Morgan Stanley Raises Birkenstock (NYSE:BIRK) Price Target to $58.00

Birkenstock (NYSE:BIRK) had its price target hoisted by Morgan Stanley from $44.00 to $58.00 in a research note published on Tuesday, Benzinga reports. Morgan Stanley currently has an equal weight rating on the stock.

Several other analysts have also commented on the company. BNP Paribas assumed coverage on Birkenstock in a report on Thursday, June 20th. They issued an outperform rating and a $68.00 price objective for the company. Evercore ISI boosted their price target on Birkenstock from $54.00 to $63.00 and gave the company an outperform rating in a research note on Friday, May 31st. Stifel Nicolaus upped their price target on shares of Birkenstock from $54.00 to $63.00 and gave the company a buy rating in a research report on Friday, May 31st. Deutsche Bank Aktiengesellschaft reissued a buy rating and issued a $70.00 price objective on shares of Birkenstock in a report on Thursday, June 13th. Finally, Telsey Advisory Group reaffirmed an outperform rating and set a $56.00 target price on shares of Birkenstock in a report on Thursday, May 30th. Six analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of Moderate Buy and a consensus price target of $57.56.

Birkenstock Stock Performance

Shares of NYSE BIRK opened at $54.36 on Tuesday. The firm’s 50-day moving average price is $51.56 and its 200-day moving average price is $48.71. Birkenstock has a 52-week low of $35.83 and a 52-week high of $61.83. The company has a quick ratio of 1.13, a current ratio of 2.87 and a debt-to-equity ratio of 0.56.

Birkenstock (NYSE:BIRK) last issued its earnings results on Thursday, May 30th. The company reported $0.44 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.35 by $0.09. The company had revenue of $522.51 million during the quarter, compared to analysts’ expectations of $499.98 million. As a group, equities analysts predict that Birkenstock will post 1.38 earnings per share for the current year.

Institutional Trading of Birkenstock

Several institutional investors have recently made changes to their positions in BIRK. Banque Cantonale Vaudoise bought a new position in Birkenstock in the 1st quarter worth approximately $40,000. Tower Research Capital LLC TRC purchased a new position in shares of Birkenstock in the fourth quarter worth $77,000. Venturi Wealth Management LLC bought a new position in shares of Birkenstock during the fourth quarter worth $83,000. CWM LLC grew its stake in Birkenstock by 358.2% during the first quarter. CWM LLC now owns 2,181 shares of the company’s stock valued at $103,000 after acquiring an additional 1,705 shares in the last quarter. Finally, Connable Office Inc. purchased a new position in Birkenstock during the fourth quarter valued at $216,000. Hedge funds and other institutional investors own 19.93% of the company’s stock.

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.