BIRK shares jumped nearly 12% on Thursday after it raised its annual revenue outlook on strong demand; shares were up fractionally year to date.
Seventeen of 22 analysts rate the shares "strong buy" or "buy", while five rate them "hold"; the median price target is $51.
BIRK said it will concurrently repurchase about 12.8 million shares, worth roughly $500 million, from underwriter JP Morgan.
Prior to the offering, L Catterton, backed by French billionaire Bernard Arnault and luxury goods giant LVMH LVMH.PA, owned about 99.4 million shares for a roughly 54% stake, according to LSEG data.
Arnault owns about 10.4 million BIRK shares for a 5.6% stake through his family office, Financière Agache.
Shares of German sandal maker Birkenstock BIRK.N were down 3.7% at $39.50 before the bell on Friday following the pricing of a $1 billion secondary offering.
BIRK late Thursday announced pricing of about 25.5 million shares sold by private equity firm L Catterton at $39.35.
The offering price represents a 4% discount to the stock's last sale.
