TD Cowen Upgrades NIKE (NYSE:NKE) to Buy

NIKE (NYSE:NKE) was upgraded by analysts at TD Cowen from a “hold” rating to a “buy” rating in a research report issued to clients and investors on Wednesday, Marketbeat.com reports. The firm currently has a $85.00 price target on the footwear maker’s stock, up from their prior price target of $62.00. TD Cowen’s price target would indicate a potential upside of 14.37% from the stock’s current price.

A number of other research firms have also weighed in on NKE. Deutsche Bank Aktiengesellschaft dropped their target price on shares of NIKE from $77.00 to $71.00 and set a “buy” rating for the company in a report on Friday, June 20th. Piper Sandler upped their price target on NIKE from $70.00 to $80.00 and gave the company an “overweight” rating in a research report on Friday, June 27th. UBS Group began coverage on NIKE in a research report on Sunday, July 6th. They issued a “buy” rating on the stock. Evercore ISI decreased their target price on NIKE from $97.00 to $75.00 and set an “outperform” rating for the company in a report on Tuesday, June 24th. Finally, The Goldman Sachs Group raised their price target on NIKE from $72.00 to $81.00 and gave the stock a “buy” rating in a research note on Friday, June 27th. Three research analysts have rated the stock with a Strong Buy rating, nineteen have given a Buy rating and eleven have issued a Hold rating to the company’s stock. According to MarketBeat.com, NIKE currently has an average rating of “Moderate Buy” and an average price target of $78.67.

NIKE Stock Up 0.1%

Shares of NYSE NKE opened at $74.32 on Wednesday. The firm’s fifty day moving average is $75.46 and its 200 day moving average is $67.87. NIKE has a 52 week low of $52.28 and a 52 week high of $90.62. The company has a quick ratio of 1.50, a current ratio of 2.21 and a debt-to-equity ratio of 0.60. The company has a market cap of $109.76 billion, a price-to-earnings ratio of 34.41, a PEG ratio of 2.70 and a beta of 1.24.

NIKE (NYSE:NKE) last announced its quarterly earnings results on Thursday, June 26th. The footwear maker reported $0.14 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.12 by $0.02. NIKE had a net margin of 6.95% and a return on equity of 23.33%. The business had revenue of $11.10 billion for the quarter, compared to analyst estimates of $10.69 billion. During the same quarter last year, the firm earned $0.99 EPS. The company’s revenue was down 11.9% on a year-over-year basis. On average, equities research analysts expect that NIKE will post 2.05 earnings per share for the current year.

Insider Transactions at NIKE

In other NIKE news, Chairman Mark G. Parker sold 110,000 shares of the firm’s stock in a transaction on Wednesday, July 16th. The stock was sold at an average price of $72.29, for a total transaction of $7,951,900.00. Following the completion of the transaction, the chairman owned 842,361 shares of the company’s stock, valued at approximately $60,894,276.69. This trade represents a 11.55% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Company insiders own 0.80% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the business. Stone House Investment Management LLC bought a new stake in NIKE during the first quarter worth about $25,000. Mascoma Wealth Management LLC purchased a new position in shares of NIKE during the second quarter valued at approximately $26,000. Heck Capital Advisors LLC purchased a new position in shares of NIKE during the fourth quarter valued at approximately $28,000. Halbert Hargrove Global Advisors LLC boosted its position in shares of NIKE by 952.6% in the 2nd quarter. Halbert Hargrove Global Advisors LLC now owns 400 shares of the footwear maker’s stock worth $28,000 after purchasing an additional 362 shares in the last quarter. Finally, Saudi Central Bank purchased a new stake in shares of NIKE in the 1st quarter worth approximately $30,000. 64.25% of the stock is currently owned by institutional investors.

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.