Truist Financial Issues Positive Forecast for Deckers Outdoor (NYSE:DECK) Stock Price

Key Points

• Truist Financial raised its price target for Deckers Outdoor stock from $130 to $145, indicating a potential upside of 22.62% from the previous close.
• Deckers Outdoor reported stronger-than-expected earnings, with an EPS of $0.93 for the quarter, surpassing the consensus estimate of $0.68.
• The company announced a $2.25 billion stock buyback program, allowing it to repurchase up to 11.7% of its shares, signaling management's belief that the stock is undervalued.
• Overall analyst ratings for Deckers Outdoor show a mix, with one sell rating, fourteen hold ratings, ten buy ratings, and one strong buy rating, leading to an average rating of "Hold."

Deckers Outdoor (NYSE:DECK - Get Free Report) had its price target hoisted by equities research analysts at Truist Financial from $130.00 to $145.00 in a note issued to investors on Friday,Benzinga reports. The firm currently has a "buy" rating on the textile maker's stock. Truist Financial's price objective points to a potential upside of 22.62% from the stock's previous close.

Several other research firms also recently issued reports on DECK. KGI Securities raised shares of Deckers Outdoor to a "hold" rating in a research note on Monday, May 26th. Stifel Nicolaus decreased their price target on shares of Deckers Outdoor from $185.00 to $127.00 and set a "hold" rating for the company in a research note on Thursday, April 10th. KeyCorp reissued a "sector weight" rating and issued a $150.00 target price on shares of Deckers Outdoor in a report on Friday, May 23rd. Robert W. Baird upped their price objective on shares of Deckers Outdoor from $140.00 to $150.00 and gave the stock an "outperform" rating in a research note on Friday. Finally, Barclays upped their price objective on Deckers Outdoor from $128.00 to $134.00 and gave the stock an "overweight" rating in a research report on Friday. One 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. Based on data from MarketBeat.com, Deckers Outdoor presently has an average rating of "Hold" and a consensus price target of $131.03.

Deckers Outdoor Stock Performance

Deckers Outdoor stock traded up $13.31 during midday trading on Friday, reaching $118.25. The stock had a trading volume of 9,091,159 shares, compared to its average volume of 3,421,897. Deckers Outdoor has a twelve month low of $93.72 and a twelve month high of $223.98. The stock has a market capitalization of $17.67 billion, a PE ratio of 18.64, a price-to-earnings-growth ratio of 7.09 and a beta of 0.99. The stock's 50-day simple moving average is $106.44 and its 200 day simple moving average is $130.35.

Deckers Outdoor (NYSE:DECK - Get Free Report) last posted its earnings results on Thursday, July 24th. The textile maker reported $0.93 EPS for the quarter, topping the consensus estimate of $0.68 by $0.25. The firm had revenue of $964.54 million for the quarter, compared to the consensus estimate of $901.45 million. Deckers Outdoor had a net margin of 19.49% and a return on equity of 41.17%. The business's quarterly revenue was up 16.9% on a year-over-year basis. During the same period in the prior year, the business posted $4.52 earnings per share. Equities analysts predict that Deckers Outdoor will post 5.89 earnings per share for the current fiscal year.

Deckers Outdoor announced that its Board of Directors has initiated a stock buyback program on Thursday, May 22nd that authorizes the company to buyback $2.25 billion in shares. This buyback authorization authorizes the textile maker to reacquire up to 11.7% of its stock through open market purchases. Stock buyback programs are usually a sign that the company's management believes its stock is undervalued.

Insider Activity

In other news, insider Angela Ogbechie sold 6,244 shares of the stock in a transaction dated Monday, June 2nd. The stock was sold at an average price of $103.89, for a total transaction of $648,689.16. Following the transaction, the insider directly owned 19,980 shares in the company, valued at approximately $2,075,722.20. This represents a 23.81% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Cindy L. Davis acquired 1,825 shares of the 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 purchase, the director directly owned 13,340 shares of the company's stock, valued at $1,464,198.40. The trade was a 15.85% increase in their position. The disclosure for this purchase can be found here. Insiders own 0.40% of the company's stock.

Hedge Funds Weigh In On Deckers Outdoor

Institutional investors and hedge funds have recently modified their holdings of the business. Vanguard Personalized Indexing Management LLC raised its stake in Deckers Outdoor by 19.3% in the second quarter. Vanguard Personalized Indexing Management LLC now owns 24,660 shares of the textile maker's stock valued at $2,542,000 after buying an additional 3,988 shares in the last quarter. Apollon Wealth Management LLC acquired a new stake in Deckers Outdoor during the second quarter worth about $927,000. Aberdeen Group plc boosted its holdings in shares of Deckers Outdoor by 0.9% in the second quarter. Aberdeen Group plc now owns 290,824 shares of the textile maker's stock valued at $29,975,000 after acquiring an additional 2,531 shares in the last quarter. Blue Trust Inc. lifted its position in Deckers Outdoor by 37.0% in the 2nd quarter. Blue Trust Inc. now owns 1,044 shares of the textile maker's stock worth $108,000 after buying an additional 282 shares in the last quarter. Finally, Aurora Private Wealth Inc. grew its stake in Deckers Outdoor by 16.4% in the 2nd quarter. Aurora Private Wealth Inc. now owns 2,950 shares of the textile maker's stock valued at $304,000 after buying an additional 415 shares during the last quarter. Hedge funds and other institutional investors own 97.79% of the company's stock.

About Deckers Outdoor

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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