Tapestry (NYSE:TPR) Price Target Raised to $90.00

Tapestry (NYSE:TPR) had its target price increased by Wells Fargo & Company from $75.00 to $90.00 in a report released on Monday morning,Benzinga reports. Wells Fargo & Company currently has an overweight rating on the luxury accessories retailer’s stock.

Several other research analysts have also recently issued reports on TPR. UBS Group raised their price objective on Tapestry from $57.00 to $70.00 and gave the stock a “neutral” rating in a research note on Friday, January 10th. TD Cowen lowered Tapestry from a “buy” rating to a “hold” rating and set a $52.00 price objective for the company. in a research note on Tuesday, October 29th. Bank of America lifted their price objective on Tapestry from $52.00 to $60.00 and gave the company a “buy” rating in a research note on Friday, October 25th. Telsey Advisory Group lifted their price objective on Tapestry from $74.00 to $83.00 and gave the company an “outperform” rating in a research note on Monday. Finally, Guggenheim lifted their price objective on Tapestry from $60.00 to $70.00 and gave the company a “buy” rating in a research note on Friday, November 15th. Six research analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company. Based on data from MarketBeat, Tapestry presently has a consensus rating of “Moderate Buy” and a consensus target price of $67.28.

Tapestry Trading Up 0.6 %

Shares of NYSE:TPR opened at $73.40 on Monday. Tapestry has a 52-week low of $35.23 and a 52-week high of $76.49. The stock has a market cap of $17.10 billion, a price-to-earnings ratio of 21.21, a PEG ratio of 2.07 and a beta of 1.58. 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 business has a 50-day moving average price of $67.29 and a 200-day moving average price of $52.80.

Insider Buying and Selling

In related news, VP Manesh Dadlani sold 8,872 shares of the business’s stock in a transaction on Friday, November 15th. The shares were sold at an average price of $57.96, for a total value of $514,221.12. Following the completion of the sale, the vice president now owns 35,003 shares of the company’s stock, 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 Securities & Exchange Commission, which can be accessed through this hyperlink. 1.18% of the stock is owned by insiders.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the company. Victory Capital Management Inc. grew its holdings in shares of Tapestry by 7.5% during the third quarter. Victory Capital Management Inc. now owns 433,825 shares of the luxury accessories retailer’s stock worth $20,381,000 after buying an additional 30,121 shares in the last quarter. Assenagon Asset Management S.A. purchased a new stake in Tapestry during the 3rd quarter valued at about $5,446,000. Valley Wealth Managers Inc. raised its holdings in Tapestry by 2.1% in the 3rd quarter. Valley Wealth Managers Inc. now owns 425,105 shares of the luxury accessories retailer’s stock valued at $19,971,000 after acquiring an additional 8,833 shares during the last quarter. Decker Retirement Planning Inc. purchased a new position in Tapestry in the 4th quarter worth approximately $3,437,000. Finally, Westfield Capital Management Co. LP boosted its holdings in shares of Tapestry by 14.8% during the 3rd quarter. Westfield Capital Management Co. LP now owns 1,699,067 shares of the luxury accessories retailer’s stock worth $79,822,000 after purchasing an additional 219,544 shares during the last quarter. 90.77% of the stock is owned by institutional investors and hedge funds.

About Tapestry

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.