Needham & Company LLC Forecasts Strong Price Appreciation for Steven Madden (NASDAQ:SHOO) Stock

Steven Madden (NASDAQ:SHOO) had its target price hoisted by stock analysts at Needham & Company LLC from $41.00 to $42.00 in a research report issued to clients and investors on Monday,Benzinga reports. The brokerage currently has a “buy” rating on the textile maker’s stock. Needham & Company LLC’s price objective would suggest a potential upside of 12.00% from the stock’s current price.

SHOO has been the subject of several other research reports. Zacks Research upgraded shares of Steven Madden from a “strong sell” rating to a “hold” rating in a research report on Wednesday, April 8th. Williams Trading set a $48.00 price target on shares of Steven Madden in a report on Tuesday, March 10th. Jefferies Financial Group lowered shares of Steven Madden from a “hold” rating to an “underperform” rating and set a $30.00 price target for the company. in a report on Thursday, February 5th. BTIG Research reissued a “buy” rating and issued a $50.00 price target on shares of Steven Madden in a report on Thursday. Finally, UBS Group reissued a “neutral” rating and issued a $40.00 price target (up from $38.00) on shares of Steven Madden in a report on Monday, April 27th. Five investment analysts have rated the stock with a Buy rating, three have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, Steven Madden presently has a consensus rating of “Hold” and a consensus target price of $43.88.

Steven Madden Stock Performance

Shares of Steven Madden stock opened at $37.50 on Monday. The firm has a fifty day moving average of $35.71 and a two-hundred day moving average of $38.91. The stock has a market capitalization of $2.74 billion, a price-to-earnings ratio of 60.48 and a beta of 1.12. Steven Madden has a 52 week low of $19.75 and a 52 week high of $46.88. The company has a debt-to-equity ratio of 0.26, a quick ratio of 1.11 and a current ratio of 1.90.

Steven Madden (NASDAQ:SHOO) last issued its earnings results on Wednesday, February 25th. The textile maker reported $0.48 EPS for the quarter, beating the consensus estimate of $0.46 by $0.02. The company had revenue of $753.70 million during the quarter, compared to analysts’ expectations of $758.53 million. Steven Madden had a net margin of 1.76% and a return on equity of 13.60%. The business’s revenue for the quarter was up 29.6% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.55 EPS. As a group, equities research analysts predict that Steven Madden will post 2.09 EPS for the current year.

Insider Activity

In other news, Director Arian Simone Reed sold 3,600 shares of the business’s stock in a transaction on Thursday, March 12th. The shares were sold at an average price of $33.44, for a total value of $120,384.00. Following the completion of the transaction, the director owned 8,705 shares of the company’s stock, valued at $291,095.20. The trade was a 29.26% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 2.21% of the stock is owned by company insiders.

Hedge Funds Weigh In On Steven Madden

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. EverSource Wealth Advisors LLC boosted its stake in Steven Madden by 86.6% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 1,045 shares of the textile maker’s stock worth $25,000 after purchasing an additional 485 shares during the period. Los Angeles Capital Management LLC acquired a new position in Steven Madden in the 4th quarter worth $30,000. SBI Securities Co. Ltd. acquired a new position in Steven Madden in the 3rd quarter worth $31,000. Global Retirement Partners LLC boosted its stake in Steven Madden by 1,064.3% in the 4th quarter. Global Retirement Partners LLC now owns 815 shares of the textile maker’s stock worth $34,000 after purchasing an additional 745 shares during the period. Finally, First Horizon Corp boosted its stake in Steven Madden by 55.1% in the 4th quarter. First Horizon Corp now owns 892 shares of the textile maker’s stock worth $37,000 after purchasing an additional 317 shares during the period. 99.88% of the stock is owned by institutional investors and hedge funds.

About Steven Madden

Steven Madden, Inc (NASDAQ: SHOO) is a New York–based designer and marketer of fashion footwear, handbags and accessories. The company’s product portfolio spans a range of contemporary and lifestyle brands for women, men and children, including its core Steve Madden label as well as the Madden Girl and Dolce Vita brands. In addition to footwear, the company licenses its trademarks for use on apparel, eyewear and other fashion accessories.

Steven Madden distributes its products through multiple channels, including wholesale partners, e-commerce platforms and its own brick-and-mortar retail stores.