Piper Sandler Lowers Best Buy (NYSE:BBY) Price Target to $92.00

Best Buy (NYSE:BBY - Get Free Report) had its price target reduced by Piper Sandler from $102.00 to $92.00 in a report issued on Wednesday,Benzinga reports. The firm currently has an "overweight" rating on the technology retailer's stock. Piper Sandler's price target would indicate a potential upside of 15.49% from the stock's current price.

A number of other analysts also recently issued reports on BBY. Wells Fargo & Company restated an "equal weight" rating on shares of Best Buy in a report on Friday, February 28th. Guggenheim cut their price target on shares of Best Buy from $105.00 to $90.00 and set a "buy" rating for the company in a report on Wednesday. Citigroup cut their price target on shares of Best Buy from $105.00 to $93.00 and set a "buy" rating for the company in a report on Wednesday. Jefferies Financial Group cut their price target on shares of Best Buy from $106.00 to $92.00 and set a "buy" rating for the company in a report on Tuesday, March 4th. Finally, Barclays dropped their target price on shares of Best Buy from $95.00 to $89.00 and set an "equal weight" rating for the company in a report on Thursday, January 9th. One analyst has rated the stock with a sell rating, nine have given a hold rating, ten have issued a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $93.50.

Remove Ads

Best Buy Price Performance

BBY stock traded up $1.06 during mid-day trading on Wednesday, reaching $79.66. The company's stock had a trading volume of 3,116,016 shares, compared to its average volume of 2,963,150. The stock has a market cap of $17.03 billion, a PE ratio of 13.62, a P/E/G ratio of 2.10 and a beta of 1.43. The company has a current ratio of 1.00, a quick ratio of 0.22 and a debt-to-equity ratio of 0.37. Best Buy has a fifty-two week low of $69.29 and a fifty-two week high of $103.71. The company's 50 day moving average is $85.58 and its two-hundred day moving average is $90.43.

Best Buy (NYSE:BBY - Get Free Report) last released its quarterly earnings data on Tuesday, March 4th. The technology retailer reported $2.58 EPS for the quarter, beating analysts' consensus estimates of $2.40 by $0.18. The company had revenue of $13.95 billion during the quarter, compared to the consensus estimate of $13.69 billion. Best Buy had a net margin of 3.01% and a return on equity of 45.93%. During the same quarter in the prior year, the firm earned $2.72 EPS. Equities research analysts expect that Best Buy will post 6.18 EPS for the current year.

Insider Buying and Selling at Best Buy

In other news, CFO Matthew M. Bilunas sold 69,166 shares of Best Buy stock in a transaction on Wednesday, December 11th. The shares were sold at an average price of $87.46, for a total transaction of $6,049,258.36. Following the completion of the sale, the chief financial officer now directly owns 92,070 shares of the company's stock, valued at approximately $8,052,442.20. The trade was a 42.90 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. 0.59% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Best Buy

Institutional investors have recently modified their holdings of the company. Rakuten Securities Inc. lifted its position in shares of Best Buy by 971.9% during the 4th quarter. Rakuten Securities Inc. now owns 343 shares of the technology retailer's stock worth $29,000 after purchasing an additional 311 shares during the last quarter. Vermillion Wealth Management Inc. purchased a new stake in shares of Best Buy during the 4th quarter worth $31,000. Golden State Wealth Management LLC purchased a new stake in shares of Best Buy during the 4th quarter worth $32,000. Atlas Capital Advisors Inc. lifted its position in shares of Best Buy by 186.9% during the 4th quarter. Atlas Capital Advisors Inc. now owns 373 shares of the technology retailer's stock worth $32,000 after purchasing an additional 243 shares during the last quarter. Finally, Ancora Advisors LLC lifted its position in shares of Best Buy by 18,700.0% during the 4th quarter. Ancora Advisors LLC now owns 376 shares of the technology retailer's stock worth $32,000 after purchasing an additional 374 shares during the last quarter. 80.96% of the stock is owned by hedge funds and other institutional investors.

Best Buy Company Profile

Best Buy Co, Inc engages in the retail of technology products in the United States, Canada, and international. Its stores provide computing and mobile phone products, such as desktops, notebooks, and peripherals; mobile phones comprising related mobile network carrier commissions; networking products; tablets covering e-readers; smartwatches; and consumer electronics consisting of digital imaging, health and fitness products, portable audio comprising headphones and portable speakers, and smart home products, as well as home theaters, which includes home theater accessories, soundbars, and televisions.