Best Buy (NYSE:BBY) Given New $92.00 Price Target at Jefferies Financial Group

Best Buy (NYSE:BBY) had its target price reduced by investment analysts at Jefferies Financial Group from $106.00 to $92.00 in a report released on Tuesday,Benzinga reports. The firm currently has a “buy” rating on the technology retailer’s stock. Jefferies Financial Group’s target price indicates a potential upside of 22.02% from the company’s current price.

A number of other analysts have also commented on the stock. Loop Capital reaffirmed a “buy” rating and set a $100.00 target price on shares of Best Buy in a report on Wednesday, December 18th. Guggenheim decreased their price objective on Best Buy from $110.00 to $105.00 and set a “buy” rating for the company in a research note on Friday, November 29th. Barclays cut their target price on Best Buy from $95.00 to $89.00 and set an “equal weight” rating on the stock in a research note on Thursday, January 9th. Wells Fargo & Company restated an “equal weight” rating on shares of Best Buy in a research report on Friday. Finally, Truist Financial cut their price target on shares of Best Buy from $107.00 to $95.00 and set a “hold” rating on the stock in a research report on Wednesday, November 27th. One equities research analyst has rated the stock with a sell rating, eight have issued a hold rating, ten have issued a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $101.33.

Best Buy Trading Down 13.1 %

Shares of NYSE BBY traded down $11.35 during midday trading on Tuesday, hitting $75.40. The stock had a trading volume of 14,820,469 shares, compared to its average volume of 2,850,094. The firm has a market cap of $16.12 billion, a P/E ratio of 12.89, a price-to-earnings-growth ratio of 2.10 and a beta of 1.43. Best Buy has a fifty-two week low of $69.29 and a fifty-two week high of $103.71. The company has a debt-to-equity ratio of 0.37, a current ratio of 1.00 and a quick ratio of 0.22. The company’s 50-day simple moving average is $86.43 and its 200 day simple moving average is $90.69.

Best Buy (NYSE:BBY) last announced its quarterly earnings data on Tuesday, March 4th. The technology retailer reported $2.58 EPS for the quarter, topping analysts’ consensus estimates of $2.40 by $0.18. Best Buy had a return on equity of 45.93% and a net margin of 3.01%. During the same period last year, the business earned $2.72 earnings per share. Research analysts anticipate that Best Buy will post 6.18 EPS for the current year.

Insiders Place Their Bets

In other Best Buy 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 sale, the chief financial officer now directly owns 92,070 shares of the company’s stock, valued at $8,052,442.20. The trade was a 42.90 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this link. Insiders own 0.59% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in BBY. Rakuten Securities Inc. increased its holdings in Best Buy by 971.9% during the fourth quarter. Rakuten Securities Inc. now owns 343 shares of the technology retailer’s stock worth $29,000 after buying an additional 311 shares during the last quarter. Vermillion Wealth Management Inc. acquired a new position in shares of Best Buy during the 4th quarter worth about $31,000. Golden State Wealth Management LLC acquired a new stake in Best Buy in the 4th quarter valued at about $32,000. Atlas Capital Advisors Inc. increased its position 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 during the last quarter. Finally, Ancora Advisors LLC raised its stake in Best Buy by 18,700.0% in the fourth 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. Institutional investors and hedge funds own 80.96% of the company’s stock.

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.