Piper Sandler Cuts Birkenstock (NYSE:BIRK) Price Target to $60.00

Birkenstock (NYSE:BIRK) had its target price cut by Piper Sandler from $70.00 to $60.00 in a research note issued to investors on Friday,Benzinga reports. The firm currently has an “overweight” rating on the stock. Piper Sandler’s price objective indicates a potential upside of 27.18% from the company’s previous close.

A number of other research firms have also issued reports on BIRK. Robert W. Baird raised their price target on shares of Birkenstock from $65.00 to $72.00 and gave the stock an “outperform” rating in a research report on Thursday, December 19th. Stifel Nicolaus reduced their target price on shares of Birkenstock from $70.00 to $62.00 and set a “buy” rating for the company in a report on Thursday. BTIG Research upped their price target on shares of Birkenstock from $60.00 to $70.00 and gave the company a “buy” rating in a report on Wednesday, December 18th. UBS Group lifted their price objective on Birkenstock from $83.00 to $95.00 and gave the company a “buy” rating in a research note on Thursday, December 19th. Finally, Telsey Advisory Group restated an “outperform” rating and issued a $70.00 target price on shares of Birkenstock in a research note on Thursday, February 20th. Two analysts have rated the stock with a hold rating, fourteen have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, Birkenstock has a consensus rating of “Moderate Buy” and an average price target of $67.50.

Birkenstock Stock Performance

Shares of NYSE BIRK traded down $0.07 during midday trading on Friday, reaching $47.18. The company had a trading volume of 102,648 shares, compared to its average volume of 1,334,706. The stock has a market cap of $8.86 billion, a P/E ratio of 37.80, a P/E/G ratio of 1.02 and a beta of 1.71. The company has a current ratio of 2.84, a quick ratio of 1.08 and a debt-to-equity ratio of 0.48. The business’s 50-day simple moving average is $48.88 and its 200 day simple moving average is $51.39. Birkenstock has a 1 year low of $40.56 and a 1 year high of $64.78.

Birkenstock (NYSE:BIRK) last announced its quarterly earnings data on Thursday, February 20th. The company reported $0.19 earnings per share for the quarter, beating analysts’ consensus estimates of $0.16 by $0.03. Birkenstock had a return on equity of 9.52% and a net margin of 11.73%. The business had revenue of $385.88 million for the quarter, compared to analyst estimates of $355.80 million. On average, analysts forecast that Birkenstock will post 1.77 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in the business. Quarry LP purchased a new stake in Birkenstock in the third quarter valued at $25,000. Signaturefd LLC increased its position in shares of Birkenstock by 642.6% during the fourth quarter. Signaturefd LLC now owns 505 shares of the company’s stock valued at $29,000 after acquiring an additional 437 shares during the last quarter. Bank Julius Baer & Co. Ltd Zurich purchased a new stake in shares of Birkenstock in the 4th quarter valued at approximately $34,000. NewEdge Advisors LLC purchased a new position in shares of Birkenstock during the 4th quarter worth approximately $45,000. Finally, Headlands Technologies LLC acquired a new stake in Birkenstock in the 4th quarter valued at approximately $76,000. 19.93% of the stock is currently owned by institutional investors and hedge funds.

About Birkenstock

Birkenstock Holding plc manufactures and sells footwear products. It also offers sandals, shoes, closed-toe silhouettes, skincare products, and accessories. The company sells its products through e-commerce sites and a network of owned retail stores, as well as business-to-business channels. It operates in the United States, Brazil, Canada, Mexico, Europe, APMA, and internationally.