Morgan Stanley Issues Positive Forecast for NIKE (NYSE:NKE) Stock Price

Key Points

• Morgan Stanley has raised its price target for NIKE stock from $64.00 to $70.00, maintaining an "equal weight" rating, reflecting a potential downside of 2.38% from the previous close.
• Other firms like Goldman Sachs and TD Cowen have increased their price targets for NIKE, with Goldman Sachs raising it to $81.00 and TD Cowen to $85.00, indicating a generally positive outlook among analysts.
• NIKE's recent quarterly earnings exceeded expectations with an EPS of $0.14, beating the forecast of $0.12, although revenue declined by 11.9% compared to the prior year.

NIKE (NYSE:NKE - Get Free Report) had its price target increased by analysts at Morgan Stanley from $64.00 to $70.00 in a research note issued to investors on Tuesday,Benzinga reports. The firm presently has an "equal weight" rating on the footwear maker's stock. Morgan Stanley's price target indicates a potential downside of 2.38% from the company's previous close.

Other research analysts also recently issued reports about the stock. The Goldman Sachs Group boosted their price objective on shares of NIKE from $72.00 to $81.00 and gave the company a "buy" rating in a research report on Friday, June 27th. TD Cowen raised shares of NIKE from a "hold" rating to a "buy" rating and boosted their price objective for the company from $62.00 to $85.00 in a research report on Wednesday, September 10th. Zacks Research raised shares of NIKE from a "strong sell" rating to a "hold" rating in a research report on Tuesday, August 26th. Deutsche Bank Aktiengesellschaft reduced their price objective on shares of NIKE from $77.00 to $71.00 and set a "buy" rating on the stock in a research report on Friday, June 20th. Finally, Truist Financial reduced their price objective on shares of NIKE from $82.00 to $73.00 and set a "buy" rating on the stock in a research report on Tuesday, June 24th. Three research analysts have rated the stock with a Strong Buy rating, twenty have assigned a Buy rating and ten have issued a Hold rating to the company's stock. Based on data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average price target of $79.46.

NIKE Trading Up 0.6%

Shares of NKE traded up $0.43 during mid-day trading on Tuesday, reaching $71.71. The company's stock had a trading volume of 3,207,838 shares, compared to its average volume of 16,084,084. The stock has a market cap of $105.91 billion, a PE ratio of 33.21, a P/E/G ratio of 2.57 and a beta of 1.24. The company has a current ratio of 2.21, a quick ratio of 1.50 and a debt-to-equity ratio of 0.60. NIKE has a 52 week low of $52.28 and a 52 week high of $90.62. The company's fifty day moving average price is $75.16 and its two-hundred day moving average price is $67.38.

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

Insider Buying and Selling at NIKE

In related news, Chairman Mark G. Parker sold 110,000 shares of the firm's stock in a transaction on Wednesday, July 16th. The shares were sold at an average price of $72.29, for a total value of $7,951,900.00. Following the completion of the transaction, the chairman directly owned 842,361 shares of the company's stock, valued at approximately $60,894,276.69. This trade represents a 11.55% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Company insiders own 0.80% of the company's stock.

Institutional Trading of NIKE

A number of institutional investors have recently bought and sold shares of the stock. Vanguard Group Inc. lifted its position in NIKE by 0.6% in the second quarter. Vanguard Group Inc. now owns 113,823,785 shares of the footwear maker's stock worth $8,086,042,000 after buying an additional 672,705 shares during the last quarter. State Street Corp lifted its position in NIKE by 2.8% in the second quarter. State Street Corp now owns 59,154,159 shares of the footwear maker's stock worth $4,225,441,000 after buying an additional 1,590,603 shares during the last quarter. Wellington Management Group LLP lifted its position in NIKE by 24.9% in the first quarter. Wellington Management Group LLP now owns 45,383,916 shares of the footwear maker's stock worth $2,880,971,000 after buying an additional 9,043,180 shares during the last quarter. Goldman Sachs Group Inc. lifted its position in NIKE by 344.2% in the first quarter. Goldman Sachs Group Inc. now owns 26,698,835 shares of the footwear maker's stock worth $1,694,842,000 after buying an additional 20,688,013 shares during the last quarter. Finally, Bank of New York Mellon Corp lifted its position in NIKE by 3.0% in the first quarter. Bank of New York Mellon Corp now owns 20,988,207 shares of the footwear maker's stock worth $1,332,331,000 after buying an additional 620,214 shares during the last quarter. 64.25% of the stock is currently owned by institutional investors.

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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