NIKE (NYSE:NKE) Given New $85.00 Price Target at Truist Financial

NIKE (NYSE:NKE) had its target price hoisted by investment analysts at Truist Financial from $81.00 to $85.00 in a research note issued to investors on Friday, Benzinga reports. The firm presently has a “hold” rating on the footwear maker’s stock. Truist Financial’s price objective indicates a potential downside of 1.21% from the stock’s previous close.

Other equities analysts also recently issued research reports about the company. TD Cowen cut their price target on NIKE from $75.00 to $71.00 and set a “hold” rating for the company in a research note on Thursday, July 25th. JPMorgan Chase & Co. reaffirmed a “neutral” rating and set a $83.00 target price (down previously from $116.00) on shares of NIKE in a research report on Friday, June 28th. Stifel Nicolaus decreased their price target on NIKE from $88.00 to $79.00 and set a “hold” rating for the company in a report on Monday, August 26th. KeyCorp restated a “sector weight” rating on shares of NIKE in a research note on Friday, June 28th. Finally, Jefferies Financial Group reduced their target price on shares of NIKE from $90.00 to $80.00 in a research note on Friday, July 12th. Fifteen analysts have rated the stock with a hold rating and fifteen have assigned a buy rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $96.15.

NIKE Stock Up 6.2 %

Shares of NYSE:NKE traded up $5.06 during trading on Friday, reaching $86.04. 26,876,389 shares of the stock were exchanged, compared to its average volume of 11,368,282. NIKE has a 1-year low of $70.75 and a 1-year high of $123.39. The stock has a fifty day moving average of $77.84 and a two-hundred day moving average of $87.23. The company has a debt-to-equity ratio of 0.55, a current ratio of 2.40 and a quick ratio of 1.69. The firm has a market cap of $129.87 billion, a price-to-earnings ratio of 23.07, a price-to-earnings-growth ratio of 2.08 and a beta of 1.02.

NIKE (NYSE:NKE) last released its quarterly earnings data on Thursday, June 27th. The footwear maker reported $1.01 earnings per share for the quarter, topping the consensus estimate of $0.85 by $0.16. NIKE had a net margin of 11.10% and a return on equity of 42.63%. The firm had revenue of $12.60 billion for the quarter, compared to the consensus estimate of $12.86 billion. During the same quarter in the prior year, the company posted $0.66 earnings per share. The business’s revenue was down 1.6% on a year-over-year basis. Research analysts anticipate that NIKE will post 3.06 earnings per share for the current fiscal year.

Insider Activity at NIKE

In related news, Director Robert Holmes Swan acquired 2,941 shares of the firm’s stock in a transaction that occurred on Friday, June 28th. The shares were bought at an average cost of $77.02 per share, for a total transaction of $226,515.82. Following the purchase, the director now owns 20,946 shares in the company, valued at approximately $1,613,260.92. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other news, Chairman Mark G. Parker sold 52,487 shares of the business’s stock in a transaction on Wednesday, August 14th. The shares were sold at an average price of $78.00, for a total transaction of $4,093,986.00. Following the completion of the transaction, the chairman now directly owns 1,031,226 shares in the company, valued at approximately $80,435,628. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Robert Holmes Swan purchased 2,941 shares of the firm’s stock in a transaction dated Friday, June 28th. The stock was purchased at an average cost of $77.02 per share, for a total transaction of $226,515.82. Following the acquisition, the director now owns 20,946 shares of the company’s stock, valued at approximately $1,613,260.92. The disclosure for this purchase can be found here. 0.50% of the stock is owned by company insiders.

Hedge Funds Weigh In On NIKE

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Annapolis Financial Services LLC grew its stake in NIKE by 440.0% in the 1st quarter. Annapolis Financial Services LLC now owns 270 shares of the footwear maker’s stock worth $25,000 after buying an additional 220 shares in the last quarter. True Wealth Design LLC lifted its holdings in shares of NIKE by 106.4% during the 4th quarter. True Wealth Design LLC now owns 291 shares of the footwear maker’s stock worth $32,000 after acquiring an additional 150 shares during the last quarter. Frank Rimerman Advisors LLC purchased a new position in NIKE in the fourth quarter worth $33,000. Core Wealth Advisors Inc. raised its position in NIKE by 408.5% during the fourth quarter. Core Wealth Advisors Inc. now owns 300 shares of the footwear maker’s stock valued at $33,000 after purchasing an additional 241 shares in the last quarter. Finally, Gold Investment Management Ltd. bought a new stake in NIKE during the fourth quarter worth about $36,000. 64.25% of the stock is currently owned by hedge funds and other institutional investors.

About NIKE

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.