NIKE (NYSE:NKE) Coverage Initiated at Truist Financial

Research analysts at Truist Financial started coverage on shares of NIKE (NYSE:NKE) in a report released on Friday, MarketBeat Ratings reports. The firm set a “hold” rating and a $108.00 price target on the footwear maker’s stock. Truist Financial’s price target indicates a potential upside of 1.93% from the company’s current price.

A number of other equities research analysts have also issued reports on the stock. Raymond James cut their target price on shares of NIKE from $128.00 to $121.00 and set an “outperform” rating on the stock in a research note on Tuesday, September 26th. Bank of America dropped their price objective on shares of NIKE from $125.00 to $110.00 in a research note on Wednesday, September 20th. TheStreet lowered shares of NIKE from a “b-” rating to a “c+” rating in a research note on Tuesday, September 5th. The Goldman Sachs Group dropped their price objective on shares of NIKE from $145.00 to $136.00 and set a “buy” rating on the stock in a research note on Friday, September 29th. Finally, Wells Fargo & Company dropped their price objective on shares of NIKE from $130.00 to $120.00 and set an “overweight” rating on the stock in a research note on Monday, September 18th. Two research analysts have rated the stock with a sell rating, eleven have given a hold rating and twenty-two have given a buy rating to the company. According to MarketBeat.com, NIKE currently has a consensus rating of “Moderate Buy” and a consensus target price of $122.03.

NIKE Stock Performance

Shares of NIKE stock opened at $105.96 on Friday. The firm has a market cap of $161.26 billion, a PE ratio of 32.70, a price-to-earnings-growth ratio of 1.79 and a beta of 1.09. The firm’s 50-day simple moving average is $99.75 and its 200-day simple moving average is $105.79. The company has a debt-to-equity ratio of 0.64, a quick ratio of 1.84 and a current ratio of 2.87. NIKE has a 1 year low of $88.66 and a 1 year high of $131.31.

NIKE (NYSE:NKE) last issued its earnings results on Thursday, September 28th. The footwear maker reported $0.94 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.74 by $0.20. The business had revenue of $12.90 billion for the quarter, compared to analyst estimates of $13 billion. NIKE had a net margin of 9.82% and a return on equity of 34.97%. The company’s revenue for the quarter was up 1.6% on a year-over-year basis. During the same quarter in the prior year, the business posted $0.93 EPS. Equities analysts forecast that NIKE will post 3.74 earnings per share for the current fiscal year.

Insider Activity at NIKE

In related news, Chairman Mark G. Parker sold 58,091 shares of the company’s stock in a transaction that occurred on Monday, October 16th. The shares were sold at an average price of $99.60, for a total value of $5,785,863.60. Following the completion of the sale, the chairman now owns 1,255,600 shares in the company, valued at approximately $125,057,760. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. In other news, Director Robert Holmes Swan purchased 13,072 shares of NIKE stock in a transaction that occurred on Monday, October 2nd. The stock was acquired at an average price of $96.13 per share, for a total transaction of $1,256,611.36. Following the transaction, the director now owns 18,005 shares in the company, valued at $1,730,820.65. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Chairman Mark G. Parker sold 58,091 shares of the company’s stock in a transaction that occurred on Monday, October 16th. The shares were sold at an average price of $99.60, for a total transaction of $5,785,863.60. Following the completion of the sale, the chairman now owns 1,255,600 shares of the company’s stock, valued at approximately $125,057,760. 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

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Stonebridge Capital Advisors LLC lifted its position in NIKE by 1.2% in the 1st quarter. Stonebridge Capital Advisors LLC now owns 105,276 shares of the footwear maker’s stock worth $12,911,000 after buying an additional 1,227 shares in the last quarter. Meridian Wealth Management LLC lifted its position in NIKE by 67.2% in the 2nd quarter. Meridian Wealth Management LLC now owns 5,079 shares of the footwear maker’s stock worth $561,000 after buying an additional 2,041 shares in the last quarter. Dynamic Advisor Solutions LLC lifted its position in NIKE by 27.9% in the 2nd quarter. Dynamic Advisor Solutions LLC now owns 24,343 shares of the footwear maker’s stock worth $2,687,000 after buying an additional 5,308 shares in the last quarter. Exchange Capital Management Inc. lifted its position in NIKE by 12.5% in the 2nd quarter. Exchange Capital Management Inc. now owns 16,384 shares of the footwear maker’s stock worth $1,808,000 after buying an additional 1,819 shares in the last quarter. Finally, Sound View Wealth Advisors Group LLC lifted its position in NIKE by 60.0% in the 1st quarter. Sound View Wealth Advisors Group LLC now owns 10,274 shares of the footwear maker’s stock worth $1,260,000 after buying an additional 3,852 shares in the last quarter. Hedge funds and other institutional investors own 63.42% 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.