Tapestry (NYSE:TPR) Upgraded at Barclays

Tapestry (NYSE:TPR) was upgraded by analysts at Barclays from an “equal weight” rating to an “overweight” rating in a report released on Wednesday,Benzinga reports. The brokerage currently has a $87.00 price objective on the luxury accessories retailer’s stock, up from their previous price objective of $57.00. Barclays‘s price objective points to a potential upside of 29.02% from the company’s previous close.

Several other research analysts also recently weighed in on TPR. The Goldman Sachs Group lifted their target price on Tapestry from $58.00 to $66.00 and gave the company a “buy” rating in a research note on Friday, November 15th. Telsey Advisory Group boosted their price objective on shares of Tapestry from $58.00 to $67.00 and gave the company an “outperform” rating in a research note on Friday, November 15th. TD Cowen cut shares of Tapestry from a “buy” rating to a “hold” rating and set a $52.00 target price for the company. in a research note on Tuesday, October 29th. BMO Capital Markets boosted their price target on shares of Tapestry from $55.00 to $60.00 and gave the stock a “market perform” rating in a research note on Monday, November 18th. Finally, Wells Fargo & Company raised their price objective on shares of Tapestry from $65.00 to $75.00 and gave the company an “overweight” rating in a research report on Friday, November 15th. Five analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $63.00.

Tapestry Price Performance

Shares of TPR opened at $67.43 on Wednesday. The company has a debt-to-equity ratio of 2.35, a quick ratio of 4.38 and a current ratio of 4.93. Tapestry has a fifty-two week low of $35.23 and a fifty-two week high of $69.09. The firm has a 50-day simple moving average of $59.79 and a 200-day simple moving average of $48.48. The company has a market capitalization of $15.71 billion, a price-to-earnings ratio of 19.49, a price-to-earnings-growth ratio of 1.80 and a beta of 1.58.

Insider Transactions at Tapestry

In other Tapestry news, VP Manesh Dadlani sold 8,872 shares of the stock in a transaction 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 sale, the vice president now owns 35,003 shares in the company, valued at approximately $2,028,773.88. This represents a 20.22 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Corporate insiders own 1.18% of the company’s stock.

Institutional Trading of Tapestry

Several institutional investors and hedge funds have recently made changes to their positions in the stock. Victory Capital Management Inc. lifted its holdings in Tapestry by 7.5% in the 3rd quarter. Victory Capital Management Inc. now owns 433,825 shares of the luxury accessories retailer’s stock valued at $20,381,000 after purchasing an additional 30,121 shares in the last quarter. Assenagon Asset Management S.A. purchased a new position in shares of Tapestry during the third quarter valued at approximately $5,446,000. Valley Wealth Managers Inc. boosted its holdings in shares of Tapestry by 2.1% during the third quarter. Valley Wealth Managers Inc. now owns 425,105 shares of the luxury accessories retailer’s stock worth $19,971,000 after purchasing an additional 8,833 shares during the last quarter. Westfield Capital Management Co. LP grew its holdings in Tapestry by 14.8% in the 3rd quarter. Westfield Capital Management Co. LP now owns 1,699,067 shares of the luxury accessories retailer’s stock valued at $79,822,000 after buying an additional 219,544 shares during the period. Finally, Claro Advisors LLC purchased a new stake in Tapestry in the third quarter valued at approximately $559,000. 90.77% of the stock is currently owned by hedge funds and other 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.