Skechers U.S.A. (NYSE:SKX) Reaches New 12-Month High After Analyst Upgrade

Skechers U.S.A., Inc. (NYSE:SKX)’s stock price hit a new 52-week high during trading on Wednesday after Evercore ISI raised their price target on the stock from $72.00 to $85.00. Evercore ISI currently has an outperform rating on the stock. Skechers U.S.A. traded as high as $76.90 and last traded at $76.85, with a volume of 1643467 shares changing hands. The stock had previously closed at $75.04.

Other research analysts also recently issued reports about the stock. Barclays boosted their price objective on shares of Skechers U.S.A. from $79.00 to $80.00 and gave the company an “overweight” rating in a research report on Friday, October 25th. Morgan Stanley boosted their price target on Skechers U.S.A. from $81.00 to $84.00 and gave the stock an “overweight” rating in a report on Friday, October 25th. StockNews.com raised Skechers U.S.A. from a “hold” rating to a “buy” rating in a research note on Thursday, January 23rd. TD Cowen boosted their target price on Skechers U.S.A. from $88.00 to $93.00 and gave the stock a “buy” rating in a research note on Wednesday, January 8th. Finally, Needham & Company LLC began coverage on shares of Skechers U.S.A. in a report on Friday, November 22nd. They issued a “hold” rating for the company. Two equities research analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $80.18.

Insider Activity at Skechers U.S.A.

In other Skechers U.S.A. news, President Michael Greenberg sold 10,274 shares of the firm’s stock in a transaction that occurred on Tuesday, December 31st. The shares were sold at an average price of $67.48, for a total transaction of $693,289.52. Following the completion of the transaction, the president now owns 149,327 shares in the company, valued at approximately $10,076,585.96. This trade represents a 6.44 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, COO David Weinberg sold 8,219 shares of the company’s stock in a transaction on Tuesday, December 31st. The shares were sold at an average price of $67.48, for a total transaction of $554,618.12. Following the completion of the sale, the chief operating officer now directly owns 122,211 shares in the company, valued at approximately $8,246,798.28. This represents a 6.30 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 24.75% of the stock is owned by company insiders.

Hedge Funds Weigh In On Skechers U.S.A.

Several hedge funds and other institutional investors have recently bought and sold shares of SKX. Creative Planning boosted its holdings in shares of Skechers U.S.A. by 15.7% during the 2nd quarter. Creative Planning now owns 9,504 shares of the textile maker’s stock worth $657,000 after buying an additional 1,292 shares in the last quarter. Quarry LP increased its stake in Skechers U.S.A. by 44.6% in the second quarter. Quarry LP now owns 1,187 shares of the textile maker’s stock valued at $82,000 after purchasing an additional 366 shares in the last quarter. Truist Financial Corp increased its stake in Skechers U.S.A. by 40.8% in the second quarter. Truist Financial Corp now owns 24,172 shares of the textile maker’s stock valued at $1,671,000 after purchasing an additional 7,004 shares in the last quarter. Cetera Investment Advisers raised its holdings in shares of Skechers U.S.A. by 32.9% during the second quarter. Cetera Investment Advisers now owns 25,016 shares of the textile maker’s stock valued at $1,729,000 after purchasing an additional 6,193 shares during the period. Finally, Sanctuary Advisors LLC bought a new position in shares of Skechers U.S.A. during the 2nd quarter worth about $1,027,000. Institutional investors and hedge funds own 79.96% of the company’s stock.

Skechers U.S.A. Stock Performance

The company has a market capitalization of $11.81 billion, a price-to-earnings ratio of 19.27, a P/E/G ratio of 0.90 and a beta of 1.19. The company has a 50 day moving average price of $69.03 and a 200 day moving average price of $66.06. The company has a debt-to-equity ratio of 0.01, a quick ratio of 1.25 and a current ratio of 1.96.

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.