Boston Beer (NYSE:SAM) Price Target Cut to $240.00 by Analysts at Piper Sandler

Boston Beer (NYSE:SAM) had its price objective reduced by investment analysts at Piper Sandler from $275.00 to $240.00 in a research report issued to clients and investors on Wednesday,Benzinga reports. The firm presently has a “neutral” rating on the stock. Piper Sandler’s target price would suggest a potential downside of 1.55% from the company’s current price.

SAM has been the subject of a number of other research reports. Morgan Stanley cut their price objective on shares of Boston Beer from $290.00 to $270.00 and set an “equal weight” rating for the company in a research report on Wednesday. StockNews.com upgraded shares of Boston Beer from a “hold” rating to a “buy” rating in a research note on Tuesday. Needham & Company LLC began coverage on shares of Boston Beer in a research report on Friday, December 6th. They set a “hold” rating for the company. Citigroup cut their price target on shares of Boston Beer from $335.00 to $290.00 and set a “neutral” rating for the company in a report on Wednesday, January 15th. Finally, Roth Mkm reaffirmed a “buy” rating and set a $349.00 price objective (down from $389.00) on shares of Boston Beer in a research note on Wednesday. One investment analyst has rated the stock with a sell rating, nine have given a hold rating and two have given a buy rating to the company. According to data from MarketBeat, Boston Beer has an average rating of “Hold” and a consensus price target of $293.40.

Boston Beer Stock Performance

Shares of NYSE SAM traded up $9.49 during mid-day trading on Wednesday, reaching $243.78. The company had a trading volume of 261,100 shares, compared to its average volume of 197,134. The stock has a fifty day moving average of $261.05 and a two-hundred day moving average of $281.06. The company has a market capitalization of $2.80 billion, a price-to-earnings ratio of 35.86, a PEG ratio of 1.23 and a beta of 1.06. Boston Beer has a 12-month low of $222.27 and a 12-month high of $371.65.

Institutional Investors Weigh In On Boston Beer

Several large investors have recently added to or reduced their stakes in SAM. Blue Trust Inc. increased its holdings in shares of Boston Beer by 405.6% in the 4th quarter. Blue Trust Inc. now owns 91 shares of the company’s stock worth $26,000 after buying an additional 73 shares during the last quarter. EverSource Wealth Advisors LLC increased its holdings in shares of Boston Beer by 2,225.0% in the fourth quarter. EverSource Wealth Advisors LLC now owns 93 shares of the company’s stock worth $28,000 after buying an additional 89 shares during the period. First Horizon Advisors Inc. lifted its position in Boston Beer by 105.1% in the third quarter. First Horizon Advisors Inc. now owns 121 shares of the company’s stock valued at $35,000 after purchasing an additional 62 shares during the last quarter. GeoWealth Management LLC purchased a new stake in Boston Beer during the 4th quarter valued at $35,000. Finally, Covestor Ltd raised its position in Boston Beer by 36.6% during the 3rd quarter. Covestor Ltd now owns 127 shares of the company’s stock valued at $37,000 after purchasing an additional 34 shares during the last quarter. Institutional investors own 81.13% of the company’s stock.

About Boston Beer

The Boston Beer Company, Inc produces and sells alcohol beverages primarily in the United States. The company's flagship beer is Samuel Adams Boston Lager. It offers various beers, hard ciders, flavored malt beverages, and hard seltzers under the Samuel Adams, Twisted Tea, Truly, Angry Orchard, Dogfish Head, Angel City, and Coney Island brand names.