Skechers U.S.A.'s (SKX) Hold Rating Reiterated at Needham & Company LLC

Skechers U.S.A. (NYSE:SKX - Get Free Report)'s stock had its "hold" rating reaffirmed by analysts at Needham & Company LLC in a research report issued on Friday,Benzinga reports.

A number of other equities research analysts have also weighed in on the company. Piper Sandler started coverage on Skechers U.S.A. in a research note on Tuesday, December 10th. They set a "neutral" rating and a $65.00 price objective for the company. Evercore ISI raised their price target on shares of Skechers U.S.A. from $72.00 to $85.00 and gave the stock an "outperform" rating in a research report on Tuesday, January 28th. Barclays upped their price target on shares of Skechers U.S.A. from $79.00 to $80.00 and gave the company an "overweight" rating in a report on Friday, October 25th. Bank of America decreased their price objective on shares of Skechers U.S.A. from $81.00 to $80.00 and set a "buy" rating for the company in a report on Friday, October 25th. Finally, TD Cowen upped their target price on shares of Skechers U.S.A. from $88.00 to $93.00 and gave the company a "buy" rating in a research note on Wednesday, January 8th. Two equities research analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the stock. According to MarketBeat, the company currently has an average rating of "Moderate Buy" and an average price target of $81.50.

Skechers U.S.A. Stock Down 12.6 %

Shares of SKX traded down $9.56 during mid-day trading on Friday, reaching $66.06. 10,536,456 shares of the stock traded hands, compared to its average volume of 1,980,609. The stock has a fifty day simple moving average of $70.55 and a 200 day simple moving average of $66.48. Skechers U.S.A. has a 12-month low of $55.67 and a 12-month high of $78.85. The company has a quick ratio of 1.25, a current ratio of 1.96 and a debt-to-equity ratio of 0.01. The firm has a market cap of $9.97 billion, a price-to-earnings ratio of 15.92, a P/E/G ratio of 0.95 and a beta of 1.19.

Skechers U.S.A. (NYSE:SKX - Get Free Report) last released its quarterly earnings results on Thursday, February 6th. The textile maker reported $0.65 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.73 by ($0.08). Skechers U.S.A. had a return on equity of 13.81% and a net margin of 7.13%. Sell-side analysts expect that Skechers U.S.A. will post 4.79 EPS for the current fiscal year.

Insider Buying and Selling

In other Skechers U.S.A. news, COO David Weinberg sold 8,219 shares of the company's stock in a transaction dated Tuesday, December 31st. The shares were sold at an average price of $67.48, for a total value of $554,618.12. Following the completion of the transaction, the chief operating officer now owns 122,211 shares in the company, valued at approximately $8,246,798.28. This represents a 6.30 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, 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 sale, the president now owns 149,327 shares in the company, valued at $10,076,585.96. The trade was a 6.44 % decrease in their position. The disclosure for this sale can be found here. Company insiders own 24.75% of the company's stock.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the business. Spire Wealth Management lifted its holdings in Skechers U.S.A. by 11.6% in the fourth quarter. Spire Wealth Management now owns 1,486 shares of the textile maker's stock worth $100,000 after purchasing an additional 155 shares during the period. Calamos Wealth Management LLC lifted its stake in shares of Skechers U.S.A. by 0.9% in the 4th quarter. Calamos Wealth Management LLC now owns 18,257 shares of the textile maker's stock worth $1,228,000 after acquiring an additional 157 shares during the period. Lindenwold Advisors INC boosted its holdings in shares of Skechers U.S.A. by 3.0% in the third quarter. Lindenwold Advisors INC now owns 6,663 shares of the textile maker's stock valued at $446,000 after acquiring an additional 195 shares in the last quarter. Independent Advisor Alliance increased its stake in shares of Skechers U.S.A. by 4.7% during the fourth quarter. Independent Advisor Alliance now owns 4,486 shares of the textile maker's stock valued at $302,000 after acquiring an additional 200 shares during the period. Finally, Blue Trust Inc. increased its stake in shares of Skechers U.S.A. by 20.7% during the fourth quarter. Blue Trust Inc. now owns 1,208 shares of the textile maker's stock valued at $81,000 after acquiring an additional 207 shares during the period. Institutional investors and hedge funds own 79.96% of the company's stock.

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.