Birkenstock (NYSE:BIRK) Research Coverage Started at Piper Sandler

Piper Sandler began coverage on shares of Birkenstock (NYSE:BIRK) in a report released on Tuesday morning, MarketBeat.com reports. The firm issued an overweight rating and a $65.00 target price on the stock.

A number of other analysts have also recently issued reports on BIRK. Stifel Nicolaus lifted their price objective on Birkenstock from $63.00 to $70.00 and gave the company a “buy” rating in a research report on Friday, August 23rd. Evercore ISI restated an “outperform” rating and issued a $77.00 price objective (up previously from $63.00) on shares of Birkenstock in a report on Monday, August 26th. BMO Capital Markets reaffirmed an “outperform” rating and set a $60.00 price objective on shares of Birkenstock in a research report on Friday, August 30th. Telsey Advisory Group reissued an “outperform” rating and issued a $70.00 target price on shares of Birkenstock in a research report on Tuesday, September 24th. Finally, HSBC upgraded shares of Birkenstock from a “hold” rating to a “buy” rating and raised their price target for the company from $58.00 to $60.00 in a report on Tuesday, December 3rd. Two equities research analysts have rated the stock with a hold rating, fourteen have given a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $66.13.

Birkenstock Price Performance

NYSE BIRK opened at $53.59 on Tuesday. The company has a 50 day simple moving average of $49.19 and a 200-day simple moving average of $52.93. Birkenstock has a 52-week low of $41.00 and a 52-week high of $64.78. The firm has a market capitalization of $10.07 billion, a price-to-earnings ratio of 87.85, a price-to-earnings-growth ratio of 1.16 and a beta of 2.22. The company has a debt-to-equity ratio of 0.55, a current ratio of 2.91 and a quick ratio of 1.49.

Institutional Trading of Birkenstock

Institutional investors have recently modified their holdings of the company. Bank of New York Mellon Corp grew its position in Birkenstock by 19.3% in the second quarter. Bank of New York Mellon Corp now owns 62,776 shares of the company’s stock valued at $3,416,000 after acquiring an additional 10,157 shares during the period. Principal Financial Group Inc. bought a new position in shares of Birkenstock in the second quarter valued at approximately $4,323,000. TD Asset Management Inc raised its stake in shares of Birkenstock by 22.6% in the second quarter. TD Asset Management Inc now owns 244,372 shares of the company’s stock valued at $13,296,000 after acquiring an additional 45,000 shares during the last quarter. Victory Capital Management Inc. acquired a new position in shares of Birkenstock in the 2nd quarter worth approximately $18,755,000. Finally, Acadian Asset Management LLC bought a new stake in Birkenstock during the 2nd quarter worth approximately $136,000. Institutional investors and hedge funds own 19.93% of the company’s stock.

About Birkenstock

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.