Skechers U.S.A. (NYSE:SKX) Price Target Raised to $76.00 at Wedbush

Skechers U.S.A. (NYSE:SKX - Free Report) had its price objective lifted by Wedbush from $68.00 to $76.00 in a research report released on Friday, Benzinga reports. The brokerage currently has an outperform rating on the textile maker's stock.

Several other equities research analysts have also issued reports on the stock. Monness Crespi & Hardt raised their price target on shares of Skechers U.S.A. from $60.00 to $72.00 and gave the stock a buy rating in a research note on Thursday, January 18th. Evercore ISI reduced their target price on shares of Skechers U.S.A. from $73.00 to $68.00 and set an outperform rating for the company in a research note on Wednesday, April 17th. Raymond James dropped their price target on shares of Skechers U.S.A. from $68.00 to $66.00 and set an outperform rating on the stock in a research note on Monday, February 5th. Barclays assumed coverage on shares of Skechers U.S.A. in a report on Monday, April 1st. They issued an overweight rating and a $71.00 price objective for the company. Finally, Bank of America assumed coverage on shares of Skechers U.S.A. in a report on Friday, March 8th. They set a neutral rating and a $67.00 target price on the stock. Two equities research analysts have rated the stock with a hold rating and eleven have given a buy rating to the company's stock. According to MarketBeat, the stock currently has an average rating of Moderate Buy and an average target price of $66.83.

Skechers U.S.A. Stock Performance

Shares of SKX stock traded up $6.57 during trading on Friday, hitting $65.39. The company's stock had a trading volume of 7,731,206 shares, compared to its average volume of 1,723,389. The company has a current ratio of 2.38, a quick ratio of 1.46 and a debt-to-equity ratio of 0.06. The company has a market cap of $10.02 billion, a PE ratio of 18.74, a P/E/G ratio of 1.07 and a beta of 1.32. The business has a fifty day moving average of $59.73 and a 200-day moving average of $58.04. Skechers U.S.A. has a 52 week low of $45.58 and a 52 week high of $69.07.

Skechers U.S.A. (NYSE:SKX - Get Free Report) last posted its quarterly earnings data on Thursday, April 25th. The textile maker reported $1.33 earnings per share for the quarter, topping the consensus estimate of $1.10 by $0.23. Skechers U.S.A. had a return on equity of 12.89% and a net margin of 6.82%. The business had revenue of $2.25 billion for the quarter, compared to analysts' expectations of $2.20 billion. During the same quarter in the previous year, the firm earned $1.02 earnings per share. The business's revenue was up 12.5% on a year-over-year basis. As a group, research analysts anticipate that Skechers U.S.A. will post 3.81 earnings per share for the current year.

Insider Activity at Skechers U.S.A.

In other Skechers U.S.A. news, CEO Robert Greenberg sold 99,139 shares of the firm's stock in a transaction dated Thursday, February 8th. The stock was sold at an average price of $57.87, for a total value of $5,737,173.93. Following the sale, the chief executive officer now owns 196,050 shares of the company's stock, valued at approximately $11,345,413.50. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In other Skechers U.S.A. news, COO David Weinberg sold 67,390 shares of the firm's stock in a transaction dated Thursday, February 8th. The stock was sold at an average price of $57.87, for a total transaction of $3,899,859.30. Following the sale, the chief operating officer now owns 141,405 shares in the company, valued at $8,183,107.35. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Robert Greenberg sold 99,139 shares of the company's stock in a transaction dated Thursday, February 8th. The stock was sold at an average price of $57.87, for a total value of $5,737,173.93. Following the completion of the transaction, the chief executive officer now owns 196,050 shares of the company's stock, valued at $11,345,413.50. The disclosure for this sale can be found here. Over the last quarter, insiders sold 254,875 shares of company stock valued at $15,021,192. Company insiders own 24.75% of the company's stock.

Institutional Inflows and Outflows

Several large investors have recently made changes to their positions in the business. Mesirow Financial Investment Management Inc. purchased a new position in Skechers U.S.A. in the 1st quarter worth $349,000. Cascade Investment Advisors Inc. grew its stake in shares of Skechers U.S.A. by 5.6% during the first quarter. Cascade Investment Advisors Inc. now owns 21,000 shares of the textile maker's stock valued at $1,286,000 after buying an additional 1,105 shares during the last quarter. Assenagon Asset Management S.A. increased its holdings in shares of Skechers U.S.A. by 406.3% in the first quarter. Assenagon Asset Management S.A. now owns 141,690 shares of the textile maker's stock worth $8,680,000 after buying an additional 113,705 shares during the period. Louisiana State Employees Retirement System lifted its stake in shares of Skechers U.S.A. by 2.4% in the 1st quarter. Louisiana State Employees Retirement System now owns 38,400 shares of the textile maker's stock valued at $2,352,000 after acquiring an additional 900 shares during the last quarter. Finally, Fifth Third Bancorp boosted its holdings in Skechers U.S.A. by 82.9% during the 1st quarter. Fifth Third Bancorp now owns 1,745 shares of the textile maker's stock valued at $107,000 after acquiring an additional 791 shares during the period. 79.96% of the stock is owned by hedge funds and other institutional investors.

About Skechers U.S.A.

Skechers U.SA, Inc designs, develops, markets, and distributes footwear for men, women, and children worldwide. The company operates through Wholesale and Direct-to-Consumer segments. It offers footwear under Skechers Hands Free Slip-ins, Skechers Arch Fit, and Skechers Air-Cooled Memory Foam brands.