cove Capital LLC raised its stake in Birkenstock by 64.6% during the first quarter. Malaga Cove Capital LLC now owns 19,926 shares of the company's stock worth $914,000 after acquiring an additional 7,818 shares in the last quarter. PNC Financial Services Group Inc. raised its stake in Birkenstock by 2,514.6% during the first quarter. PNC Financial Services Group Inc. now owns 8,785 shares of the company's stock worth $403,000 after acquiring an additional 8,449 shares in the last quarter. Blueshift Asset Management LLC raised its stake in Birkenstock by 51.5% during the first quarter. Blueshift Asset Management LLC now owns 8,922 shares of the company's stock worth $409,000 after acquiring an additional 3,033 shares in the last quarter. Tredje AP fonden increased its stake in shares of Birkenstock by 29.0% in the first quarter. Tredje AP fonden now owns 400,000 shares of the company's stock valued at $18,340,000 after buying an additional 90,000 shares in the last quarter. Finally, Premier Fund Managers Ltd increased its stake in shares of Birkenstock by 19.6% in the first quarter. Premier Fund Managers Ltd now owns 19,064 shares of the company's stock valued at $872,000 after buying an additional 3,119 shares in the last quarter. 19.93% of the stock is currently owned by institutional investors and hedge funds.

Birkenstock Price Performance

Shares of BIRK stock opened at $49.13 on Monday. The stock has a 50-day moving average price of $51.31 and a 200 day moving average price of $51.21. The company has a quick ratio of 1.34, a current ratio of 3.06 and a debt-to-equity ratio of 0.47. The firm has a market cap of $9.23 billion, a price-to-earnings ratio of 34.60, a PEG ratio of 1.09 and a beta of 1.31. Birkenstock Holding PLC has a 12 month low of $40.56 and a 12 month high of $64.78.

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

Analyst Upgrades and Downgrades

A number of analysts have recently weighed in on the company. Robert W. Baird raised their target price on Birkenstock from $65.00 to $70.00 and gave the company an "outperform" rating in a research note on Friday, May 16th. BMO Capital Markets raised their target price on Birkenstock from $70.00 to $75.00 and gave the company an "outperform" rating in a research note on Friday, May 16th. Piper Sandler lowered their target price on Birkenstock from $70.00 to $60.00 and set an "overweight" rating for the company in a research note on Friday, April 11th. BTIG Research raised their target price on Birkenstock from $70.00 to $72.00 and gave the company a "buy" rating in a research note on Thursday, May 15th. Finally, The Goldman Sachs Group upgraded Birkenstock from a "neutral" rating to a "buy" rating and set a $60.00 target price for the company in a research note on Thursday, July 24th. Thirteen analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company's stock. According to MarketBeat.com, Birkenstock currently has an average rating of "Buy" and a consensus price target of $68.50.

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.

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