Birkenstock (NYSE:BIRK) Price Target Raised to $70.00

Birkenstock (NYSE:BIRK) had its price target raised by BTIG Research from $60.00 to $70.00 in a report released on Wednesday, MarketBeat.com reports. They currently have a buy rating on the stock.

Other equities analysts also recently issued research reports about the stock. Telsey Advisory Group reissued an “outperform” rating and issued a $70.00 price objective on shares of Birkenstock in a report on Friday, December 13th. Hsbc Global Res raised shares of Birkenstock to a “strong-buy” rating in a research report on Tuesday, December 3rd. BMO Capital Markets restated an “outperform” rating and issued a $60.00 price objective on shares of Birkenstock in a research note on Friday, August 30th. HSBC upgraded Birkenstock from a “hold” rating to a “buy” rating and lifted their target price for the company from $58.00 to $60.00 in a research report on Tuesday, December 3rd. Finally, Evercore ISI restated an “outperform” rating and issued a $77.00 price target (up previously from $63.00) on shares of Birkenstock in a research report on Monday, August 26th. Two equities research analysts have rated the stock with a hold rating, fourteen have assigned a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $68.31.

Birkenstock Trading Up 4.9 %

Shares of NYSE:BIRK opened at $60.40 on Wednesday. The stock’s 50-day simple moving average is $49.97 and its two-hundred day simple moving average is $53.08. The stock has a market capitalization of $11.34 billion, a price-to-earnings ratio of 99.02, a PEG ratio of 1.19 and a beta of 2.22. Birkenstock has a 52-week low of $41.00 and a 52-week high of $64.78. The company has a debt-to-equity ratio of 0.55, a quick ratio of 1.49 and a current ratio of 2.91.

Hedge Funds Weigh In On Birkenstock

Several institutional investors have recently bought and sold shares of the stock. HighTower Advisors LLC boosted its holdings in shares of Birkenstock by 370.8% during the 3rd quarter. HighTower Advisors LLC now owns 26,165 shares of the company’s stock valued at $1,289,000 after purchasing an additional 20,607 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC purchased a new position in Birkenstock during the 3rd quarter valued at approximately $1,323,000. Federated Hermes Inc. increased its stake in Birkenstock by 42.0% in the 2nd quarter. Federated Hermes Inc. now owns 1,071,235 shares of the company’s stock worth $58,286,000 after acquiring an additional 316,935 shares during the last quarter. Renaissance Technologies LLC boosted its position in shares of Birkenstock by 128.8% during the 2nd quarter. Renaissance Technologies LLC now owns 124,000 shares of the company’s stock valued at $6,747,000 after acquiring an additional 69,800 shares during the last quarter. Finally, Element Capital Management LLC bought a new position in shares of Birkenstock during the 2nd quarter valued at approximately $6,325,000. 19.93% of the stock is owned by hedge funds and other institutional investors.

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.