Birkenstock (NYSE:BIRK) Given New $58.00 Price Target at Morgan Stanley

Birkenstock (NYSE:BIRK) had its price target upped by Morgan Stanley from $44.00 to $58.00 in a report published on Tuesday, Benzinga reports. The firm currently has an equal weight rating on the stock.

Several other equities analysts have also recently weighed in on the company. Piper Sandler boosted their price objective on Birkenstock from $56.50 to $61.00 and gave the stock an overweight rating in a research report on Friday, March 1st. Telsey Advisory Group reissued an outperform rating and set a $56.00 price objective on shares of Birkenstock in a research report on Thursday, May 30th. Stifel Nicolaus boosted their price objective on Birkenstock from $54.00 to $63.00 and gave the stock a buy rating in a research report on Friday, May 31st. BNP Paribas assumed coverage on Birkenstock in a research report on Thursday, June 20th. They set an outperform rating and a $68.00 price objective for the company. Finally, JPMorgan Chase & Co. boosted their price objective on Birkenstock from $56.00 to $64.00 and gave the stock an overweight rating in a research report on Monday, June 3rd. Six research analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company. According to MarketBeat, Birkenstock has an average rating of Moderate Buy and a consensus target price of $57.56.

Birkenstock Trading Down 4.0 %

BIRK opened at $57.36 on Tuesday. The stock has a 50-day moving average of $50.84 and a 200-day moving average of $48.59. Birkenstock has a 52-week low of $35.83 and a 52-week high of $61.83. The company has a current ratio of 2.87, a quick ratio of 1.13 and a debt-to-equity ratio of 0.56.

Birkenstock (NYSE:BIRK) last released its quarterly earnings results on Thursday, May 30th. The company reported $0.44 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.35 by $0.09. The company had revenue of $522.51 million for the quarter, compared to the consensus estimate of $499.98 million. Equities analysts forecast that Birkenstock will post 1.34 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Birkenstock

A number of hedge funds have recently modified their holdings of BIRK. Banque Cantonale Vaudoise acquired a new position in shares of Birkenstock in the 1st quarter worth approximately $40,000. Tower Research Capital LLC TRC acquired a new position in shares of Birkenstock in the 4th quarter worth approximately $77,000. Venturi Wealth Management LLC acquired a new position in shares of Birkenstock in the 4th quarter worth approximately $83,000. CWM LLC raised its holdings in shares of Birkenstock by 358.2% in the 1st quarter. CWM LLC now owns 2,181 shares of the company’s stock worth $103,000 after buying an additional 1,705 shares in the last quarter. Finally, Connable Office Inc. bought a new stake in Birkenstock during the 4th quarter worth approximately $216,000. 19.93% of the stock is owned by institutional investors and hedge funds.

Birkenstock Company Profile

Birkenstock Holding plc manufactures and sells footwear products. It also offers sandals, shoes, closed-toe silhouettes, skincare products, and accessories. The company sells its products through e-commerce sites and a network of owned retail stores, as well as business-to-business channels. It operates in the United States, Brazil, Canada, Mexico, Europe, APMA, and internationally.