Skechers U.S.A. (NYSE:SKX) Price Target Raised to $85.00

Skechers U.S.A. (NYSE:SKX - Free Report) had its price target raised by Evercore ISI from $72.00 to $85.00 in a report published on Tuesday,Benzinga reports. Evercore ISI currently has an outperform rating on the textile maker's stock.

Other analysts also recently issued research reports about the stock. Needham & Company LLC initiated coverage on shares of Skechers U.S.A. in a research report on Friday, November 22nd. They issued a "hold" rating for the company. TD Cowen raised their price target on shares of Skechers U.S.A. from $88.00 to $93.00 and gave the company a "buy" rating in a report on Wednesday, January 8th. Piper Sandler initiated coverage on shares of Skechers U.S.A. in a report on Tuesday, December 10th. They issued a "neutral" rating and a $65.00 price objective on the stock. StockNews.com upgraded Skechers U.S.A. from a "hold" rating to a "buy" rating in a research note on Thursday, January 23rd. Finally, Bank of America dropped their target price on Skechers U.S.A. from $81.00 to $80.00 and set a "buy" rating on the stock in a research report on Friday, October 25th. Two research analysts have rated the stock with a hold rating and eleven have given a buy rating to the company's stock. According to MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $80.18.

Skechers U.S.A. Trading Up 2.4 %

Shares of NYSE:SKX traded up $1.81 during trading on Tuesday, reaching $76.85. 1,643,467 shares of the stock were exchanged, compared to its average volume of 1,700,151. The firm's 50-day moving average price is $68.37 and its 200 day moving average price is $65.92. The firm has a market cap of $11.60 billion, a price-to-earnings ratio of 18.93, a price-to-earnings-growth ratio of 0.90 and a beta of 1.19. Skechers U.S.A. has a 12-month low of $55.67 and a 12-month high of $76.90. The company has a debt-to-equity ratio of 0.01, a quick ratio of 1.25 and a current ratio of 1.96.

Insider Transactions at Skechers U.S.A.

In other news, COO David Weinberg sold 8,219 shares of the company's stock in a transaction that occurred on Tuesday, December 31st. The stock was sold at an average price of $67.48, for a total transaction of $554,618.12. Following the completion of the transaction, the chief operating officer now directly owns 122,211 shares of the company's stock, valued at approximately $8,246,798.28. This represents a 6.30 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, President Michael Greenberg sold 10,274 shares of the firm's stock in a transaction that occurred on Tuesday, December 31st. The stock was sold at an average price of $67.48, for a total value of $693,289.52. Following the completion of the sale, the president now directly 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 disclosure for this sale can be found here. Insiders own 24.75% of the company's stock.

Institutional Trading of Skechers U.S.A.

Hedge funds have recently bought and sold shares of the company. Sei Investments Co. grew its stake in shares of Skechers U.S.A. by 343.3% in the second quarter. Sei Investments Co. now owns 69,463 shares of the textile maker's stock worth $4,801,000 after purchasing an additional 53,794 shares in the last quarter. Thrivent Financial for Lutherans increased its stake in shares of Skechers U.S.A. by 5.5% during the second quarter. Thrivent Financial for Lutherans now owns 35,308 shares of the textile maker's stock valued at $2,440,000 after acquiring an additional 1,829 shares during the period. Algert Global LLC raised its holdings in Skechers U.S.A. by 68.3% during the second quarter. Algert Global LLC now owns 51,005 shares of the textile maker's stock worth $3,525,000 after purchasing an additional 20,702 shares in the last quarter. Creative Planning lifted its position in Skechers U.S.A. by 15.7% in the second quarter. Creative Planning now owns 9,504 shares of the textile maker's stock worth $657,000 after purchasing an additional 1,292 shares during the period. Finally, Quarry LP boosted its stake in Skechers U.S.A. by 44.6% during the 2nd 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. 79.96% of the stock is currently owned by institutional investors.

About Skechers U.S.A.

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.