Telsey Advisory Group Reiterates Market Perform Rating for Deckers Outdoor (NYSE:DECK)

Key Points

• Telsey Advisory Group has reissued a "market perform" rating for Deckers Outdoor, with a target price of $120.00, suggesting a potential upside of 14.33% from the current stock price.
• Deckers Outdoor has recently reported quarterly earnings of $0.93 per share, exceeding analysts' expectations and showing a 16.9% increase in revenue year-over-year.
• The company has approved a $2.25 billion stock repurchase plan, indicating confidence in its stock valuation and a commitment to returning value to shareholders.

Deckers Outdoor (NYSE:DECK - Get Free Report)'s stock had its "market perform" rating reissued by analysts at Telsey Advisory Group in a research report issued to clients and investors on Friday,Benzinga reports. They presently have a $120.00 target price on the textile maker's stock. Telsey Advisory Group's target price would indicate a potential upside of 14.33% from the company's current price.

Several other brokerages have also issued reports on DECK. Barclays reiterated an "overweight" rating and issued a $128.00 target price (down from $129.00) on shares of Deckers Outdoor in a research report on Thursday, May 22nd. The Goldman Sachs Group cut their price objective on shares of Deckers Outdoor from $90.00 to $87.00 and set a "sell" rating on the stock in a report on Tuesday. Argus started coverage on shares of Deckers Outdoor in a report on Friday, June 13th. They issued a "hold" rating on the stock. Raymond James Financial cut their price objective on shares of Deckers Outdoor from $140.00 to $123.00 and set a "strong-buy" rating on the stock in a report on Tuesday. Finally, UBS Group cut their price objective on shares of Deckers Outdoor from $169.00 to $144.00 and set a "buy" rating on the stock in a report on Thursday, July 17th. One investment analyst has rated the stock with a sell rating, fourteen have given a hold rating, ten have given a buy rating and one has given a strong buy rating to the company's stock. Based on data from MarketBeat.com, Deckers Outdoor currently has an average rating of "Hold" and a consensus target price of $133.40.

Deckers Outdoor Trading Down 2.9%

Deckers Outdoor stock opened at $104.96 on Friday. Deckers Outdoor has a 1-year low of $93.72 and a 1-year high of $223.98. The firm has a market capitalization of $15.68 billion, a price-to-earnings ratio of 16.55, a P/E/G ratio of 7.09 and a beta of 0.99. The firm has a 50 day simple moving average of $106.44 and a 200 day simple moving average of $130.35.

Deckers Outdoor (NYSE:DECK - Get Free Report) last released 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 net margin of 19.49% and a return on equity of 41.17%. The business had revenue of $964.54 million during the quarter, compared to analyst estimates of $901.45 million. During the same period in the previous year, the business earned $4.52 EPS. Deckers Outdoor's revenue was up 16.9% compared to the same quarter last year. On average, equities research analysts forecast that Deckers Outdoor will post 5.89 EPS for the current year.

Deckers Outdoor announced that its board has approved a stock repurchase plan on Thursday, May 22nd that allows the company to repurchase $2.25 billion in shares. This repurchase authorization allows the textile maker to buy up to 11.7% of its stock through open market purchases. Stock repurchase plans are generally an indication that the company's board believes its stock is undervalued.

Insider Activity

In related news, Director Cindy L. Davis bought 1,825 shares of the company's stock in a transaction on Friday, June 6th. The shares were bought at an average price of $109.76 per share, with a total value of $200,312.00. Following the transaction, the director owned 13,340 shares in the company, valued at approximately $1,464,198.40. This trade represents a 15.85% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Maha Saleh Ibrahim sold 300 shares of the company's stock in a transaction on Friday, June 6th. The shares were sold at an average price of $109.08, for a total transaction of $32,724.00. Following the completion of the sale, the director directly owned 10,681 shares in the company, valued at $1,165,083.48. This trade represents a 2.73% decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 0.40% of the company's stock.

Institutional Investors Weigh In On Deckers Outdoor

A number of large investors have recently modified their holdings of DECK. Norges Bank purchased a new stake in shares of Deckers Outdoor in the fourth quarter valued at about $392,583,000. Federated Hermes Inc. grew its holdings in shares of Deckers Outdoor by 1,998.7% in the first quarter. Federated Hermes Inc. now owns 1,163,977 shares of the textile maker's stock valued at $130,144,000 after purchasing an additional 1,108,516 shares during the period. Nuveen LLC purchased a new position in Deckers Outdoor during the first quarter worth about $97,935,000. Swedbank AB boosted its stake in Deckers Outdoor by 1,038.9% during the first quarter. Swedbank AB now owns 758,683 shares of the textile maker's stock worth $84,828,000 after buying an additional 692,065 shares during the period. Finally, Pacer Advisors Inc. boosted its stake in Deckers Outdoor by 4,770.0% during the first quarter. Pacer Advisors Inc. now owns 641,082 shares of the textile maker's stock worth $71,679,000 after buying an additional 627,918 shares during the period. Hedge funds and other institutional investors own 97.79% of the company's stock.

Deckers Outdoor Company Profile

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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