Tapestry (NYSE:TPR) Price Target Raised to $74.00 at Evercore ISI

Tapestry (NYSE:TPR) had its price target hoisted by equities researchers at Evercore ISI from $68.00 to $74.00 in a research report issued on Monday,Benzinga reports. The firm currently has an “outperform” rating on the luxury accessories retailer’s stock. Evercore ISI’s price objective would suggest a potential upside of 1.95% from the stock’s previous close.

Several other research analysts have also recently weighed in on the company. Jefferies Financial Group raised Tapestry from a “hold” rating to a “buy” rating and boosted their price objective for the stock from $50.00 to $80.00 in a research report on Thursday, December 19th. Wells Fargo & Company boosted their target price on Tapestry from $65.00 to $75.00 and gave the company an “overweight” rating in a research note on Friday, November 15th. Bank of America boosted their target price on Tapestry from $52.00 to $60.00 and gave the company a “buy” rating in a research note on Friday, October 25th. Raymond James restated an “outperform” rating and issued a $57.00 target price (up from $55.00) on shares of Tapestry in a research note on Friday, November 8th. Finally, BMO Capital Markets boosted their price objective on Tapestry from $55.00 to $60.00 and gave the company a “market perform” rating in a research note on Monday, November 18th. Six equities research analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $65.39.

Tapestry Trading Down 2.8 %

Tapestry stock traded down $2.07 during trading hours on Monday, hitting $72.59. The stock had a trading volume of 638,671 shares, compared to its average volume of 4,035,092. The company has a quick ratio of 4.38, a current ratio of 4.93 and a debt-to-equity ratio of 2.35. The stock has a market cap of $16.92 billion, a price-to-earnings ratio of 20.98, a P/E/G ratio of 2.07 and a beta of 1.58. Tapestry has a one year low of $35.23 and a one year high of $75.78. The business’s 50 day simple moving average is $64.82 and its 200-day simple moving average is $51.12.

Insider Buying and Selling

In related news, VP Manesh Dadlani sold 8,872 shares of the business’s stock in a transaction that occurred on Friday, November 15th. The stock was sold at an average price of $57.96, for a total transaction of $514,221.12. Following the completion of the transaction, the vice president now directly owns 35,003 shares in the company, valued at approximately $2,028,773.88. The trade was a 20.22 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. 1.18% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Waldron Private Wealth LLC bought a new position in shares of Tapestry during the 3rd quarter valued at approximately $25,000. Brooklyn Investment Group purchased a new stake in Tapestry during the 3rd quarter valued at $47,000. UMB Bank n.a. raised its holdings in Tapestry by 72.9% during the 4th quarter. UMB Bank n.a. now owns 1,176 shares of the luxury accessories retailer’s stock valued at $77,000 after buying an additional 496 shares during the period. Deseret Mutual Benefit Administrators raised its holdings in Tapestry by 68.2% during the 3rd quarter. Deseret Mutual Benefit Administrators now owns 1,492 shares of the luxury accessories retailer’s stock valued at $70,000 after buying an additional 605 shares during the period. Finally, Healthcare of Ontario Pension Plan Trust Fund purchased a new stake in Tapestry during the 2nd quarter valued at $68,000. 90.77% of the stock is currently owned by institutional investors.

Tapestry Company Profile

Tapestry, Inc provides luxury accessories and branded lifestyle products in the United States, Japan, Greater China, and internationally. The company operates in three segments: Coach, Kate Spade, and Stuart Weitzman. It offers women’s handbags; and women’s accessories, such as small leather goods which includes mini and micro handbags, money pieces, wristlets, pouches, and cosmetic cases, as well as novelty accessories including address books, time management and travel accessories, sketchbooks, and portfolios; and belts, key rings, and charms.