NIKE (NYSE:NKE) Raised to Overweight at Piper Sandler

NIKE (NYSE:NKE) was upgraded by equities research analysts at Piper Sandler from a “neutral” rating to an “overweight” rating in a report released on Friday, MarketBeat Ratings reports. The firm currently has a $90.00 price objective on the footwear maker’s stock, up from their prior price objective of $72.00. Piper Sandler’s target price indicates a potential upside of 26.21% from the company’s previous close.

A number of other analysts have also recently commented on the stock. Royal Bank of Canada cut their target price on shares of NIKE from $82.00 to $80.00 and set a “sector perform” rating for the company in a research note on Thursday, November 7th. Evercore ISI cut their target price on shares of NIKE from $105.00 to $97.00 and set an “outperform” rating for the company in a research note on Monday, December 16th. Guggenheim lowered their price target on shares of NIKE from $115.00 to $110.00 and set a “buy” rating on the stock in a research report on Wednesday, October 2nd. Sanford C. Bernstein lowered their price target on shares of NIKE from $112.00 to $109.00 and set an “outperform” rating on the stock in a research report on Thursday, September 19th. Finally, Needham & Company LLC restated a “buy” rating and set a $84.00 price target on shares of NIKE in a research report on Friday, December 20th. Fourteen investment analysts have rated the stock with a hold rating, sixteen have issued a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, NIKE presently has a consensus rating of “Moderate Buy” and a consensus target price of $89.96.

NIKE Stock Up 0.0 %

NKE opened at $71.31 on Friday. NIKE has a fifty-two week low of $70.75 and a fifty-two week high of $107.43. The company has a debt-to-equity ratio of 0.57, a quick ratio of 1.58 and a current ratio of 2.36. The company has a fifty day moving average of $76.29 and a two-hundred day moving average of $78.36. The stock has a market capitalization of $105.48 billion, a price-to-earnings ratio of 20.43, a PEG ratio of 1.89 and a beta of 1.02.

NIKE (NYSE:NKE) last released its quarterly earnings data on Thursday, December 19th. The footwear maker reported $0.78 earnings per share for the quarter, beating analysts’ consensus estimates of $0.63 by $0.15. NIKE had a net margin of 10.60% and a return on equity of 39.84%. The company had revenue of $12.35 billion during the quarter, compared to analysts’ expectations of $12.11 billion. During the same quarter in the previous year, the company earned $1.03 earnings per share. The firm’s revenue for the quarter was down 7.7% on a year-over-year basis. On average, research analysts expect that NIKE will post 2.72 earnings per share for the current year.

Insiders Place Their Bets

In other news, Director John W. Rogers, Jr. acquired 2,500 shares of NIKE stock in a transaction dated Friday, December 27th. The shares were acquired at an average cost of $76.65 per share, for a total transaction of $191,625.00. Following the acquisition, the director now owns 34,403 shares of the company’s stock, valued at $2,636,989.95. This trade represents a 7.84 % increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which can be accessed through the SEC website. 1.10% of the stock is owned by company insiders.

Institutional Investors Weigh In On NIKE

A number of hedge funds and other institutional investors have recently modified their holdings of the company. State Street Corp raised its holdings in shares of NIKE by 3.3% in the 3rd quarter. State Street Corp now owns 57,916,789 shares of the footwear maker’s stock valued at $5,140,796,000 after purchasing an additional 1,862,021 shares in the last quarter. Wellington Management Group LLP raised its holdings in shares of NIKE by 5.1% in the 3rd quarter. Wellington Management Group LLP now owns 27,442,145 shares of the footwear maker’s stock valued at $2,425,886,000 after purchasing an additional 1,343,093 shares in the last quarter. Geode Capital Management LLC raised its holdings in shares of NIKE by 1.0% in the 3rd quarter. Geode Capital Management LLC now owns 25,029,380 shares of the footwear maker’s stock valued at $2,204,451,000 after purchasing an additional 251,411 shares in the last quarter. Legal & General Group Plc raised its holdings in shares of NIKE by 5.5% in the 2nd quarter. Legal & General Group Plc now owns 11,049,294 shares of the footwear maker’s stock valued at $832,785,000 after purchasing an additional 571,544 shares in the last quarter. Finally, Fisher Asset Management LLC raised its holdings in shares of NIKE by 6.0% in the 3rd quarter. Fisher Asset Management LLC now owns 10,303,182 shares of the footwear maker’s stock valued at $910,801,000 after purchasing an additional 583,207 shares in the last quarter. 64.25% of the stock is currently owned by institutional investors and hedge funds.

NIKE Company Profile

NIKE, Inc, together with its subsidiaries, designs, develops, markets, and sells athletic footwear, apparel, equipment, accessories, and services worldwide. The company provides athletic and casual footwear, apparel, and accessories under the Jumpman trademark; and casual sneakers, apparel, and accessories under the Converse, Chuck Taylor, All Star, One Star, Star Chevron, and Jack Purcell trademarks.