Zacks Investment Research upgraded shares of Zumiez (NASDAQ:ZUMZ) from a hold rating to a strong-buy rating in a research note released on Tuesday morning, Zacks.com reports. Zacks Investment Research currently has $56.00 price objective on the apparel and footwear maker’s stock.
According to Zacks, “Shares of Zumiez have risen and outperformed the industry year to date. The stock got a boost from sturdy first-quarter fiscal 2021 results, wherein both the top and bottom lines outshone the Zacks Consensus Estimate and also improved year over year. Quarterly results exceeded the pre-COVID levels even though part of the global store fleet was closed in the period. While higher sales along with efficient expense management supported the bottom line, gains from the net addition of stores and a comparable-store sales increase drove the top line. Margins were robust in the quarter. Based on strong first-quarter results and May sales, it envisions fiscal 2021 sales to grow in the low-to-mid-teen range from fiscal 2019. Moving on, the company’s healthy balance sheet, a sturdy business model and strong brand portfolio bode well for the long haul.”
Other research analysts have also recently issued reports about the stock. B. Riley lifted their price objective on shares of Zumiez from $55.00 to $65.00 and gave the company a buy rating in a report on Friday, June 4th. Pivotal Research lifted their price objective on shares of Zumiez from $45.00 to $49.00 and gave the company a hold rating in a report on Tuesday, March 9th. Two research analysts have rated the stock with a hold rating, one has given a buy rating and one has given a strong buy rating to the stock. The stock currently has an average rating of Buy and a consensus target price of $51.25.
Zumiez (NASDAQ:ZUMZ) last issued its quarterly earnings data on Wednesday, June 2nd. The apparel and footwear maker reported $1.03 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.04 by $0.99. The firm had revenue of $279.07 million during the quarter, compared to analysts’ expectations of $221.85 million. Zumiez had a net margin of 7.69% and a return on equity of 15.92%. The business’s revenue was up 102.6% on a year-over-year basis. During the same period last year, the company earned ($0.84) earnings per share. Equities research analysts expect that Zumiez will post 3.19 earnings per share for the current fiscal year.
In other Zumiez news, insider Chris K. Visser sold 1,851 shares of Zumiez stock in a transaction dated Tuesday, June 8th. The shares were sold at an average price of $49.53, for a total value of $91,680.03. Following the sale, the insider now owns 10,023 shares of the company’s stock, valued at $496,439.19. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Director Thomas D. Campion sold 190,044 shares of Zumiez stock in a transaction dated Friday, April 9th. The stock was sold at an average price of $47.03, for a total transaction of $8,937,769.32. Following the completion of the sale, the director now directly owns 996,703 shares in the company, valued at approximately $46,874,942.09. The disclosure for this sale can be found here. Insiders have sold 263,461 shares of company stock worth $12,229,794 over the last three months. 16.00% of the stock is owned by insiders.
A number of hedge funds have recently made changes to their positions in the business. Squarepoint Ops LLC bought a new stake in Zumiez in the first quarter worth about $299,000. Paloma Partners Management Co raised its position in shares of Zumiez by 38.1% in the first quarter. Paloma Partners Management Co now owns 8,210 shares of the apparel and footwear maker’s stock valued at $352,000 after purchasing an additional 2,265 shares during the period. Voloridge Investment Management LLC bought a new stake in shares of Zumiez in the first quarter valued at approximately $233,000. Capital Impact Advisors LLC bought a new stake in shares of Zumiez in the first quarter valued at approximately $513,000. Finally, Point72 Asset Management L.P. bought a new stake in shares of Zumiez in the first quarter valued at approximately $116,000. 77.82% of the stock is currently owned by institutional investors and hedge funds.
Zumiez Company Profile
Zumiez Inc, together with its subsidiaries, operates as a specialty retailer of apparel, footwear, accessories, and hardgoods for young men and women. Its hardgoods include skateboards, snowboards, bindings, components, and other equipment. As of March 6, 2021, the company operated 722 stores, including 602 stores in the United States, 52 stores in Canada, 54 stores in Europe, and 14 stores in Australia under the names of Zumiez, Blue Tomato, and Fast Times.
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