The Goldman Sachs Group Cuts Tapestry (NYSE:TPR) Price Target to $84.00

Tapestry (NYSE:TPR - Get Free Report) had its target price reduced by analysts at The Goldman Sachs Group from $98.00 to $84.00 in a report released on Tuesday,Benzinga reports. The firm presently has a "buy" rating on the luxury accessories retailer's stock. The Goldman Sachs Group's price objective would indicate a potential upside of 30.36% from the stock's current price.

Several other research firms have also issued reports on TPR. UBS Group lifted their target price on Tapestry from $70.00 to $80.00 and gave the company a "neutral" rating in a research note on Friday, February 7th. Guggenheim boosted their price objective on shares of Tapestry from $70.00 to $90.00 and gave the stock a "buy" rating in a research note on Friday, February 7th. JPMorgan Chase & Co. boosted their target price on Tapestry from $88.00 to $104.00 and gave the stock an "overweight" rating in a research note on Wednesday, February 12th. Citigroup dropped their target price on shares of Tapestry from $95.00 to $81.00 and set a "buy" rating on the stock in a research report on Thursday, April 17th. Finally, Redburn Atlantic raised shares of Tapestry from a "neutral" rating to a "buy" rating and set a $110.00 price objective on the stock in a report on Tuesday, February 18th. Six investment analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the stock. According to data from MarketBeat, Tapestry currently has a consensus rating of "Moderate Buy" and a consensus price target of $78.26.

Tapestry Price Performance

Shares of NYSE TPR traded up $1.26 during midday trading on Tuesday, reaching $64.44. 673,115 shares of the stock traded hands, compared to its average volume of 4,161,528. The company's 50 day moving average is $73.80 and its 200 day moving average is $65.53. Tapestry has a one year low of $35.23 and a one year high of $90.85. The stock has a market capitalization of $13.34 billion, a PE ratio of 18.70, a P/E/G ratio of 2.01 and a beta of 1.37. The company has a debt-to-equity ratio of 1.78, a current ratio of 1.58 and a quick ratio of 1.05.

Tapestry (NYSE:TPR - Get Free Report) last posted its quarterly earnings data on Thursday, February 6th. The luxury accessories retailer reported $2.00 earnings per share for the quarter, topping analysts' consensus estimates of $1.70 by $0.30. Tapestry had a net margin of 11.74% and a return on equity of 44.00%. During the same period last year, the company posted $1.63 EPS. On average, equities research analysts anticipate that Tapestry will post 4.91 earnings per share for the current year.

Insider Activity at Tapestry

In other Tapestry news, CFO Scott A. Roe sold 25,727 shares of the business's stock in a transaction on Thursday, February 20th. The shares were sold at an average price of $86.56, for a total transaction of $2,226,929.12. Following the sale, the chief financial officer now directly owns 146,587 shares in the company, valued at approximately $12,688,570.72. The trade was a 14.93 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Todd Kahn sold 7,786 shares of the company's stock in a transaction on Friday, February 21st. The stock was sold at an average price of $87.59, for a total transaction of $681,975.74. Following the transaction, the chief executive officer now directly owns 201,531 shares in the company, valued at approximately $17,652,100.29. This trade represents a 3.72 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 66,537 shares of company stock worth $5,730,589 in the last 90 days. 1.18% of the stock is owned by insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in TPR. Greenline Partners LLC acquired a new stake in Tapestry in the 4th quarter valued at about $29,000. Coppell Advisory Solutions LLC boosted its position in Tapestry by 40.7% during the fourth quarter. Coppell Advisory Solutions LLC now owns 519 shares of the luxury accessories retailer's stock worth $34,000 after acquiring an additional 150 shares during the last quarter. Opal Wealth Advisors LLC purchased a new stake in Tapestry in the 1st quarter worth approximately $35,000. Venturi Wealth Management LLC lifted its stake in shares of Tapestry by 78.0% during the 4th quarter. Venturi Wealth Management LLC now owns 575 shares of the luxury accessories retailer's stock worth $38,000 after purchasing an additional 252 shares during the period. Finally, Canada Post Corp Registered Pension Plan acquired a new stake in shares of Tapestry during the fourth quarter worth $48,000. 90.77% of the stock is owned by hedge funds and other institutional investors.

Tapestry Company Profile

Tapestry, Inc provides luxury accessories and branded lifestyle products in the United States, Japan, Greater China, and internationally. The company operates in three segments: Coach, Kate Spade, and Stuart Weitzman. It offers women's handbags; and women's accessories, such as small leather goods which includes mini and micro handbags, money pieces, wristlets, pouches, and cosmetic cases, as well as novelty accessories including address books, time management and travel accessories, sketchbooks, and portfolios; and belts, key rings, and charms.

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