Tapestry (NYSE:TPR) Rating Increased to Overweight at Barclays

Tapestry (NYSE:TPR) was upgraded by stock analysts at Barclays from an “equal weight” rating to an “overweight” rating in a research report issued to clients and investors on Wednesday, Marketbeat.com reports. The firm presently has a $87.00 price target on the luxury accessories retailer’s stock, up from their previous price target of $57.00. Barclays‘s target price points to a potential upside of 26.79% from the company’s previous close.

Other equities research analysts have also issued research reports about the stock. Telsey Advisory Group lifted their price objective on shares of Tapestry from $58.00 to $67.00 and gave the company an “outperform” rating in a research note on Friday, November 15th. The Goldman Sachs Group boosted their price target on Tapestry from $58.00 to $66.00 and gave the stock a “buy” rating in a research report on Friday, November 15th. Citigroup increased their price objective on Tapestry from $49.00 to $55.00 and gave the company a “buy” rating in a report on Friday, October 25th. Bank of America raised their price objective on Tapestry from $52.00 to $60.00 and gave the company a “buy” rating in a research note on Friday, October 25th. Finally, Guggenheim upped their target price on Tapestry from $60.00 to $70.00 and gave the stock a “buy” rating in a research report on Friday, November 15th. Five equities research analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $63.00.

Tapestry Trading Up 1.9 %

Shares of NYSE TPR opened at $68.62 on Wednesday. The business has a 50-day moving average price of $60.62 and a two-hundred day moving average price of $48.76. Tapestry has a one year low of $35.23 and a one year high of $69.09. The firm has a market capitalization of $15.99 billion, a PE ratio of 19.83, a PEG ratio of 1.80 and a beta of 1.58. The company has a current ratio of 4.93, a quick ratio of 4.38 and a debt-to-equity ratio of 2.35.

Insider Activity at Tapestry

In related news, VP Manesh Dadlani sold 8,872 shares of the company’s stock in a transaction dated Friday, November 15th. The shares were sold at an average price of $57.96, for a total value of $514,221.12. Following the sale, the vice president now owns 35,003 shares of the company’s stock, valued at $2,028,773.88. The trade was a 20.22 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. 1.18% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in TPR. Everence Capital Management Inc. bought a new stake in shares of Tapestry in the 4th quarter valued at approximately $362,000. GAMMA Investing LLC grew its position in Tapestry by 23.8% in the fourth quarter. GAMMA Investing LLC now owns 7,544 shares of the luxury accessories retailer’s stock valued at $493,000 after acquiring an additional 1,449 shares during the period. Retirement Systems of Alabama lifted its holdings in shares of Tapestry by 1.0% during the third quarter. Retirement Systems of Alabama now owns 51,180 shares of the luxury accessories retailer’s stock valued at $2,404,000 after acquiring an additional 493 shares during the period. Franklin Resources Inc. boosted its stake in shares of Tapestry by 10.6% in the 3rd quarter. Franklin Resources Inc. now owns 163,234 shares of the luxury accessories retailer’s stock valued at $7,442,000 after purchasing an additional 15,585 shares in the last quarter. Finally, Tidal Investments LLC grew its holdings in shares of Tapestry by 1.8% in the 3rd quarter. Tidal Investments LLC now owns 27,401 shares of the luxury accessories retailer’s stock worth $1,287,000 after purchasing an additional 481 shares during the last quarter. Institutional investors own 90.77% of the company’s stock.

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.