Needham & Company LLC Forecasts Strong Price Appreciation for NIKE (NYSE:NKE) Stock

NIKE (NYSE:NKEGet Free Report) had its target price hoisted by equities researchers at Needham & Company LLC from $66.00 to $78.00 in a research note issued to investors on Friday, MarketBeat Ratings reports. The firm presently has a “buy” rating on the footwear maker’s stock. Needham & Company LLC’s price objective indicates a potential upside of 8.20% from the stock’s previous close.

Other analysts also recently issued reports about the company. Morgan Stanley decreased their price objective on NIKE from $70.00 to $61.00 and set an “equal weight” rating for the company in a report on Tuesday, June 17th. JPMorgan Chase & Co. decreased their price target on NIKE from $64.00 to $56.00 and set a “neutral” rating for the company in a report on Monday, May 5th. Citigroup decreased their price target on NIKE from $72.00 to $57.00 and set a “neutral” rating for the company in a report on Monday, April 28th. Jefferies Financial Group reiterated a “buy” rating on shares of NIKE in a report on Friday, May 23rd. Finally, BMO Capital Markets decreased their price target on NIKE from $95.00 to $92.00 and set an “outperform” rating for the company in a report on Friday, March 21st. One equities research analyst has rated the stock with a sell rating, thirteen have given a hold rating, fourteen have assigned a buy rating and three have assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, NIKE has a consensus rating of “Moderate Buy” and an average price target of $77.00.

Check Out Our Latest Report on NKE

NIKE Stock Performance

NYSE NKE opened at $72.09 on Friday. The company has a market capitalization of $106.63 billion, a price-to-earnings ratio of 33.38, a PEG ratio of 2.64 and a beta of 1.21. NIKE has a twelve month low of $52.28 and a twelve month high of $90.62. The stock has a fifty day simple moving average of $60.63 and a 200 day simple moving average of $67.52. The company has a quick ratio of 1.52, a current ratio of 2.19 and a debt-to-equity ratio of 0.57.

NIKE (NYSE:NKEGet Free Report) last posted its quarterly earnings data on Thursday, June 26th. The footwear maker reported $0.14 earnings per share for the quarter, beating analysts’ consensus estimates of $0.12 by $0.02. The business had revenue of $11.10 billion during the quarter, compared to the consensus estimate of $10.69 billion. NIKE had a return on equity of 23.00% and a net margin of 6.95%. NIKE’s quarterly revenue was down 11.9% on a year-over-year basis. During the same period in the prior year, the business posted $0.99 earnings per share. Sell-side analysts expect that NIKE will post 2.05 EPS for the current year.

Insider Activity at NIKE

In other NIKE news, Director Robert Holmes Swan purchased 8,600 shares of the company’s stock in a transaction that occurred on Friday, April 4th. The shares were acquired at an average price of $58.46 per share, with a total value of $502,756.00. Following the transaction, the director now owns 31,983 shares in the company, valued at $1,869,726.18. The trade was a 36.78% increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 1.10% of the stock is owned by insiders.

Hedge Funds Weigh In On NIKE

Several large investors have recently added to or reduced their stakes in the business. Vanguard Group Inc. lifted its position in NIKE by 4.6% in the 1st quarter. Vanguard Group Inc. now owns 113,151,080 shares of the footwear maker’s stock valued at $7,182,831,000 after acquiring an additional 4,957,494 shares in the last quarter. Wellington Management Group LLP lifted its position in NIKE by 24.9% in the 1st quarter. Wellington Management Group LLP now owns 45,383,916 shares of the footwear maker’s stock valued at $2,880,971,000 after acquiring an additional 9,043,180 shares in the last quarter. Goldman Sachs Group Inc. lifted its position in NIKE by 344.2% in the 1st quarter. Goldman Sachs Group Inc. now owns 26,698,835 shares of the footwear maker’s stock valued at $1,694,842,000 after acquiring an additional 20,688,013 shares in the last quarter. Geode Capital Management LLC lifted its position in NIKE by 1.4% in the 4th quarter. Geode Capital Management LLC now owns 25,376,558 shares of the footwear maker’s stock valued at $1,915,110,000 after acquiring an additional 347,178 shares in the last quarter. Finally, Capital World Investors lifted its position in NIKE by 10.3% in the 4th quarter. Capital World Investors now owns 24,545,937 shares of the footwear maker’s stock valued at $1,857,389,000 after acquiring an additional 2,288,627 shares in the last quarter. Institutional investors own 64.25% of the company’s stock.

NIKE Company Profile

(Get Free Report)

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.

Featured Stories

Analyst Recommendations for NIKE (NYSE:NKE)

Receive News & Ratings for NIKE Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for NIKE and related companies with MarketBeat.com's FREE daily email newsletter.