NIKE (NYSE:NKE) Earns Buy Rating from Truist Financial

NIKE (NYSE:NKE)‘s stock had its “buy” rating reissued by research analysts at Truist Financial in a research report issued on Wednesday,Benzinga reports. They currently have a $85.00 target price on the footwear maker’s stock. Truist Financial’s target price indicates a potential upside of 13.95% from the stock’s previous close.

Other research analysts have also recently issued reports about the stock. Stifel Nicolaus set a $68.00 price objective on shares of NIKE and gave the company a “hold” rating in a report on Wednesday. HSBC upgraded shares of NIKE from a “hold” rating to a “buy” rating and set a $80.00 price objective for the company in a report on Friday, June 27th. Jefferies Financial Group restated a “buy” rating and set a $115.00 price target on shares of NIKE in a report on Monday. DZ Bank cut shares of NIKE from a “buy” rating to a “hold” rating and set a $76.00 price target on the stock. in a report on Thursday, July 10th. Finally, JPMorgan Chase & Co. boosted their price target on shares of NIKE from $93.00 to $100.00 and gave the stock an “overweight” rating in a report on Wednesday. Three equities research analysts have rated the stock with a Strong Buy rating, twenty-four have assigned a Buy rating and seven have given a Hold rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $81.57.

NIKE Stock Up 0.5%

Shares of NYSE NKE opened at $74.59 on Wednesday. The stock has a market capitalization of $110.16 billion, a P/E ratio of 38.25, a P/E/G ratio of 2.79 and a beta of 1.29. The company has a 50-day moving average price of $74.71 and a 200-day moving average price of $67.32. NIKE has a 1 year low of $52.28 and a 1 year high of $84.76. The company has a debt-to-equity ratio of 0.59, a current ratio of 2.19 and a quick ratio of 1.50.

NIKE (NYSE:NKE) last issued its quarterly earnings data on Tuesday, September 30th. The footwear maker reported $0.49 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.27 by $0.22. The firm had revenue of $11.72 billion during the quarter, compared to analysts’ expectations of $10.96 billion. NIKE had a net margin of 6.23% and a return on equity of 21.16%. The business’s revenue was up 1.0% on a year-over-year basis. During the same period last year, the company earned $0.70 earnings per share. On average, equities research analysts forecast that NIKE will post 2.05 EPS for the current fiscal year.

Insiders Place Their Bets

In related news, Chairman Mark G. Parker sold 86,078 shares of the company’s stock in a transaction that occurred on Thursday, August 14th. The shares were sold at an average price of $75.93, for a total transaction of $6,535,902.54. Following the sale, the chairman owned 744,988 shares of the company’s stock, valued at approximately $56,566,938.84. This represents a 10.36% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Company insiders own 0.80% of the company’s stock.

Hedge Funds Weigh In On NIKE

A number of institutional investors have recently made changes to their positions in NKE. Goldman Sachs Group Inc. increased its holdings in shares of NIKE by 344.2% in the 1st quarter. Goldman Sachs Group Inc. now owns 26,698,835 shares of the footwear maker’s stock worth $1,694,842,000 after buying an additional 20,688,013 shares during the last quarter. Norges Bank bought a new position in shares of NIKE in the 2nd quarter worth $835,063,000. Wellington Management Group LLP increased its holdings in shares of NIKE by 24.9% in the 1st quarter. Wellington Management Group LLP now owns 45,383,916 shares of the footwear maker’s stock worth $2,880,971,000 after buying an additional 9,043,180 shares during the last quarter. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main increased its holdings in shares of NIKE by 3,129.9% in the 2nd quarter. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main now owns 9,091,426 shares of the footwear maker’s stock worth $645,855,000 after buying an additional 8,809,950 shares during the last quarter. Finally, Harris Associates L P bought a new position in shares of NIKE in the 2nd quarter worth $621,525,000. Institutional investors own 64.25% of the company’s stock.

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.