Skechers U.S.A. (NYSE:SKX) Stock Price Expected to Rise, Wells Fargo & Company Analyst Says

Skechers U.S.A. (NYSE:SKX - Get Free Report) had its price objective lifted by investment analysts at Wells Fargo & Company from $57.00 to $63.00 in a research note issued to investors on Tuesday,Benzinga reports. The firm currently has an "overweight" rating on the textile maker's stock. Wells Fargo & Company's target price suggests a potential upside of 2.60% from the company's previous close.

SKX has been the topic of several other research reports. Bank of America dropped their price objective on Skechers U.S.A. from $76.00 to $70.00 and set a "buy" rating on the stock in a report on Monday, March 24th. StockNews.com downgraded Skechers U.S.A. from a "buy" rating to a "hold" rating in a report on Monday, February 10th. Morgan Stanley lowered their price target on Skechers U.S.A. from $80.00 to $73.00 and set an "overweight" rating for the company in a report on Friday, April 25th. Monness Crespi & Hardt reduced their price objective on shares of Skechers U.S.A. from $85.00 to $70.00 and set a "buy" rating for the company in a research report on Friday, April 25th. Finally, Barclays dropped their price objective on Skechers U.S.A. from $77.00 to $53.00 and set an "overweight" rating for the company in a research note on Friday, April 25th. Three investment analysts have rated the stock with a hold rating and twelve have given a buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $70.08.

Skechers U.S.A. Trading Up 24.4 %

Shares of SKX opened at $61.41 on Tuesday. The company has a 50 day simple moving average of $53.24 and a two-hundred day simple moving average of $62.09. Skechers U.S.A. has a 1 year low of $44.50 and a 1 year high of $78.85. The firm has a market cap of $9.17 billion, a P/E ratio of 14.80, a price-to-earnings-growth ratio of 1.11 and a beta of 1.06. The company has a debt-to-equity ratio of 0.01, a current ratio of 1.97 and a quick ratio of 1.12.

Skechers U.S.A. (NYSE:SKX - Get Free Report) last released its quarterly earnings results on Thursday, April 24th. The textile maker reported $1.34 EPS for the quarter, beating analysts' consensus estimates of $1.17 by $0.17. The company had revenue of $2.41 billion during the quarter, compared to analysts' expectations of $2.43 billion. Skechers U.S.A. had a return on equity of 13.73% and a net margin of 7.13%. The firm's revenue was up 7.1% compared to the same quarter last year. During the same period last year, the business posted $1.33 earnings per share. On average, equities analysts expect that Skechers U.S.A. will post 4.47 earnings per share for the current fiscal year.

Insider Transactions at Skechers U.S.A.

In other news, COO David Weinberg sold 36,000 shares of Skechers U.S.A. stock in a transaction that occurred on Wednesday, February 12th. The shares were sold at an average price of $62.72, for a total value of $2,257,920.00. Following the completion of the sale, the chief operating officer now directly owns 54,499 shares in the company, valued at $3,418,177.28. The trade was a 39.78 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, CEO Robert Greenberg sold 52,600 shares of the business's stock in a transaction dated Wednesday, February 12th. The shares were sold at an average price of $62.72, for a total value of $3,299,072.00. Following the sale, the chief executive officer now directly owns 61,367 shares of the company's stock, valued at $3,848,938.24. This represents a 46.15 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 218,245 shares of company stock valued at $13,452,902. 24.78% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Nordea Investment Management AB bought a new position in Skechers U.S.A. in the fourth quarter worth approximately $2,752,000. Fiduciary Financial Group LLC purchased a new stake in shares of Skechers U.S.A. during the fourth quarter worth approximately $298,000. Assenagon Asset Management S.A. boosted its stake in Skechers U.S.A. by 15.2% during the fourth quarter. Assenagon Asset Management S.A. now owns 120,007 shares of the textile maker's stock worth $8,069,000 after buying an additional 15,874 shares during the last quarter. Park Avenue Securities LLC raised its position in Skechers U.S.A. by 13.0% in the fourth quarter. Park Avenue Securities LLC now owns 16,830 shares of the textile maker's stock valued at $1,132,000 after purchasing an additional 1,933 shares during the period. Finally, Morton Capital Management LLC CA acquired a new stake in shares of Skechers U.S.A. during the fourth quarter valued at about $2,305,000. Institutional investors own 79.96% of the company's stock.

Skechers U.S.A. Company Profile

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.

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