In a report released today, Abbie Zvejnieks from Piper Sandler maintained a Buy rating on Skechers USA (SKX – Research Report), with a price target of $69.00. The company’s shares closed yesterday at $62.11.
Zvejnieks covers the Consumer Cyclical sector, focusing on stocks such as VF, Crocs, and Deckers Outdoor. According to TipRanks, Zvejnieks has an average return of 7.8% and a 57.14% success rate on recommended stocks.
Currently, the analyst consensus on Skechers USA is a Strong Buy with an average price target of $69.86, a 12.48% upside from current levels. In a report released today, Stifel Nicolaus also maintained a Buy rating on the stock with a $72.00 price target.
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Based on Skechers USA’s latest earnings release for the quarter ending September 30, the company reported a quarterly revenue of $2.02 billion and a net profit of $145.42 million. In comparison, last year the company earned a revenue of $1.88 billion and had a net profit of $85.89 million
Based on the recent corporate insider activity of 31 insiders, corporate insider sentiment is negative on the stock. This means that over the past quarter there has been an increase of insiders selling their shares of SKX in relation to earlier this year. Most recently, in November 2023, Robert Greenberg, the CEO of SKX sold 200,000.00 shares for a total of $11,744,000.00.
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Skechers USA (SKX) Company Description:
SKECHERS USA, Inc. engages in designing, development and marketing of lifestyle footwear for men, women, and children of all ages. It operates through the following segments: Domestic Wholesale Sales, International Wholesale Sales, and Retail Sales. The Domestic Wholesale Sales segment distributes footwear through the domestic wholesale distribution channels: department stores, specialty stores, athletic specialty shoe stores and independent retailers, as well as catalog and internet retailers. The International Wholesale Sales segment includes international direct subsidiary sales and international distributor sales. The Retail Sales segment refers to e-commerce which operates through the concept stores, factory outlet stores, and warehouse outlet stores. The company was founded by Robert Greenberg and Michael Greenberg in 1992 and is headquartered in Manhattan Beach, CA.
Read More on SKX:
- Skechers price target raised to $75 from $62 at Wedbush
- Skechers price target raised to $59 from $49 at Morgan Stanley
- Seaport Research consumer/apparel analyst holds analyst/industry conference call
- The sports and lifestyle brand stocks to own in 2024, according to Stifel
- Skechers price target raised by $10 at Stifel, here’s why
