Needham & Company LLC reissued their buy rating on shares of Tapestry (NYSE:TPR) in a research report released on Friday morning, Briefing.com Automated Import reports. The brokerage currently has a $35.00 price objective on the luxury accessories retailer’s stock, down from their previous price objective of $42.00.
A number of other equities analysts also recently weighed in on the stock. KeyCorp cut their price target on shares of Tapestry from $42.00 to $30.00 and set an overweight rating on the stock in a research note on Friday. Telsey Advisory Group downgraded shares of Tapestry from an outperform rating to a market perform rating in a research note on Thursday. OTR Global downgraded shares of Tapestry to a positive rating in a research note on Tuesday, April 23rd. Oppenheimer downgraded shares of Tapestry from an outperform rating to a market perform rating in a research note on Friday. Finally, Goldman Sachs Group downgraded shares of Tapestry from a buy rating to a neutral rating and cut their price target for the stock from $43.00 to $24.00 in a research note on Friday. One analyst has rated the stock with a sell rating, thirteen have assigned a hold rating and seventeen have issued a buy rating to the company. Tapestry presently has a consensus rating of Buy and a consensus price target of $39.30.
Shares of TPR traded up $0.51 on Friday, hitting $19.96. 13,891,500 shares of the stock traded hands, compared to its average volume of 3,629,128. The company has a quick ratio of 1.86, a current ratio of 2.67 and a debt-to-equity ratio of 0.45. The firm has a market capitalization of $7.25 billion, a P/E ratio of 7.77, a P/E/G ratio of 0.82 and a beta of 0.88. The stock’s 50 day moving average is $29.33 and its two-hundred day moving average is $31.72. Tapestry has a 1 year low of $18.54 and a 1 year high of $52.49.
In other Tapestry news, Director Darrell Cavens acquired 7,000 shares of the company’s stock in a transaction dated Tuesday, May 28th. The stock was bought at an average price of $30.01 per share, with a total value of $210,070.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Annabelle Yu Long sold 3,229 shares of the stock in a transaction on Wednesday, June 12th. The stock was sold at an average price of $28.93, for a total transaction of $93,414.97. The disclosure for this sale can be found here. 0.70% of the stock is owned by corporate insiders.
A number of institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Dimensional Fund Advisors LP lifted its stake in Tapestry by 20.4% in the 4th quarter. Dimensional Fund Advisors LP now owns 1,985,890 shares of the luxury accessories retailer’s stock worth $67,026,000 after purchasing an additional 336,879 shares in the last quarter. Geode Capital Management LLC lifted its stake in Tapestry by 19.7% in the 4th quarter. Geode Capital Management LLC now owns 4,398,352 shares of the luxury accessories retailer’s stock worth $148,221,000 after purchasing an additional 725,349 shares in the last quarter. Quantitative Systematic Strategies LLC purchased a new position in Tapestry in the 1st quarter worth approximately $275,000. Meeder Asset Management Inc. lifted its stake in Tapestry by 19.3% in the 1st quarter. Meeder Asset Management Inc. now owns 3,702 shares of the luxury accessories retailer’s stock worth $120,000 after purchasing an additional 599 shares in the last quarter. Finally, Nisa Investment Advisors LLC lifted its stake in Tapestry by 20.6% in the 1st quarter. Nisa Investment Advisors LLC now owns 95,224 shares of the luxury accessories retailer’s stock worth $3,094,000 after purchasing an additional 16,255 shares in the last quarter. 87.42% of the stock is owned by institutional investors and hedge funds.
Tapestry Company Profile
Tapestry, Inc provides luxury accessories and lifestyle brands in the United States, Japan, China, Hong Kong, Macau, East Asia, Europe, Canada, Taiwan, South Korea, Malaysia, and Singapore. It operates through three segments: Coach, Kate Spade, and Stuart Weitzman. The company offers handbags, wallets, money pieces, wristlets and cosmetic cases, key rings, and charms, as well as address books, time management accessories, travel accessories, sketchbooks, and portfolios for women; and business cases, computer bags, messenger-style bags, backpacks, totes, wallets, card cases, travel organizers, belts, footwear, watches, sunglasses, novelty accessories, and ready-to-wear for men.
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