Nike (NKE) Given New $76.00 Price Target at B. Riley

Nike (NYSE:NKE) had its price target increased by analysts at B. Riley from $68.00 to $76.00 in a report released on Friday. The brokerage currently has a “neutral” rating on the footwear maker’s stock. B. Riley’s price target points to a potential upside of 6.00% from the company’s previous close.

Several other brokerages also recently commented on NKE. Zacks Investment Research raised shares of Nike from a “hold” rating to a “buy” rating and set a $85.00 target price for the company in a research note on Tuesday, June 19th. Wells Fargo & Co reaffirmed a “market perform” rating and issued a $74.00 target price (up previously from $62.00) on shares of Nike in a research note on Sunday, June 10th. Macquarie set a $80.00 target price on shares of Nike and gave the company a “buy” rating in a research note on Thursday, June 14th. UBS Group downgraded shares of Nike from a “buy” rating to a “neutral” rating and upped their target price for the company from $76.00 to $78.00 in a research note on Thursday, June 21st. Finally, Robert W. Baird upped their target price on shares of Nike from $78.00 to $82.00 and gave the company an “outperform” rating in a research note on Thursday, June 21st. Three research analysts have rated the stock with a sell rating, seventeen have issued a hold rating and twenty-three have assigned a buy rating to the stock. The company currently has a consensus rating of “Hold” and an average price target of $75.32.

NKE opened at $71.70 on Friday. The company has a quick ratio of 1.73, a current ratio of 2.66 and a debt-to-equity ratio of 0.35. The company has a market cap of $116.08 billion, a P/E ratio of 28.57, a price-to-earnings-growth ratio of 2.57 and a beta of 0.66. Nike has a fifty-two week low of $50.35 and a fifty-two week high of $75.91.

Nike (NYSE:NKE) last posted its quarterly earnings results on Thursday, June 28th. The footwear maker reported $0.69 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.64 by $0.05. The business had revenue of $9.79 billion during the quarter, compared to the consensus estimate of $9.40 billion. Nike had a net margin of 5.11% and a return on equity of 33.38%. Nike’s revenue for the quarter was up 12.8% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.60 earnings per share. equities research analysts anticipate that Nike will post 2.34 earnings per share for the current fiscal year.

In other Nike news, insider Eric D. Sprunk sold 45,000 shares of the stock in a transaction on Tuesday, May 22nd. The shares were sold at an average price of $72.00, for a total value of $3,240,000.00. Following the completion of the sale, the insider now owns 186,959 shares in the company, valued at $13,461,048. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, EVP Monique S. Matheson sold 17,000 shares of the stock in a transaction on Thursday, June 7th. The shares were sold at an average price of $75.00, for a total transaction of $1,275,000.00. Following the completion of the sale, the executive vice president now owns 95,845 shares of the company’s stock, valued at approximately $7,188,375. The disclosure for this sale can be found here. In the last quarter, insiders sold 292,000 shares of company stock valued at $21,204,500. Corporate insiders own 3.90% of the company’s stock.

A number of hedge funds have recently made changes to their positions in NKE. Brown Advisory Inc. raised its position in shares of Nike by 1.5% in the first quarter. Brown Advisory Inc. now owns 239,677 shares of the footwear maker’s stock valued at $15,924,000 after purchasing an additional 3,539 shares during the period. Dynamic Technology Lab Private Ltd bought a new position in shares of Nike in the first quarter valued at about $1,432,000. 180 Wealth Advisors LLC bought a new position in shares of Nike in the first quarter valued at about $202,000. Suntrust Banks Inc. raised its position in shares of Nike by 27.6% in the first quarter. Suntrust Banks Inc. now owns 255,750 shares of the footwear maker’s stock valued at $16,991,000 after purchasing an additional 55,347 shares during the period. Finally, BKD Wealth Advisors LLC raised its position in shares of Nike by 32.8% in the first quarter. BKD Wealth Advisors LLC now owns 6,994 shares of the footwear maker’s stock valued at $465,000 after purchasing an additional 1,726 shares during the period. Hedge funds and other institutional investors own 64.09% of the company’s stock.

Nike Company Profile

NIKE, Inc, together with its subsidiaries, designs, develops, markets, and sells athletic footwear, apparel, equipment, and accessories worldwide. It offers NIKE brand products in nine categories: running, NIKE basketball, the Jordan brand, football, men's training, women's training, action sports, sportswear, and golf.

Analyst Recommendations for Nike (NYSE:NKE)

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