Proficio Capital Partners LLC Takes $2.38 Million Position in Skechers U.S.A., Inc. (NYSE:SKX)

Proficio Capital Partners LLC bought a new position in Skechers U.S.A., Inc. (NYSE:SKX - Free Report) in the 4th quarter, according to its most recent Form 13F filing with the SEC. The institutional investor bought 35,368 shares of the textile maker's stock, valued at approximately $2,378,000.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in SKX. Private Advisor Group LLC purchased a new stake in Skechers U.S.A. in the 3rd quarter worth approximately $289,000. QRG Capital Management Inc. increased its holdings in Skechers U.S.A. by 2.6% in the 3rd quarter. QRG Capital Management Inc. now owns 11,157 shares of the textile maker's stock worth $747,000 after acquiring an additional 284 shares in the last quarter. Advisor Resource Council purchased a new stake in Skechers U.S.A. in the 3rd quarter worth approximately $420,000. Mainstream Capital Management LLC purchased a new stake in Skechers U.S.A. in the 3rd quarter worth approximately $425,000. Finally, Verdence Capital Advisors LLC purchased a new stake in Skechers U.S.A. during the 3rd quarter valued at approximately $3,065,000. 79.96% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling

In related news, COO David Weinberg sold 8,219 shares of the firm's stock in a transaction on Tuesday, December 31st. The stock was sold at an average price of $67.48, for a total value 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 $8,246,798.28. This trade represents a 6.30 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO John M. Vandemore sold 5,112 shares of the firm's stock in a transaction on Monday, March 3rd. The stock was sold at an average price of $60.76, for a total value of $310,605.12. Following the completion of the sale, the chief financial officer now owns 83,328 shares of the company's stock, valued at approximately $5,063,009.28. This represents a 5.78 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 236,738 shares of company stock worth $14,700,809 over the last three months. 24.75% of the stock is owned by insiders.

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Analysts Set New Price Targets

A number of equities research analysts have issued reports on SKX shares. StockNews.com lowered shares of Skechers U.S.A. from a "buy" rating to a "hold" rating in a report on Monday, February 10th. Piper Sandler started coverage on shares of Skechers U.S.A. in a report on Tuesday, December 10th. They set a "neutral" rating and a $65.00 price objective for the company. Raymond James cut their price objective on shares of Skechers U.S.A. from $80.00 to $75.00 and set an "outperform" rating for the company in a report on Friday, February 7th. Stifel Nicolaus cut their price objective on shares of Skechers U.S.A. from $83.00 to $80.00 and set a "buy" rating for the company in a report on Friday, February 7th. Finally, UBS Group cut their price objective on shares of Skechers U.S.A. from $92.00 to $90.00 and set a "buy" rating for the company in a report on Friday, February 7th. Three investment analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the stock. According to MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average price target of $81.25.

Skechers U.S.A. Price Performance

Shares of NYSE SKX traded up $0.04 during midday trading on Friday, reaching $59.06. 3,942,882 shares of the stock traded hands, compared to its average volume of 1,976,625. The company has a debt-to-equity ratio of 0.01, a current ratio of 1.97 and a quick ratio of 1.12. The stock has a market capitalization of $8.92 billion, a PE ratio of 14.23, a P/E/G ratio of 1.11 and a beta of 1.21. Skechers U.S.A., Inc. has a one year low of $55.67 and a one year high of $78.85. The company's 50 day moving average is $68.01 and its 200 day moving average is $66.37.

Skechers U.S.A. (NYSE:SKX - Get Free Report) last issued its quarterly earnings results on Thursday, February 6th. The textile maker reported $0.65 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.73 by ($0.08). Skechers U.S.A. had a return on equity of 13.73% and a net margin of 7.13%. On average, equities research analysts anticipate that Skechers U.S.A., Inc. will post 4.47 earnings per share for the current year.

Skechers U.S.A. 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.