Spirit Airlines (SAVE) Given New $45.00 Price Target at Buckingham Research
Spirit Airlines (NASDAQ:SAVE) had its target price boosted by Buckingham Research from $42.00 to $45.00 in a research note published on Wednesday morning. They currently have a neutral rating on the transportation company’s stock.
A number of other equities analysts have also recently issued reports on the stock. Deutsche Bank upgraded shares of Spirit Airlines from a hold rating to a buy rating and boosted their price objective for the company from $40.00 to $58.00 in a research report on Thursday, December 21st. Stifel Nicolaus cut shares of Spirit Airlines from a buy rating to a hold rating and boosted their price objective for the company from $45.00 to $50.00 in a research report on Monday, January 15th. Bank of America upgraded shares of Spirit Airlines from a neutral rating to a buy rating and set a $53.00 price objective on the stock in a research report on Tuesday, January 9th. JPMorgan Chase & Co. cut shares of Spirit Airlines from a neutral rating to an underweight rating and set a $39.00 price objective on the stock. in a research report on Wednesday, November 1st. Finally, Morgan Stanley boosted their price objective on shares of Spirit Airlines from $38.00 to $39.00 and gave the company an equal weight rating in a research report on Monday, October 23rd. Two equities research analysts have rated the stock with a sell rating, seven have given a hold rating and seven have issued a buy rating to the stock. The company currently has an average rating of Hold and a consensus target price of $47.33.
Spirit Airlines (NASDAQ SAVE) opened at $39.25 on Wednesday. Spirit Airlines has a 52-week low of $30.32 and a 52-week high of $60.28. The stock has a market cap of $2,720.00, a PE ratio of 6.46, a price-to-earnings-growth ratio of 1.82 and a beta of 0.60. The company has a debt-to-equity ratio of 0.77, a current ratio of 1.88 and a quick ratio of 1.88.
Spirit Airlines declared that its Board of Directors has initiated a stock repurchase plan on Thursday, October 26th that authorizes the company to buyback $100.00 million in outstanding shares. This buyback authorization authorizes the transportation company to reacquire shares of its stock through open market purchases. Stock buyback plans are typically a sign that the company’s board of directors believes its shares are undervalued.
In related news, VP John A. Bendoraitis sold 2,340 shares of the business’s stock in a transaction dated Wednesday, December 6th. The shares were sold at an average price of $42.92, for a total transaction of $100,432.80. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. 0.33% of the stock is owned by insiders.
Hedge funds and other institutional investors have recently made changes to their positions in the stock. Verition Fund Management LLC purchased a new position in shares of Spirit Airlines during the second quarter valued at about $1,407,000. Wedge Capital Management L L P NC increased its position in shares of Spirit Airlines by 1.5% during the third quarter. Wedge Capital Management L L P NC now owns 349,947 shares of the transportation company’s stock valued at $11,692,000 after buying an additional 5,258 shares during the period. Nomura Holdings Inc. bought a new stake in Spirit Airlines during the second quarter worth about $361,000. California Public Employees Retirement System boosted its stake in Spirit Airlines by 2.8% during the third quarter. California Public Employees Retirement System now owns 141,263 shares of the transportation company’s stock worth $4,720,000 after acquiring an additional 3,863 shares in the last quarter. Finally, U S Global Investors Inc. boosted its stake in Spirit Airlines by 53.1% during the third quarter. U S Global Investors Inc. now owns 140,897 shares of the transportation company’s stock worth $4,706,000 after acquiring an additional 48,851 shares in the last quarter.
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About Spirit Airlines
Spirit Airlines, Inc is an airline company. The Company provides air transportation for passengers. As of December 31, 2016, its all-Airbus Fit Fleet operated over 420 daily flights to 59 destinations in the United States, Caribbean and Latin America. As of December 31, 2016, it had a fleet of 95 Airbus single-aisle aircraft, which are referred to as A320 family aircraft and include the A319, A320 and A321 models, which have common design and equipment but differ most notably in fuselage length, service range and seat capacity.
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