Nike (NYSE:NKE) Price Target Raised to $148.00

Nike (NYSE:NKE) had its price target upped by equities research analysts at Piper Sandler from $130.00 to $148.00 in a report released on Wednesday, The Fly reports. The brokerage presently has an “overweight” rating on the footwear maker’s stock. Piper Sandler’s price objective would indicate a potential upside of 26.64% from the company’s previous close.

NKE has been the subject of a number of other research reports. Argus reissued a “buy” rating and set a $115.00 price target on shares of Nike in a research report on Tuesday, June 30th. Needham & Company LLC raised their price target on shares of Nike from $113.00 to $132.00 and gave the stock a “buy” rating in a research report on Friday, September 18th. Cowen raised their price target on shares of Nike from $85.00 to $110.00 and gave the stock an “outperform” rating in a research report on Monday, June 1st. Deutsche Bank raised shares of Nike from a “hold” rating to a “buy” rating and raised their price target for the stock from $107.00 to $151.00 in a research report on Wednesday. Finally, Raymond James lifted their price objective on shares of Nike from $115.00 to $121.00 and gave the stock an “outperform” rating in a report on Friday, September 18th. Three analysts have rated the stock with a sell rating, six have assigned a hold rating and twenty-eight have assigned a buy rating to the company. Nike presently has an average rating of “Buy” and an average target price of $123.81.

NKE opened at $116.87 on Wednesday. The firm has a market capitalization of $182.30 billion, a P/E ratio of 73.97, a P/E/G ratio of 3.15 and a beta of 0.83. The firm’s 50 day moving average is $109.88 and its 200-day moving average is $95.56. Nike has a 52-week low of $60.00 and a 52-week high of $120.48. The company has a quick ratio of 1.59, a current ratio of 2.48 and a debt-to-equity ratio of 1.17.

Nike (NYSE:NKE) last posted its quarterly earnings data on Tuesday, September 22nd. The footwear maker reported $0.95 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.46 by $0.49. The company had revenue of $10.59 billion for the quarter, compared to analyst estimates of $9.15 billion. Nike had a net margin of 6.79% and a return on equity of 32.95%. The business’s quarterly revenue was down .6% on a year-over-year basis. During the same quarter last year, the firm posted $0.27 earnings per share. Equities analysts expect that Nike will post 2.32 earnings per share for the current fiscal year.

In other Nike news, insider Heidi O’neill sold 22,000 shares of Nike stock in a transaction dated Tuesday, September 15th. The stock was sold at an average price of $120.00, for a total transaction of $2,640,000.00. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, CAO Hilary K. Krane sold 11,000 shares of the business’s stock in a transaction that occurred on Tuesday, July 14th. The shares were sold at an average price of $96.33, for a total value of $1,059,630.00. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 241,056 shares of company stock worth $26,663,725. Company insiders own 3.80% of the company’s stock.

Several hedge funds and other institutional investors have recently made changes to their positions in the stock. Glassman Wealth Services lifted its holdings in Nike by 6.6% in the 2nd quarter. Glassman Wealth Services now owns 1,626 shares of the footwear maker’s stock worth $159,000 after purchasing an additional 100 shares during the last quarter. Adirondack Trust Co. lifted its holdings in Nike by 1.9% in the 2nd quarter. Adirondack Trust Co. now owns 5,320 shares of the footwear maker’s stock worth $519,000 after purchasing an additional 100 shares during the last quarter. Capital Analysts LLC lifted its holdings in Nike by 8.0% in the 2nd quarter. Capital Analysts LLC now owns 1,410 shares of the footwear maker’s stock worth $138,000 after purchasing an additional 104 shares during the last quarter. Lafayette Investments Inc. lifted its holdings in Nike by 1.1% in the 2nd quarter. Lafayette Investments Inc. now owns 10,067 shares of the footwear maker’s stock worth $987,000 after purchasing an additional 108 shares during the last quarter. Finally, Shine Investment Advisory Services Inc. lifted its holdings in Nike by 6.4% in the 2nd quarter. Shine Investment Advisory Services Inc. now owns 1,846 shares of the footwear maker’s stock worth $181,000 after purchasing an additional 111 shares during the last quarter. 64.20% of the stock is owned by institutional investors and hedge funds.

About Nike

NIKE, Inc, together with its subsidiaries, designs, develops, markets, and sells athletic footwear, apparel, equipment, and accessories worldwide. The company offers NIKE brand products in six categories: running, NIKE basketball, the Jordan brand, football, training, and sportswear. It also markets products designed for kids, as well as for other athletic and recreational uses, such as American football, baseball, cricket, lacrosse, skateboarding, tennis, volleyball, wrestling, walking, and outdoor activities; and apparel with licensed college and professional team and league logos, as well as sells sports apparel.

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