Buckingham Research Boosts Spirit Airlines (NASDAQ:SAVE) Price Target to $45.00

Spirit Airlines (NASDAQ:SAVE) had its target price increased by Buckingham Research from $42.00 to $45.00 in a research note issued to investors on Wednesday, February 7th. They currently have a neutral rating on the transportation company’s stock.

Several other research firms also recently issued reports on SAVE. Stephens initiated coverage on Spirit Airlines in a research note on Wednesday, November 29th. They issued an overweight rating and a $50.00 price objective for the company. Cowen reaffirmed a hold rating and issued a $37.00 price objective on shares of Spirit Airlines in a research note on Tuesday, October 17th. Macquarie raised Spirit Airlines from a neutral rating to an outperform rating and set a $33.00 price objective for the company in a research note on Wednesday, February 7th. Zacks Investment Research downgraded Spirit Airlines from a hold rating to a sell rating in a research note on Monday, January 8th. Finally, Stifel Nicolaus lowered their price objective on Spirit Airlines from $55.00 to $45.00 and set a buy rating for the company in a research note on Tuesday, October 17th. Two analysts have rated the stock with a sell rating, seven have issued a hold rating and seven have assigned a buy rating to the company’s stock. Spirit Airlines currently has a consensus rating of Hold and an average price target of $47.33.

Shares of Spirit Airlines (NASDAQ SAVE) traded down $0.23 during midday trading on Wednesday, reaching $39.29. The company’s stock had a trading volume of 305,408 shares, compared to its average volume of 1,534,835. The company has a debt-to-equity ratio of 0.77, a quick ratio of 1.88 and a current ratio of 1.88. The firm has a market capitalization of $2,740.00, a P/E ratio of 6.50, a price-to-earnings-growth ratio of 1.82 and a beta of 0.60. Spirit Airlines has a 12-month low of $30.32 and a 12-month high of $60.28.

Spirit Airlines (NASDAQ:SAVE) last issued its earnings results on Tuesday, February 6th. The transportation company reported $0.73 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.71 by $0.02. The firm had revenue of $667.00 million during the quarter, compared to the consensus estimate of $666.12 million. Spirit Airlines had a return on equity of 15.86% and a net margin of 8.55%. The business’s quarterly revenue was up 15.3% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.77 earnings per share. equities research analysts forecast that Spirit Airlines will post 3.08 EPS for the current year.

Spirit Airlines announced that its board has authorized a share repurchase plan on Thursday, October 26th that permits the company to buyback $100.00 million in shares. This buyback authorization permits the transportation company to reacquire shares of its stock through open market purchases. Shares buyback plans are often a sign that the company’s board believes its stock is undervalued.

In other Spirit Airlines news, VP John A. Bendoraitis sold 2,340 shares of the stock in a transaction that occurred on Wednesday, December 6th. The shares were sold at an average price of $42.92, for a total transaction of $100,432.80. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Corporate insiders own 0.33% of the company’s stock.

A number of large investors have recently added to or reduced their stakes in SAVE. GSA Capital Partners LLP acquired a new stake in Spirit Airlines during the 2nd quarter valued at approximately $526,000. Vanguard Group Inc. increased its position 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 period. California Public Employees Retirement System increased its position 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 period. Advisor Group Inc. boosted its holdings in shares of Spirit Airlines by 18.8% during the 2nd quarter. Advisor Group Inc. now owns 2,170 shares of the transportation company’s stock worth $113,000 after buying an additional 344 shares in the last quarter. Finally, Janus Henderson Group PLC bought a new position in shares of Spirit Airlines during the 2nd quarter worth approximately $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.

Analyst Recommendations for Spirit Airlines (NASDAQ:SAVE)

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