NIKE (NYSE:NKE) Upgraded by Piper Sandler to “Overweight” Rating

NIKE (NYSE:NKE) was upgraded by equities researchers at Piper Sandler from a “neutral” rating to an “overweight” rating in a report released on Friday,Benzinga reports. The brokerage currently has a $90.00 price target on the footwear maker’s stock, up from their prior price target of $72.00. Piper Sandler’s target price indicates a potential upside of 26.21% from the stock’s current price.

A number of other equities analysts also recently issued reports on NKE. Morgan Stanley cut their price target on NIKE from $80.00 to $74.00 and set an “equal weight” rating for the company in a research note on Friday, December 20th. Sanford C. Bernstein decreased their price target on NIKE from $112.00 to $109.00 and set an “outperform” rating for the company in a report on Thursday, September 19th. TD Cowen lowered their price target on NIKE from $78.00 to $73.00 and set a “hold” rating for the company in a research report on Monday, November 18th. DA Davidson raised shares of NIKE to a “strong-buy” rating in a report on Monday, December 23rd. Finally, Guggenheim lowered their target price on shares of NIKE from $115.00 to $110.00 and set a “buy” rating for the company in a report on Wednesday, October 2nd. Fourteen equities research analysts have rated the stock with a hold rating, sixteen have issued a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $89.96.

NIKE Price Performance

Shares of NYSE:NKE opened at $71.31 on Friday. NIKE has a twelve month low of $70.75 and a twelve month high of $107.43. The stock’s 50 day moving average is $76.43 and its 200-day moving average is $78.65. The company has a quick ratio of 1.58, a current ratio of 2.36 and a debt-to-equity ratio of 0.57. The firm has a market capitalization of $106.92 billion, a price-to-earnings ratio of 20.43, a PEG ratio of 1.89 and a beta of 1.02.

NIKE (NYSE:NKE) last released its quarterly earnings data on Thursday, December 19th. The footwear maker reported $0.78 earnings per share for the quarter, topping the consensus estimate of $0.63 by $0.15. The firm had revenue of $12.35 billion for the quarter, compared to the consensus estimate of $12.11 billion. NIKE had a net margin of 10.60% and a return on equity of 39.84%. The business’s revenue was down 7.7% on a year-over-year basis. During the same quarter in the prior year, the company posted $1.03 earnings per share. Sell-side analysts forecast that NIKE will post 2.72 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, Director John W. Rogers, Jr. purchased 2,500 shares of the stock in a transaction dated Friday, December 27th. The shares were purchased at an average cost of $76.65 per share, with a total value of $191,625.00. Following the completion of the acquisition, the director now owns 34,403 shares in the company, valued at $2,636,989.95. This represents a 7.84 % increase in their position. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. 1.10% of the stock is owned by corporate insiders.

Institutional Trading of NIKE

A number of hedge funds and other institutional investors have recently bought and sold shares of NKE. Teachers Insurance & Annuity Association of America bought a new position in shares of NIKE in the third quarter worth $30,000. VitalStone Financial LLC increased its stake in NIKE by 52.6% in the 3rd quarter. VitalStone Financial LLC now owns 435 shares of the footwear maker’s stock worth $38,000 after acquiring an additional 150 shares during the last quarter. Dunhill Financial LLC raised its holdings in shares of NIKE by 52.2% in the 3rd quarter. Dunhill Financial LLC now owns 493 shares of the footwear maker’s stock valued at $44,000 after acquiring an additional 169 shares in the last quarter. Ecofi Investissements SA bought a new stake in shares of NIKE during the 2nd quarter valued at about $49,000. Finally, Riverview Trust Co purchased a new position in shares of NIKE during the third quarter worth about $52,000. 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.