Piper Sandler Lowers Best Buy (NYSE:BBY) Price Target to $92.00

Best Buy (NYSE:BBY) had its target price reduced by Piper Sandler from $102.00 to $92.00 in a research note issued on Wednesday,Benzinga reports. The firm currently has an “overweight” rating on the technology retailer’s stock. Piper Sandler’s price target would suggest a potential upside of 22.18% from the stock’s previous close.

Other research analysts also recently issued reports about the stock. Jefferies Financial Group lowered their price objective on shares of Best Buy from $106.00 to $92.00 and set a “buy” rating on the stock in a research report on Tuesday. UBS Group restated a “buy” rating on shares of Best Buy in a report on Friday. Loop Capital reaffirmed a “buy” rating and issued a $100.00 price target on shares of Best Buy in a research note on Wednesday, December 18th. Morgan Stanley reduced their price objective on Best Buy from $100.00 to $85.00 and set an “equal weight” rating for the company in a research report on Wednesday. Finally, Wells Fargo & Company reaffirmed an “equal weight” rating on shares of Best Buy in a research report on Friday. One investment analyst has rated the stock with a sell rating, nine have issued a hold rating, ten have issued a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $96.00.

Best Buy Stock Up 0.1 %

NYSE:BBY traded up $0.10 during trading hours on Wednesday, hitting $75.30. 1,124,954 shares of the stock traded hands, compared to its average volume of 2,806,808. The firm has a market cap of $16.10 billion, a price-to-earnings ratio of 12.87, a PEG ratio of 2.10 and a beta of 1.43. The firm has a 50 day moving average price of $86.20 and a 200 day moving average price of $90.62. The company has a current ratio of 1.00, a quick ratio of 0.22 and a debt-to-equity ratio of 0.37. Best Buy has a fifty-two week low of $69.29 and a fifty-two week high of $103.71.

Best Buy (NYSE:BBY) last posted its quarterly earnings results on Tuesday, March 4th. The technology retailer reported $2.58 earnings per share for the quarter, beating the consensus estimate of $2.40 by $0.18. Best Buy had a return on equity of 45.93% and a net margin of 3.01%. The firm had revenue of $13.95 billion for the quarter, compared to analyst estimates of $13.69 billion. During the same period in the previous year, the firm earned $2.72 earnings per share. Equities research analysts anticipate that Best Buy will post 6.18 earnings per share for the current year.

Insider Transactions at Best Buy

In other news, CFO Matthew M. Bilunas sold 69,166 shares of the business’s stock in a transaction dated Wednesday, December 11th. The shares were sold at an average price of $87.46, for a total transaction of $6,049,258.36. Following the transaction, the chief financial officer now owns 92,070 shares in the company, valued at approximately $8,052,442.20. The trade was a 42.90 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Corporate insiders own 0.59% of the company’s stock.

Institutional Investors Weigh In On Best Buy

Institutional investors have recently added to or reduced their stakes in the company. Rakuten Securities Inc. lifted its position in shares of Best Buy by 971.9% in the 4th quarter. Rakuten Securities Inc. now owns 343 shares of the technology retailer’s stock worth $29,000 after acquiring an additional 311 shares during the period. Vermillion Wealth Management Inc. bought a new position in Best Buy in the fourth quarter worth $31,000. Golden State Wealth Management LLC bought a new position in Best Buy in the fourth quarter worth $32,000. Atlas Capital Advisors Inc. boosted its stake in Best Buy by 186.9% during the fourth quarter. Atlas Capital Advisors Inc. now owns 373 shares of the technology retailer’s stock worth $32,000 after buying an additional 243 shares in the last quarter. Finally, Ancora Advisors LLC increased its holdings in Best Buy by 18,700.0% in the 4th quarter. Ancora Advisors LLC now owns 376 shares of the technology retailer’s stock valued at $32,000 after buying an additional 374 shares during the period. 80.96% of the stock is owned by institutional investors and hedge funds.

Best Buy Company Profile

Best Buy Co, Inc engages in the retail of technology products in the United States, Canada, and international. Its stores provide computing and mobile phone products, such as desktops, notebooks, and peripherals; mobile phones comprising related mobile network carrier commissions; networking products; tablets covering e-readers; smartwatches; and consumer electronics consisting of digital imaging, health and fitness products, portable audio comprising headphones and portable speakers, and smart home products, as well as home theaters, which includes home theater accessories, soundbars, and televisions.