GOLETA, Calif.—Maha Saleh Ibrahim, a director at Deckers Outdoor Corp (NYSE:DECK), recently sold shares of the company amounting to $60,239. The transactions, which took place on December 6, involved a total of 300 shares of common stock sold at prices ranging from $199.99 to $201.83 per share. The sale comes as DECK trades near its 52-week high of $207.29, with the stock delivering an impressive 79% return year-to-date. According to InvestingPro analysis, the company currently appears overvalued relative to its Fair Value.
Following these transactions, Ibrahim retains direct ownership of 10,222 shares in the company. The sales were executed under a Rule 10b5-1 trading plan, which allows company insiders to set up a predetermined schedule for buying or selling stock to avoid potential conflicts of interest. InvestingPro data reveals DECK maintains excellent financial health with strong profitability metrics. Subscribers can access 15+ additional ProTips and a comprehensive Pro Research Report for deeper insights into DECK's valuation and growth prospects.
In other recent news, Deckers Outdoor has been the center of attention due to its robust financial performance, with significant increases in quarterly sales primarily driven by its two flagship brands, UGG and HOKA. HOKA, in particular, achieved record-breaking revenue. Deckers also exceeded gross margin forecasts, benefiting from an emphasis on higher-margin sales within its UGG and HOKA brands, leading the company to revise its full-year outlook upwards.
Various financial firms have shown confidence in Deckers' performance. Needham initiated coverage on Deckers Outdoor with a Buy rating, citing the company's strong performance history and effective management, and added Deckers Outdoor to its Conviction List. Truist Securities revised its price target for Deckers Outdoor from $205.00 to $230.00, reaffirming its Buy rating, while Telsey Advisory Group increased its price target to $190 from the previous target of $183. TD Cowen also raised the company's price target to $185 based on Deckers' recent financial results and growth trajectory. However, Citi maintained a more cautious stance due to valuation concerns.
These recent developments suggest a promising future for Deckers, with significant growth expected in the coming years. The company's effective management of inventory and marketing initiatives are seen as drivers for continued success and expansion in the market. However, the potential for significant multiple expansion is seen as limited, given the expected increase in competition for the Hoka brand over the coming 12 months.
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