Spirit Airlines (SAVE) Price Target Raised to $68.00

Spirit Airlines (NASDAQ:SAVE) had its target price boosted by Morgan Stanley from $58.00 to $68.00 in a report issued on Monday morning. They currently have an equal weight rating on the transportation company’s stock.

A number of other brokerages have also issued reports on SAVE. Credit Suisse Group initiated coverage on Spirit Airlines in a research report on Monday, November 19th. They issued a neutral rating and a $59.00 target price on the stock. BidaskClub raised Spirit Airlines from a buy rating to a strong-buy rating in a research report on Friday, August 31st. Zacks Investment Research lowered Spirit Airlines from a buy rating to a hold rating in a research report on Wednesday, September 12th. Cowen boosted their target price on Spirit Airlines from $55.00 to $60.00 and gave the company a market perform rating in a research report on Tuesday, November 27th. Finally, Macquarie boosted their target price on Spirit Airlines from $58.00 to $60.00 and gave the company an outperform rating in a research report on Tuesday, August 28th. Six analysts have rated the stock with a hold rating, twelve have issued a buy rating and one has assigned a strong buy rating to the company’s stock. The stock presently has an average rating of Buy and a consensus price target of $61.25.

Shares of NASDAQ SAVE opened at $64.59 on Monday. Spirit Airlines has a 52-week low of $34.36 and a 52-week high of $65.35.

Spirit Airlines (NASDAQ:SAVE) last announced its earnings results on Wednesday, October 24th. The transportation company reported $1.47 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.44 by $0.03. The firm had revenue of $904.33 million during the quarter, compared to analysts’ expectations of $904.05 million.

In other news, SVP Rocky Wiggins sold 4,500 shares of the company’s stock in a transaction on Tuesday, October 30th. The stock was sold at an average price of $50.56, for a total transaction of $227,520.00. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, Director Robert D. Johnson sold 750 shares of the company’s stock in a transaction on Monday, December 3rd. The stock was sold at an average price of $64.65, for a total value of $48,487.50. The disclosure for this sale can be found here. Insiders have sold 5,816 shares of company stock worth $303,113 in the last ninety days. Corporate insiders own 0.33% of the company’s stock.

Several institutional investors have recently bought and sold shares of SAVE. Point72 Hong Kong Ltd grew its stake in shares of Spirit Airlines by 147.4% during the second quarter. Point72 Hong Kong Ltd now owns 2,904 shares of the transportation company’s stock worth $106,000 after purchasing an additional 1,730 shares in the last quarter. United Services Automobile Association grew its stake in shares of Spirit Airlines by 16.8% during the third quarter. United Services Automobile Association now owns 12,317 shares of the transportation company’s stock worth $579,000 after purchasing an additional 1,773 shares in the last quarter. SG Americas Securities LLC grew its stake in shares of Spirit Airlines by 46.2% during the second quarter. SG Americas Securities LLC now owns 6,653 shares of the transportation company’s stock worth $242,000 after purchasing an additional 2,101 shares in the last quarter. Sei Investments Co. grew its stake in shares of Spirit Airlines by 127.9% during the second quarter. Sei Investments Co. now owns 3,934 shares of the transportation company’s stock worth $143,000 after purchasing an additional 2,208 shares in the last quarter. Finally, Strs Ohio grew its stake in shares of Spirit Airlines by 89.7% during the third quarter. Strs Ohio now owns 5,500 shares of the transportation company’s stock worth $258,000 after purchasing an additional 2,600 shares in the last quarter.

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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