UBS Group Cuts Skechers U.S.A. (NYSE:SKX) Price Target to $90.00

Skechers U.S.A. (NYSE:SKX - Free Report) had its price objective cut by UBS Group from $92.00 to $90.00 in a report published on Friday morning,Benzinga reports. They currently have a buy rating on the textile maker's stock.

Other equities analysts have also recently issued research reports about the stock. Deutsche Bank Aktiengesellschaft increased their price target on shares of Skechers U.S.A. from $83.00 to $84.00 and gave the stock a "buy" rating in a research report on Friday, October 25th. Barclays lifted their target price on Skechers U.S.A. from $79.00 to $80.00 and gave the stock an "overweight" rating in a research report on Friday, October 25th. TD Cowen upped their price target on Skechers U.S.A. from $88.00 to $93.00 and gave the company a "buy" rating in a research report on Wednesday, January 8th. StockNews.com upgraded Skechers U.S.A. from a "hold" rating to a "buy" rating in a research note on Thursday, January 23rd. Finally, Piper Sandler started coverage on shares of Skechers U.S.A. in a research note on Tuesday, December 10th. They set a "neutral" rating and a $65.00 target price for the company. Two research analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company's stock. According to data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average target price of $81.50.

Skechers U.S.A. Stock Down 12.6 %

SKX stock traded down $9.56 during midday trading on Friday, hitting $66.06. 10,536,456 shares of the company's stock were exchanged, compared to its average volume of 1,980,609. The firm has a 50 day moving average price of $70.55 and a 200-day moving average price of $66.48. Skechers U.S.A. has a 12-month low of $55.67 and a 12-month high of $78.85. The stock has a market capitalization of $9.97 billion, a price-to-earnings ratio of 15.92, a price-to-earnings-growth ratio of 0.95 and a beta of 1.19. The company has a current ratio of 1.96, a quick ratio of 1.25 and a debt-to-equity ratio of 0.01.

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 13.81% and a net margin of 7.13%. On average, analysts anticipate that Skechers U.S.A. will post 4.79 EPS for the current year.

Insiders Place Their Bets

In other Skechers U.S.A. news, COO David Weinberg sold 8,219 shares of the business's stock in a transaction on Tuesday, December 31st. The stock was sold at an average price of $67.48, for a total transaction 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. The trade was a 6.30 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, President Michael Greenberg sold 10,274 shares of the firm's stock in a transaction on Tuesday, December 31st. The shares were sold at an average price of $67.48, for a total value of $693,289.52. Following the transaction, the president now directly owns 149,327 shares in the company, valued at $10,076,585.96. This trade represents a 6.44 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 24.75% of the stock is owned by insiders.

Hedge Funds Weigh In On Skechers U.S.A.

A number of institutional investors and hedge funds have recently bought and sold shares of SKX. Pacer Advisors Inc. lifted its stake in shares of Skechers U.S.A. by 5,780.6% in the 3rd quarter. Pacer Advisors Inc. now owns 2,639,390 shares of the textile maker's stock worth $176,628,000 after acquiring an additional 2,594,507 shares during the period. Bank of New York Mellon Corp raised its holdings in Skechers U.S.A. by 70.4% during the fourth quarter. Bank of New York Mellon Corp now owns 2,308,283 shares of the textile maker's stock worth $155,209,000 after purchasing an additional 953,528 shares in the last quarter. Geode Capital Management LLC lifted its position in Skechers U.S.A. by 0.5% in the third quarter. Geode Capital Management LLC now owns 2,216,905 shares of the textile maker's stock worth $148,395,000 after purchasing an additional 11,026 shares during the period. Charles Schwab Investment Management Inc. boosted its stake in Skechers U.S.A. by 1.3% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,316,882 shares of the textile maker's stock valued at $88,126,000 after purchasing an additional 17,429 shares in the last quarter. Finally, Wellington Management Group LLP increased its position in shares of Skechers U.S.A. by 39.0% during the 3rd quarter. Wellington Management Group LLP now owns 1,025,556 shares of the textile maker's stock valued at $68,630,000 after purchasing an additional 287,939 shares during the period. Institutional investors own 79.96% of the company's stock.

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.