Steven Madden (NASDAQ:SHOO) Price Target Cut to $35.00 by Analysts at Loop Capital

Steven Madden (NASDAQ:SHOO) had its target price cut by equities research analysts at Loop Capital from $40.00 to $35.00 in a research note issued on Thursday,Benzinga reports. The brokerage presently has a “hold” rating on the textile maker’s stock. Loop Capital’s target price would indicate a potential upside of 5.64% from the company’s current price.

SHOO has been the subject of a number of other reports. Citigroup decreased their price objective on shares of Steven Madden from $38.00 to $35.00 and set a “neutral” rating for the company in a report on Thursday. Telsey Advisory Group decreased their target price on Steven Madden from $44.00 to $38.00 and set a “market perform” rating for the company in a research report on Thursday. Jefferies Financial Group reissued a “hold” rating on shares of Steven Madden in a research report on Monday, February 3rd. Piper Sandler cut their price objective on Steven Madden from $45.00 to $40.00 and set a “neutral” rating for the company in a research report on Tuesday, February 4th. Finally, Needham & Company LLC reaffirmed a “hold” rating on shares of Steven Madden in a report on Thursday. Eight investment analysts have rated the stock with a hold rating and one has issued a buy rating to the company. Based on data from MarketBeat, the stock has an average rating of “Hold” and an average target price of $40.33.

Steven Madden Stock Performance

Shares of NASDAQ SHOO traded down $1.71 during midday trading on Thursday, reaching $33.13. 1,322,816 shares of the company’s stock were exchanged, compared to its average volume of 793,490. Steven Madden has a 52-week low of $32.81 and a 52-week high of $50.01. The business’s fifty day moving average price is $40.46 and its two-hundred day moving average price is $43.63. The stock has a market capitalization of $2.39 billion, a PE ratio of 14.12 and a beta of 1.07.

Steven Madden (NASDAQ:SHOO) last released its quarterly earnings results on Wednesday, February 26th. The textile maker reported $0.55 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.53 by $0.02. The business had revenue of $582.32 million for the quarter, compared to analyst estimates of $550.37 million. Steven Madden had a net margin of 7.68% and a return on equity of 23.41%. Analysts predict that Steven Madden will post 2.66 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in the business. Gladius Capital Management LP acquired a new position in shares of Steven Madden in the 3rd quarter worth approximately $36,000. R Squared Ltd acquired a new position in Steven Madden during the fourth quarter worth $55,000. Quarry LP lifted its holdings in shares of Steven Madden by 403.6% during the fourth quarter. Quarry LP now owns 1,385 shares of the textile maker’s stock valued at $59,000 after acquiring an additional 1,110 shares during the period. Blue Trust Inc. boosted its stake in shares of Steven Madden by 94.1% in the 3rd quarter. Blue Trust Inc. now owns 1,619 shares of the textile maker’s stock valued at $79,000 after purchasing an additional 785 shares in the last quarter. Finally, International Assets Investment Management LLC grew its holdings in shares of Steven Madden by 4,800.0% in the 3rd quarter. International Assets Investment Management LLC now owns 1,911 shares of the textile maker’s stock worth $94,000 after purchasing an additional 1,872 shares during the last quarter. Institutional investors and hedge funds own 99.88% of the company’s stock.

About Steven Madden

Steven Madden, Ltd. designs, sources, and markets fashion-forward branded and private label footwear, accessories, and apparel in the United States and internationally. It operates through Wholesale Footwear, Wholesale Accessories/Apparel, Direct-to- Consumer, and Licensing segments. The Wholesale Footwear segment designs, sources, and markets various products, including dress shoes, boots, booties, fashion sneakers, sandals, and casual shoes under the Steve Madden, Dolce Vita, Betsey Johnson, Blondo, GREATS, and Anne Klein brands.