NIKE (NYSE:NKE) Stock Rating Reaffirmed by Piper Sandler

NIKE (NYSE:NKE)‘s stock had its “neutral” rating reaffirmed by stock analysts at Piper Sandler in a report released on Friday, Benzinga reports. They presently have a $80.00 target price on the footwear maker’s stock. Piper Sandler’s price target would indicate a potential downside of 6.83% from the stock’s previous close.

NKE has been the subject of several other research reports. Sanford C. Bernstein dropped their price target on shares of NIKE from $112.00 to $109.00 and set an “outperform” rating for the company in a research note on Thursday. Morgan Stanley reaffirmed an “equal weight” rating and set a $79.00 target price on shares of NIKE in a report on Friday. KeyCorp reissued a “sector weight” rating on shares of NIKE in a research note on Friday, June 28th. Citigroup reduced their target price on NIKE from $115.00 to $102.00 and set a “buy” rating on the stock in a report on Friday, June 28th. Finally, Oppenheimer restated an “outperform” rating and set a $120.00 price target on shares of NIKE in a report on Friday, June 28th. Fifteen analysts have rated the stock with a hold rating and fifteen have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $96.15.

NIKE Price Performance

Shares of NYSE:NKE traded up $4.88 during trading on Friday, hitting $85.86. 34,126,524 shares of the company were exchanged, compared to its average volume of 11,401,809. NIKE has a 1-year low of $70.75 and a 1-year high of $123.39. The company has a market capitalization of $129.59 billion, a P/E ratio of 23.12, a price-to-earnings-growth ratio of 2.08 and a beta of 1.02. The company has a quick ratio of 1.69, a current ratio of 2.40 and a debt-to-equity ratio of 0.55. The business’s 50 day moving average is $77.84 and its 200-day moving average is $87.23.

NIKE (NYSE:NKE) last announced its quarterly earnings results on Thursday, June 27th. The footwear maker reported $1.01 EPS for the quarter, beating analysts’ consensus estimates of $0.85 by $0.16. NIKE had a return on equity of 42.63% and a net margin of 11.10%. The firm had revenue of $12.60 billion for the quarter, compared to analyst estimates of $12.86 billion. During the same period last year, the firm posted $0.66 earnings per share. The business’s revenue for the quarter was down 1.6% on a year-over-year basis. Equities analysts forecast that NIKE will post 3.06 earnings per share for the current year.

Insider Activity

In related news, Chairman Mark G. Parker sold 52,487 shares of the company’s stock in a transaction on Wednesday, August 14th. The stock was sold at an average price of $78.00, for a total transaction of $4,093,986.00. Following the completion of the sale, the chairman now owns 1,031,226 shares in the company, valued at $80,435,628. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. In related news, Chairman Mark G. Parker sold 110,000 shares of the firm’s stock in a transaction dated Thursday, July 18th. The shares were sold at an average price of $72.97, for a total transaction of $8,026,700.00. Following the transaction, the chairman now directly owns 1,102,090 shares of the company’s stock, valued at $80,419,507.30. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Chairman Mark G. Parker sold 52,487 shares of the company’s stock in a transaction dated Wednesday, August 14th. The stock was sold at an average price of $78.00, for a total transaction of $4,093,986.00. Following the completion of the sale, the chairman now directly owns 1,031,226 shares of the company’s stock, valued at $80,435,628. The disclosure for this sale can be found here. Corporate insiders own 0.50% of the company’s stock.

Hedge Funds Weigh In On NIKE

Hedge funds and other institutional investors have recently modified their holdings of the business. Annapolis Financial Services LLC lifted its holdings in NIKE by 440.0% during the first quarter. Annapolis Financial Services LLC now owns 270 shares of the footwear maker’s stock worth $25,000 after acquiring an additional 220 shares during the period. True Wealth Design LLC boosted its stake in NIKE by 106.4% in the fourth quarter. True Wealth Design LLC now owns 291 shares of the footwear maker’s stock valued at $32,000 after acquiring an additional 150 shares during the last quarter. Frank Rimerman Advisors LLC bought a new position in shares of NIKE during the 4th quarter valued at approximately $33,000. Core Wealth Advisors Inc. increased its stake in shares of NIKE by 408.5% during the 4th quarter. Core Wealth Advisors Inc. now owns 300 shares of the footwear maker’s stock worth $33,000 after purchasing an additional 241 shares during the last quarter. Finally, Gold Investment Management Ltd. bought a new stake in shares of NIKE in the 4th quarter worth approximately $36,000. Hedge funds and other institutional investors own 64.25% of the company’s stock.

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.