NIKE (NYSE:NKE) Rating Increased to Buy at Truist Financial

NIKE (NYSE:NKE) was upgraded by Truist Financial from a “hold” rating to a “buy” rating in a report released on Thursday, Marketbeat.com reports. The firm currently has a $97.00 price target on the footwear maker’s stock, up from their previous price target of $83.00. Truist Financial’s target price suggests a potential upside of 18.09% from the stock’s current price.

NKE has been the topic of a number of other research reports. Raymond James reaffirmed a “market perform” rating on shares of NIKE in a research note on Friday, June 28th. Oppenheimer reaffirmed an “outperform” rating and issued a $120.00 target price on shares of NIKE in a research note on Friday, June 28th. JPMorgan Chase & Co. dropped their price target on NIKE from $80.00 to $77.00 and set a “neutral” rating on the stock in a research note on Wednesday, October 2nd. BMO Capital Markets reduced their price objective on NIKE from $118.00 to $100.00 and set an “outperform” rating for the company in a research report on Friday, June 28th. Finally, Robert W. Baird lifted their target price on NIKE from $100.00 to $110.00 and gave the company an “outperform” rating in a research report on Friday, September 20th. Fourteen analysts have rated the stock with a hold rating and sixteen have given a buy rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $96.56.

NIKE Stock Performance

Shares of NYSE:NKE opened at $82.14 on Thursday. The company has a market capitalization of $123.98 billion, a price-to-earnings ratio of 22.02, a P/E/G ratio of 1.96 and a beta of 1.02. The firm’s 50 day simple moving average is $81.66 and its 200 day simple moving average is $85.69. The company has a debt-to-equity ratio of 0.57, a current ratio of 2.36 and a quick ratio of 1.58. NIKE has a fifty-two week low of $70.75 and a fifty-two week high of $123.39.

NIKE (NYSE:NKE) last announced its quarterly earnings results on Tuesday, October 1st. The footwear maker reported $0.70 earnings per share for the quarter, topping analysts’ consensus estimates of $0.52 by $0.18. The company had revenue of $11.59 billion for the quarter, compared to analysts’ expectations of $11.64 billion. NIKE had a net margin of 10.60% and a return on equity of 39.84%. The business’s quarterly revenue was down 10.4% compared to the same quarter last year. During the same period last year, the firm posted $0.94 earnings per share. As a group, sell-side analysts forecast that NIKE will post 2.8 earnings per share for the current year.

Insiders Place Their Bets

In other news, Chairman Mark G. Parker sold 52,487 shares of the company’s stock in a transaction that occurred on Wednesday, August 14th. The stock was sold at an average price of $78.00, for a total value of $4,093,986.00. Following the transaction, the chairman now owns 1,031,226 shares of the company’s stock, valued at approximately $80,435,628. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In other news, Chairman Mark G. Parker sold 52,487 shares of the business’s stock in a transaction dated Wednesday, August 14th. The shares were sold at an average price of $78.00, for a total value of $4,093,986.00. Following the completion of the sale, the chairman now owns 1,031,226 shares of the company’s stock, valued at approximately $80,435,628. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Chairman Mark G. Parker sold 110,000 shares of the company’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 completion of the transaction, the chairman now owns 1,102,090 shares in the company, valued at $80,419,507.30. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 0.50% of the company’s stock.

Institutional Investors Weigh In On NIKE

A number of hedge funds and other institutional investors have recently made changes to their positions in NKE. Bell Investment Advisors Inc grew its stake in NIKE by 4.7% during the fourth quarter. Bell Investment Advisors Inc now owns 2,610 shares of the footwear maker’s stock worth $283,000 after buying an additional 118 shares in the last quarter. Bradley Foster & Sargent Inc. CT increased its stake in NIKE by 16.3% in the fourth quarter. Bradley Foster & Sargent Inc. CT now owns 348,146 shares of the footwear maker’s stock valued at $37,798,000 after acquiring an additional 48,875 shares during the last quarter. Grace & Mercy Foundation Inc. acquired a new position in NIKE during the fourth quarter valued at approximately $977,000. Groupama Asset Managment acquired a new position in NIKE during the fourth quarter valued at approximately $20,765,000. Finally, Price T Rowe Associates Inc. MD boosted its holdings in shares of NIKE by 87.5% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 17,135,431 shares of the footwear maker’s stock valued at $1,860,395,000 after purchasing an additional 7,996,434 shares in the last quarter. 64.25% of the stock is currently owned by institutional investors and hedge funds.

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.