Needham & Company LLC Reaffirms Hold Rating for Skechers U.S.A. (NYSE:SKX)

Skechers U.S.A. (NYSE:SKX)‘s stock had its “hold” rating restated by analysts at Needham & Company LLC in a research report issued on Wednesday,Benzinga reports.

Other equities analysts have also recently issued research reports about the company. Piper Sandler began coverage on Skechers U.S.A. in a report on Tuesday, December 10th. They set a “neutral” rating and a $65.00 target price on the stock. TD Cowen raised their target price on Skechers U.S.A. from $88.00 to $93.00 and gave the stock a “buy” rating in a report on Wednesday, January 8th. Morgan Stanley lifted their price objective on Skechers U.S.A. from $81.00 to $84.00 and gave the company an “overweight” rating in a report on Friday, October 25th. StockNews.com upgraded Skechers U.S.A. from a “hold” rating to a “buy” rating in a report on Thursday, January 23rd. Finally, Deutsche Bank Aktiengesellschaft boosted their target price on Skechers U.S.A. from $83.00 to $84.00 and gave the company a “buy” rating in a research note on Friday, October 25th. Two investment analysts have rated the stock with a hold rating and eleven have given a buy rating to the stock. According to MarketBeat, Skechers U.S.A. has a consensus rating of “Moderate Buy” and a consensus price target of $80.18.

Skechers U.S.A. Price Performance

Shares of SKX opened at $78.22 on Wednesday. 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. has a 1 year low of $55.67 and a 1 year high of $78.85. The stock has a market cap of $11.81 billion, a P/E ratio of 19.27, a price-to-earnings-growth ratio of 0.90 and a beta of 1.19. The stock’s 50-day moving average price is $69.03 and its two-hundred day moving average price is $66.06.

Insider Buying and Selling

In related 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 value of $554,618.12. Following the completion of the sale, the chief operating officer now directly owns 122,211 shares in the company, valued at $8,246,798.28. The trade was a 6.30 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, President Michael Greenberg sold 10,274 shares of the business’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 completion of the sale, the president now owns 149,327 shares of the company’s stock, 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.

Institutional Trading of Skechers U.S.A.

Several institutional investors have recently added to or reduced their stakes in the company. Pacer Advisors Inc. boosted its stake in 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 valued at $176,628,000 after purchasing an additional 2,594,507 shares during the period. Geode Capital Management LLC boosted its stake in Skechers U.S.A. by 0.5% in the 3rd quarter. Geode Capital Management LLC now owns 2,216,905 shares of the textile maker’s stock valued at $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% in 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 during the period. Wellington Management Group LLP lifted 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 acquiring an additional 287,939 shares during the period. Finally, Loomis Sayles & Co. L P lifted its position in shares of Skechers U.S.A. by 7.1% during the 3rd quarter. Loomis Sayles & Co. L P now owns 752,067 shares of the textile maker’s stock valued at $50,328,000 after acquiring an additional 49,734 shares during the period. 79.96% of the stock is currently owned by institutional investors.

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.