Spirit Airlines (SAVE) Price Target Cut to $42.00
Spirit Airlines (NASDAQ:SAVE) had its price objective cut by Morgan Stanley from $43.00 to $42.00 in a report issued on Wednesday morning. They currently have an equal weight rating on the transportation company’s stock.
Several other analysts have also recently commented on SAVE. Stifel Nicolaus decreased their price target on shares of Spirit Airlines from $55.00 to $45.00 and set a buy rating on the stock in a research note on Tuesday, October 17th. Cowen reiterated a hold rating and issued a $37.00 price target on shares of Spirit Airlines in a research note on Tuesday, October 17th. Imperial Capital reiterated an in-line rating and issued a $36.00 price target (up previously from $32.00) on shares of Spirit Airlines in a research note on Friday, October 27th. Citigroup boosted their price target on shares of Spirit Airlines from $48.00 to $50.00 and gave the stock a buy rating in a research note on Friday, October 27th. Finally, Buckingham Research boosted their price target on shares of Spirit Airlines from $31.00 to $37.00 and gave the stock a neutral rating in a research note on Friday, October 27th. Two equities research analysts have rated the stock with a sell rating, seven have assigned a hold rating and seven have issued a buy rating to the stock. The company presently has an average rating of Hold and an average price target of $47.33.
Shares of Spirit Airlines (NASDAQ SAVE) opened at $39.25 on Wednesday. The company has a market cap of $2,740.00, a price-to-earnings ratio of 6.46, a price-to-earnings-growth ratio of 1.82 and a beta of 0.60. Spirit Airlines has a one year low of $30.32 and a one year high of $60.28. The company has a quick ratio of 1.88, a current ratio of 1.88 and a debt-to-equity ratio of 0.77.
Spirit Airlines announced that its board has authorized a share repurchase program on Thursday, October 26th that allows the company to repurchase $100.00 million in outstanding shares. This repurchase authorization allows the transportation company to repurchase shares of its stock through open market purchases. Stock repurchase programs are generally an indication that the company’s leadership believes its stock is undervalued.
In other 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 value of $100,432.80. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Insiders own 0.33% of the company’s stock.
Institutional investors have recently bought and sold shares of the company. GSA Capital Partners LLP bought a new position in Spirit Airlines during the 2nd quarter valued at about $526,000. Vanguard Group Inc. grew its holdings in Spirit Airlines by 1.4% during the 2nd quarter. Vanguard Group Inc. now owns 5,438,753 shares of the transportation company’s stock valued at $280,912,000 after purchasing an additional 73,982 shares during the last quarter. California Public Employees Retirement System grew its holdings in Spirit Airlines by 2.2% during the 2nd quarter. California Public Employees Retirement System now owns 137,400 shares of the transportation company’s stock valued at $7,097,000 after purchasing an additional 2,900 shares during the last quarter. Advisor Group Inc. grew its holdings in Spirit Airlines by 18.8% during the 2nd quarter. Advisor Group Inc. now owns 2,170 shares of the transportation company’s stock valued at $113,000 after purchasing an additional 344 shares during the last quarter. Finally, Janus Henderson Group PLC bought a new position in Spirit Airlines during the 2nd quarter valued at about $645,000.
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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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