Skechers U.S.A. (NYSE:SKX) Shares Gap Down Following Analyst Downgrade

Shares of Skechers U.S.A., Inc. (NYSE:SKX - Get Free Report) gapped down before the market opened on Friday after Morgan Stanley lowered their price target on the stock from $80.00 to $73.00. The stock had previously closed at $50.49, but opened at $48.26. Morgan Stanley currently has an overweight rating on the stock. Skechers U.S.A. shares last traded at $48.89, with a volume of 1,462,772 shares traded.

Other equities research analysts also recently issued reports about the company. StockNews.com downgraded Skechers U.S.A. from a "buy" rating to a "hold" rating in a research report on Monday, February 10th. Barclays decreased their target price on Skechers U.S.A. from $77.00 to $53.00 and set an "overweight" rating for the company in a research note on Friday. UBS Group lowered their target price on Skechers U.S.A. from $65.00 to $64.00 and set a "buy" rating on the stock in a report on Monday, April 14th. Evercore ISI lowered their price objective on shares of Skechers U.S.A. from $78.00 to $60.00 and set an "outperform" rating on the stock in a research note on Thursday, April 17th. Finally, Bank of America cut their target price on shares of Skechers U.S.A. from $76.00 to $70.00 and set a "buy" rating for the company in a research note on Monday, March 24th. Three research analysts have rated the stock with a hold rating and twelve have issued a buy rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus price target of $71.62.

Insider Buying and Selling

In other news, CFO John M. Vandemore sold 5,112 shares of Skechers U.S.A. stock in a transaction dated Monday, March 3rd. The stock was sold at an average price of $60.76, for a total transaction of $310,605.12. Following the completion of the sale, the chief financial officer now directly owns 83,328 shares in the company, valued at $5,063,009.28. The trade was a 5.78 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, COO David Weinberg sold 36,000 shares of the stock in a transaction that occurred on Wednesday, February 12th. The stock was sold at an average price of $62.72, for a total value of $2,257,920.00. Following the completion of the transaction, the chief operating officer now owns 54,499 shares in the company, valued at $3,418,177.28. This represents a 39.78 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 218,245 shares of company stock worth $13,452,902. Corporate insiders own 24.78% of the company's stock.

Institutional Investors Weigh In On Skechers U.S.A.

A number of large investors have recently bought and sold shares of SKX. NewEdge Advisors LLC boosted its stake in shares of Skechers U.S.A. by 85.2% during the 4th quarter. NewEdge Advisors LLC now owns 413 shares of the textile maker's stock worth $28,000 after acquiring an additional 190 shares in the last quarter. TD Private Client Wealth LLC boosted its position in Skechers U.S.A. by 534.3% during the fourth quarter. TD Private Client Wealth LLC now owns 425 shares of the textile maker's stock worth $29,000 after purchasing an additional 358 shares during the period. Investment Management Corp VA ADV acquired a new position in Skechers U.S.A. during the fourth quarter valued at approximately $32,000. Parallel Advisors LLC grew its holdings in Skechers U.S.A. by 183.0% during the first quarter. Parallel Advisors LLC now owns 617 shares of the textile maker's stock valued at $35,000 after purchasing an additional 399 shares during the last quarter. Finally, Golden State Wealth Management LLC bought a new position in shares of Skechers U.S.A. in the first quarter valued at approximately $35,000. 79.96% of the stock is currently owned by institutional investors.

Skechers U.S.A. Price Performance

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's 50 day moving average price is $54.81 and its two-hundred day moving average price is $62.65. The firm has a market capitalization of $7.18 billion, a price-to-earnings ratio of 11.58, a PEG ratio of 1.11 and a beta of 1.08.

Skechers U.S.A. (NYSE:SKX - Get Free Report) last released its earnings results on Thursday, April 24th. The textile maker reported $1.34 earnings per share for the quarter, topping analysts' consensus estimates of $1.17 by $0.17. Skechers U.S.A. had a net margin of 7.13% and a return on equity of 13.73%. The firm had revenue of $2.41 billion during the quarter, compared to analyst estimates of $2.43 billion. During the same quarter in the previous year, the business earned $1.33 EPS. The business's revenue was up 7.1% on a year-over-year basis. On average, equities research analysts anticipate that Skechers U.S.A., Inc. will post 4.47 EPS for the current year.

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.