Zacks Investment Research Downgrades Vera Bradley (VRA) to Hold
Vera Bradley (NASDAQ:VRA) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a note issued to investors on Thursday.
According to Zacks, “Vera Bradley Designs, Inc. is a designer, producer, marketer and retailer of accessories for women. Its products include handbags, accessories and travel and leisure items. It sells its products through two reportable segments Indirect and Direct. Its indirect business consists of sale of Vera Bradley products to independent retailers in the U.S. as well as select national retailers and third party e-commerce sites. Its direct business consists of sales of Vera Bradley products through its full-price stores, its outlet stores, verabradley.com, and its annual outlet sale in Fort Wayne, Indiana. Vera Bradley Designs, Inc. is headquartered in Fort Wayne, Indiana. “
VRA has been the topic of a number of other reports. BidaskClub raised shares of Vera Bradley from a “buy” rating to a “strong-buy” rating in a report on Friday, April 27th. ValuEngine downgraded shares of Vera Bradley from a “buy” rating to a “hold” rating in a report on Friday, May 4th. Finally, Telsey Advisory Group lifted their price objective on shares of Vera Bradley from $11.00 to $15.00 and gave the stock a “market perform” rating in a report on Thursday, June 7th. Seven equities research analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. The company presently has an average rating of “Hold” and a consensus price target of $12.50.
Vera Bradley (NASDAQ:VRA) last posted its quarterly earnings data on Wednesday, June 6th. The textile maker reported ($0.04) earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of ($0.10) by $0.06. The firm had revenue of $86.60 million for the quarter, compared to the consensus estimate of $86.21 million. Vera Bradley had a net margin of 2.18% and a return on equity of 8.27%. The business’s revenue for the quarter was down 9.9% compared to the same quarter last year. During the same period in the previous year, the firm earned ($0.09) EPS. sell-side analysts anticipate that Vera Bradley will post 0.49 earnings per share for the current fiscal year.
In related news, major shareholder Michael C. Ray sold 600,000 shares of the business’s stock in a transaction dated Tuesday, June 26th. The shares were sold at an average price of $14.43, for a total value of $8,658,000.00. Following the transaction, the insider now directly owns 106,888 shares of the company’s stock, valued at approximately $1,542,393.84. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, major shareholder Michael C. Ray sold 2,429 shares of the business’s stock in a transaction dated Wednesday, May 23rd. The stock was sold at an average price of $11.44, for a total transaction of $27,787.76. Following the completion of the transaction, the insider now directly owns 114,175 shares in the company, valued at $1,306,162. The disclosure for this sale can be found here. Insiders sold a total of 1,144,704 shares of company stock worth $16,427,849 over the last three months. 30.10% of the stock is owned by insiders.
Several large investors have recently modified their holdings of VRA. Wells Fargo & Company MN boosted its holdings in shares of Vera Bradley by 25.0% in the 4th quarter. Wells Fargo & Company MN now owns 29,830 shares of the textile maker’s stock worth $363,000 after buying an additional 5,966 shares during the last quarter. Alliancebernstein L.P. boosted its holdings in shares of Vera Bradley by 37.1% in the 4th quarter. Alliancebernstein L.P. now owns 113,760 shares of the textile maker’s stock worth $1,386,000 after buying an additional 30,770 shares during the last quarter. Deutsche Bank AG boosted its holdings in shares of Vera Bradley by 216.2% in the 4th quarter. Deutsche Bank AG now owns 60,897 shares of the textile maker’s stock worth $740,000 after buying an additional 41,640 shares during the last quarter. Guggenheim Capital LLC purchased a new position in shares of Vera Bradley in the 4th quarter worth about $1,643,000. Finally, Millennium Management LLC boosted its holdings in shares of Vera Bradley by 455.8% in the 4th quarter. Millennium Management LLC now owns 59,182 shares of the textile maker’s stock worth $721,000 after buying an additional 48,534 shares during the last quarter. 64.50% of the stock is currently owned by institutional investors.
Vera Bradley Company Profile
Vera Bradley, Inc, together with its subsidiaries, designs, manufactures, and sells women's handbags, luggage and travel items, fashion and home accessories, and gifts. It operates through two segments, Direct and Indirect. The company offers totes, crossbodies, satchels, clutches, backpacks, baby bags, and lunch bags; accessories, including wallets, wristlets, eyeglass cases, scarves, and various technology accessories; and travel products, such as rolling luggage, cosmetics, and travel and packing accessories, as well as travel bags comprising duffel and weekend bags.
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