Baker Avenue Asset Management LP Takes $454,000 Position in NIKE, Inc. (NYSE:NKE)

Key Points

• Baker Avenue Asset Management LP has acquired a new position in NIKE, Inc., purchasing 7,147 shares valued at approximately $454,000.
• The stock has seen notable movements from other institutional investors, with Jennison Associates LLC purchasing a $509 million position and Renaissance Technologies LLC increasing its holdings by 1,302.7% in the previous quarter.
• NIKE's latest quarterly earnings reported $0.14 earnings per share, exceeding expectations, despite a 11.9% decline in revenue year-over-year.

Baker Avenue Asset Management LP purchased a new position in NIKE, Inc. (NYSE:NKE - Free Report) in the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor purchased 7,147 shares of the footwear maker's stock, valued at approximately $454,000.

Other institutional investors have also made changes to their positions in the company. Jennison Associates LLC purchased a new position in shares of NIKE during the 1st quarter valued at $509,051,000. Renaissance Technologies LLC raised its holdings in shares of NIKE by 1,302.7% during the fourth quarter. Renaissance Technologies LLC now owns 2,602,101 shares of the footwear maker's stock worth $196,901,000 after acquiring an additional 2,416,601 shares in the last quarter. Capital World Investors boosted its position in NIKE by 10.3% during the fourth quarter. Capital World Investors now owns 24,545,937 shares of the footwear maker's stock valued at $1,857,389,000 after purchasing an additional 2,288,627 shares during the last quarter. Flossbach Von Storch SE boosted its position in NIKE by 24.0% during the first quarter. Flossbach Von Storch SE now owns 10,286,619 shares of the footwear maker's stock valued at $652,995,000 after purchasing an additional 1,988,547 shares during the last quarter. Finally, Toronto Dominion Bank grew its stake in NIKE by 183.9% in the fourth quarter. Toronto Dominion Bank now owns 2,996,972 shares of the footwear maker's stock valued at $226,779,000 after purchasing an additional 1,941,375 shares in the last quarter. 64.25% of the stock is currently owned by institutional investors and hedge funds.

NIKE Stock Performance

NKE opened at $74.61 on Friday. The stock's 50 day simple moving average is $68.36 and its 200-day simple moving average is $67.51. The company has a current ratio of 2.21, a quick ratio of 1.50 and a debt-to-equity ratio of 0.60. The stock has a market cap of $110.19 billion, a PE ratio of 34.54, a P/E/G ratio of 2.71 and a beta of 1.27. NIKE, Inc. has a 1 year low of $52.28 and a 1 year high of $90.62.

NIKE (NYSE:NKE - Get Free Report) last announced its quarterly earnings results on Thursday, June 26th. The footwear maker reported $0.14 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.12 by $0.02. The firm had revenue of $11.10 billion for the quarter, compared to analyst estimates of $10.69 billion. NIKE had a net margin of 6.95% and a return on equity of 23.33%. The business's revenue for the quarter was down 11.9% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.99 EPS. Sell-side analysts forecast that NIKE, Inc. will post 2.05 EPS for the current year.

Wall Street Analyst Weigh In

Several research analysts have weighed in on NKE shares. Hsbc Global Res raised NIKE from a "hold" rating to a "strong-buy" rating in a research report on Friday, June 27th. Wall Street Zen cut NIKE from a "hold" rating to a "sell" rating in a research note on Friday, June 27th. Robert W. Baird raised their price objective on shares of NIKE from $80.00 to $88.00 and gave the company an "outperform" rating in a research report on Friday, June 27th. Truist Financial reduced their target price on shares of NIKE from $82.00 to $73.00 and set a "buy" rating for the company in a research note on Tuesday, June 24th. Finally, Evercore ISI decreased their target price on shares of NIKE from $97.00 to $75.00 and set an "outperform" rating for the company in a research report on Tuesday, June 24th. One research analyst has rated the stock with a sell rating, twelve have issued a hold rating, seventeen have issued a buy rating and three have issued a strong buy rating to the stock. According to MarketBeat.com, NIKE has a consensus rating of "Moderate Buy" and an average price target of $78.22.

Insider Transactions at NIKE

In other NIKE news, Chairman Mark G. Parker sold 110,000 shares of NIKE stock in a transaction that occurred on Wednesday, July 16th. The stock was sold at an average price of $72.29, for a total transaction of $7,951,900.00. Following the sale, the chairman directly owned 842,361 shares of the company's stock, valued at approximately $60,894,276.69. The trade was a 11.55% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 0.80% of the stock is owned by company insiders.

About NIKE

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.

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