Needham & Company LLC Begins Coverage on NIKE (NYSE:NKE)

Investment analysts at Needham & Company LLC started coverage on shares of NIKE (NYSE:NKE) in a research report issued on Friday, Marketbeat reports. The firm set a “buy” rating and a $84.00 price target on the footwear maker’s stock. Needham & Company LLC’s target price suggests a potential upside of 8.53% from the company’s current price.

Several other analysts have also recently commented on the company. Sanford C. Bernstein lowered their target price on NIKE from $112.00 to $109.00 and set an “outperform” rating on the stock in a research report on Thursday, September 19th. JPMorgan Chase & Co. reduced their price objective on shares of NIKE from $80.00 to $77.00 and set a “neutral” rating for the company in a report on Wednesday, October 2nd. Piper Sandler reiterated a “neutral” rating and issued a $80.00 target price on shares of NIKE in a research report on Friday, September 20th. Guggenheim dropped their price target on shares of NIKE from $115.00 to $110.00 and set a “buy” rating on the stock in a research report on Wednesday, October 2nd. Finally, Daiwa America cut shares of NIKE from a “moderate buy” rating to a “hold” rating in a report on Wednesday, September 11th. Fourteen research analysts have rated the stock with a hold rating and seventeen have given a buy rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $95.86.

NIKE Stock Performance

Shares of NKE opened at $77.40 on Friday. The firm has a fifty day moving average of $80.51 and a 200-day moving average of $82.59. The company has a market cap of $116.05 billion, a price-to-earnings ratio of 22.18, a price-to-earnings-growth ratio of 1.82 and a beta of 1.03. The company has a debt-to-equity ratio of 0.57, a quick ratio of 1.58 and a current ratio of 2.36. NIKE has a 1 year low of $70.75 and a 1 year high of $123.39.

NIKE (NYSE:NKE) last posted its earnings results on Tuesday, October 1st. The footwear maker reported $0.70 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.52 by $0.18. NIKE had a net margin of 10.60% and a return on equity of 39.84%. The firm had revenue of $11.59 billion during the quarter, compared to analyst estimates of $11.64 billion. During the same period in the previous year, the business posted $0.94 EPS. NIKE’s revenue was down 10.4% on a year-over-year basis. As a group, equities analysts anticipate that NIKE will post 2.75 earnings per share for the current year.

Institutional Investors Weigh In On NIKE

A number of institutional investors have recently bought and sold shares of the business. State Street Corp lifted its position in shares of NIKE by 3.3% in the third quarter. State Street Corp now owns 57,916,789 shares of the footwear maker’s stock worth $5,140,796,000 after purchasing an additional 1,862,021 shares in the last quarter. Wellington Management Group LLP boosted its position in NIKE by 5.1% during the third quarter. Wellington Management Group LLP now owns 27,442,145 shares of the footwear maker’s stock valued at $2,425,886,000 after purchasing an additional 1,343,093 shares during the last quarter. Geode Capital Management LLC grew its stake in NIKE by 1.0% in the third quarter. Geode Capital Management LLC now owns 25,029,380 shares of the footwear maker’s stock valued at $2,204,451,000 after purchasing an additional 251,411 shares in the last quarter. Legal & General Group Plc increased its position in NIKE by 5.5% in the 2nd quarter. Legal & General Group Plc now owns 11,049,294 shares of the footwear maker’s stock worth $832,785,000 after purchasing an additional 571,544 shares during the last quarter. Finally, Fisher Asset Management LLC raised its stake in shares of NIKE by 6.0% during the 3rd quarter. Fisher Asset Management LLC now owns 10,303,182 shares of the footwear maker’s stock worth $910,801,000 after purchasing an additional 583,207 shares in the last quarter. 64.25% of the stock is currently owned by institutional investors and hedge funds.

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.