Nike, Inc. (NYSE:NKE) received a $68.00 target price from Morgan Stanley in a research report issued to clients and investors on Thursday, July 20th. The brokerage currently has a “buy” rating on the footwear maker’s stock. Morgan Stanley’s price objective would indicate a potential upside of 13.52% from the company’s previous close.
NKE has been the subject of a number of other research reports. Bank of America Corporation reiterated an “underperform” rating and set a $46.00 target price on shares of Nike in a research report on Wednesday, March 22nd. Vetr cut shares of Nike from a “buy” rating to a “hold” rating and set a $58.44 target price for the company. in a research report on Monday, April 17th. Credit Suisse Group reiterated an “outperform” rating and set a $67.00 target price on shares of Nike in a research report on Wednesday, March 22nd. Canaccord Genuity set a $51.00 price objective on shares of Nike and gave the company a “hold” rating in a research report on Friday, May 26th. Finally, Nomura restated a “buy” rating on shares of Nike in a research report on Monday, May 15th. Two investment analysts have rated the stock with a sell rating, sixteen have issued a hold rating and twenty-two have given a buy rating to the company. The stock currently has an average rating of “Buy” and a consensus price target of $61.04.
Shares of Nike (NYSE:NKE) opened at 59.90 on Thursday. The firm has a market cap of $98.43 billion, a P/E ratio of 23.86 and a beta of 0.59. Nike has a 12 month low of $49.01 and a 12 month high of $60.53. The company has a 50-day moving average of $57.59 and a 200-day moving average of $55.54.
Nike (NYSE:NKE) last announced its earnings results on Thursday, June 29th. The footwear maker reported $0.60 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.50 by $0.10. The business had revenue of $8.68 billion during the quarter, compared to analysts’ expectations of $8.63 billion. Nike had a net margin of 12.34% and a return on equity of 34.18%. The firm’s revenue for the quarter was up 5.3% on a year-over-year basis. During the same quarter last year, the company posted $0.49 EPS. Equities analysts forecast that Nike will post $2.42 EPS for the current fiscal year.
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In other Nike news, insider Eric D. Sprunk sold 112,323 shares of the firm’s stock in a transaction on Friday, July 28th. The stock was sold at an average price of $58.61, for a total transaction of $6,583,251.03. Following the transaction, the insider now directly owns 139,551 shares in the company, valued at approximately $8,179,084.11. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider Eric D. Sprunk sold 50,000 shares of the firm’s stock in a transaction on Friday, June 30th. The shares were sold at an average price of $59.00, for a total value of $2,950,000.00. Following the sale, the insider now directly owns 300,108 shares of the company’s stock, valued at $17,706,372. The disclosure for this sale can be found here. Insiders have sold a total of 492,360 shares of company stock valued at $28,485,174 in the last three months. Insiders own 3.90% of the company’s stock.
A number of hedge funds have recently added to or reduced their stakes in the company. Friess Associates LLC bought a new position in shares of Nike during the fourth quarter worth approximately $8,641,000. Ancora Advisors LLC boosted its position in Nike by 591.0% in the fourth quarter. Ancora Advisors LLC now owns 72,482 shares of the footwear maker’s stock valued at $3,684,000 after buying an additional 61,993 shares during the period. Ellington Management Group LLC boosted its position in Nike by 50.4% in the fourth quarter. Ellington Management Group LLC now owns 20,300 shares of the footwear maker’s stock valued at $1,032,000 after buying an additional 6,800 shares during the period. HCR Wealth Advisors purchased a new stake in shares of Nike during the fourth quarter valued at $655,000. Finally, Denver Investment Advisors LLC boosted its stake in shares of Nike by 18.0% in the fourth quarter. Denver Investment Advisors LLC now owns 15,142 shares of the footwear maker’s stock valued at $770,000 after buying an additional 2,305 shares during the last quarter. Institutional investors own 64.77% of the company’s stock.
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.
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