Nike (NKE) Given a $60.00 Price Target at Canaccord Genuity

Nike (NYSE:NKE) has been assigned a $60.00 price objective by analysts at Canaccord Genuity in a report issued on Sunday. The firm currently has a “hold” rating on the footwear maker’s stock. Canaccord Genuity’s price objective points to a potential downside of 7.05% from the company’s current price.

Other research analysts have also recently issued research reports about the company. Vetr cut Nike from a “strong-buy” rating to a “buy” rating and set a $58.87 price target for the company. in a research note on Tuesday, September 12th. Robert W. Baird restated a “buy” rating and issued a $65.00 price target on shares of Nike in a research note on Sunday, September 10th. Deutsche Bank restated a “buy” rating and issued a $61.00 price target (down previously from $69.00) on shares of Nike in a research note on Wednesday, September 13th. DA Davidson restated a “buy” rating and issued a $69.00 price target on shares of Nike in a research note on Thursday, September 14th. Finally, Morgan Stanley set a $64.00 price target on Nike and gave the stock a “buy” rating in a research note on Monday, September 18th. Three investment analysts have rated the stock with a sell rating, twenty have issued a hold rating and twenty-two have issued a buy rating to the company’s stock. The company has an average rating of “Hold” and a consensus price target of $64.04.

Nike (NKE) traded up $0.57 during mid-day trading on Friday, hitting $64.55. The stock had a trading volume of 11,888,800 shares, compared to its average volume of 9,390,000. Nike has a 52-week low of $50.35 and a 52-week high of $65.18. The company has a quick ratio of 1.67, a current ratio of 2.46 and a debt-to-equity ratio of 0.30. The stock has a market capitalization of $105,310.00, a PE ratio of 27.94, a P/E/G ratio of 2.90 and a beta of 0.64.

Nike (NYSE:NKE) last posted its quarterly earnings results on Thursday, December 21st. The footwear maker reported $0.46 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.40 by $0.06. Nike had a return on equity of 31.64% and a net margin of 11.13%. The firm had revenue of $8.55 billion during the quarter, compared to analysts’ expectations of $8.39 billion. During the same quarter in the previous year, the business earned $0.50 earnings per share. The company’s revenue was up 4.6% on a year-over-year basis. analysts expect that Nike will post 2.25 EPS for the current year.

In other Nike news, Chairman Mark G. Parker sold 135,000 shares of the business’s stock in a transaction dated Wednesday, November 1st. The stock was sold at an average price of $55.03, for a total transaction of $7,429,050.00. Following the completion of the sale, the chairman now owns 1,637,736 shares of the company’s stock, valued at $90,124,612.08. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Monique S. Matheson sold 10,000 shares of the business’s stock in a transaction dated Monday, December 11th. The shares were sold at an average price of $62.00, for a total value of $620,000.00. Following the sale, the executive vice president now directly owns 23,248 shares of the company’s stock, valued at approximately $1,441,376. The disclosure for this sale can be found here. Insiders have sold 967,896 shares of company stock valued at $60,257,267 in the last three months. 3.90% of the stock is currently owned by corporate insiders.

A number of large investors have recently added to or reduced their stakes in NKE. Janus Henderson Group PLC lifted its position in shares of Nike by 4,252.6% in the second quarter. Janus Henderson Group PLC now owns 16,619,387 shares of the footwear maker’s stock valued at $980,539,000 after acquiring an additional 16,237,557 shares in the last quarter. Capital World Investors lifted its position in shares of Nike by 58.7% in the second quarter. Capital World Investors now owns 21,779,409 shares of the footwear maker’s stock valued at $1,284,985,000 after acquiring an additional 8,058,601 shares in the last quarter. Harding Loevner LP lifted its position in shares of Nike by 97.1% in the third quarter. Harding Loevner LP now owns 12,151,210 shares of the footwear maker’s stock valued at $390,421,000 after acquiring an additional 5,987,728 shares in the last quarter. Orbis Allan Gray Ltd purchased a new position in shares of Nike in the second quarter valued at about $226,588,000. Finally, Alliancebernstein L.P. lifted its position in shares of Nike by 25.5% in the second quarter. Alliancebernstein L.P. now owns 14,927,619 shares of the footwear maker’s stock valued at $880,730,000 after acquiring an additional 3,033,280 shares in the last quarter. 62.67% of the stock is owned by institutional investors and hedge funds.

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Nike Company Profile

NIKE, Inc is engaged in the design, development, marketing and selling of athletic footwear, apparel, equipment, accessories and services. The Company’s operating segments include North America, Western Europe, Central & Eastern Europe, Greater China, Japan and Emerging Markets. Its portfolio brands include the NIKE Brand, Jordan Brand, Hurley and Converse.