Tapestry (NYSE:TPR) Stock Price Expected to Rise, Wells Fargo & Company Analyst Says

Tapestry (NYSE:TPR) had its price objective hoisted by equities researchers at Wells Fargo & Company from $75.00 to $90.00 in a report released on Monday,Benzinga reports. The firm currently has an “overweight” rating on the luxury accessories retailer’s stock. Wells Fargo & Company‘s price target points to a potential upside of 23.42% from the company’s previous close.

Other equities research analysts have also recently issued reports about the company. UBS Group upped their target price on Tapestry from $57.00 to $70.00 and gave the stock a “neutral” rating in a research note on Friday, January 10th. JPMorgan Chase & Co. upped their price objective on Tapestry from $66.00 to $75.00 and gave the stock an “overweight” rating in a research report on Monday, December 16th. Guggenheim lifted their target price on Tapestry from $60.00 to $70.00 and gave the company a “buy” rating in a research report on Friday, November 15th. Telsey Advisory Group boosted their target price on Tapestry from $74.00 to $83.00 and gave the stock an “outperform” rating in a research note on Monday. Finally, StockNews.com downgraded shares of Tapestry from a “buy” rating to a “hold” rating in a research note on Monday, October 28th. Six investment 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 has an average rating of “Moderate Buy” and an average price target of $67.28.

Tapestry Price Performance

TPR stock opened at $72.92 on Monday. The company’s 50-day moving average price is $67.05 and its two-hundred day moving average price is $52.66. Tapestry has a 12 month low of $35.23 and a 12 month high of $76.49. The company has a quick ratio of 4.38, a current ratio of 4.93 and a debt-to-equity ratio of 2.35. The firm has a market cap of $16.99 billion, a P/E ratio of 21.08, a P/E/G ratio of 2.07 and a beta of 1.58.

Insider Activity at Tapestry

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

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the business. Charles Schwab Investment Management Inc. lifted its stake in Tapestry by 3.7% in the third quarter. Charles Schwab Investment Management Inc. now owns 7,614,558 shares of the luxury accessories retailer’s stock valued at $357,732,000 after buying an additional 272,007 shares during the period. Pacer Advisors Inc. lifted its position in shares of Tapestry by 1.0% during the 3rd quarter. Pacer Advisors Inc. now owns 6,078,760 shares of the luxury accessories retailer’s stock valued at $285,580,000 after acquiring an additional 58,135 shares during the period. Geode Capital Management LLC boosted its stake in Tapestry by 1.5% during the third quarter. Geode Capital Management LLC now owns 5,588,879 shares of the luxury accessories retailer’s stock worth $262,156,000 after acquiring an additional 80,681 shares in the last quarter. Allianz Asset Management GmbH grew its holdings in Tapestry by 16.4% in the fourth quarter. Allianz Asset Management GmbH now owns 2,121,469 shares of the luxury accessories retailer’s stock worth $138,596,000 after purchasing an additional 298,409 shares during the period. Finally, Westfield Capital Management Co. LP increased its stake in Tapestry by 14.8% in the third quarter. Westfield Capital Management Co. LP now owns 1,699,067 shares of the luxury accessories retailer’s stock valued at $79,822,000 after purchasing an additional 219,544 shares in the last quarter. 90.77% of the stock is owned by institutional investors and hedge funds.

About Tapestry

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.