NIKE (NYSE:NKE) Earns "Buy" Rating from Truist Financial

Key Points

• Truist Financial restated its "buy" rating for NIKE (NYSE:NKE), setting a price target of $85.00, which suggests a potential upside of 15.33% from the current price.
• NIKE reported quarterly earnings of $0.49 per share, outpacing analysts' expectations of $0.27 and showing a revenue growth of 1.0% compared to the previous year.
• The company has received multiple upgrades from various analysts, leading to a consensus rating of "Moderate Buy" with an average target price of $80.92.

NIKE (NYSE:NKE - Get Free Report)'s stock had its "buy" rating restated by analysts at Truist Financial in a research report issued on Wednesday,Benzinga reports. They currently have a $85.00 price objective on the footwear maker's stock. Truist Financial's price objective would suggest a potential upside of 15.33% from the company's current price.

A number of other equities research analysts also recently issued reports on NKE. Telsey Advisory Group reissued a "market perform" rating and issued a $75.00 price target on shares of NIKE in a report on Wednesday. Citigroup upgraded shares of NIKE from a "neutral" rating to a "positive" rating in a research note on Friday, September 19th. Wall Street Zen upgraded shares of NIKE from a "sell" rating to a "hold" rating in a research report on Saturday, September 6th. Piper Sandler set a $84.00 price objective on NIKE and gave the stock an "overweight" rating in a research report on Wednesday. Finally, Royal Bank Of Canada upgraded NIKE from a "sector perform" rating to an "outperform" rating and boosted their target price for the stock from $76.00 to $90.00 in a research report on Thursday, September 18th. Three research analysts have rated the stock with a Strong Buy rating, twenty-two have assigned a Buy rating and eight have given a Hold rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average target price of $80.92.

NIKE Stock Performance

Shares of NYSE:NKE traded up $3.97 during trading on Wednesday, hitting $73.70. 25,206,529 shares of the company were exchanged, compared to its average volume of 16,239,576. NIKE has a 52-week low of $52.28 and a 52-week high of $85.23. The stock has a 50 day moving average of $74.78 and a 200 day moving average of $67.27. The company has a debt-to-equity ratio of 0.60, a current ratio of 2.21 and a quick ratio of 1.50. The company has a market cap of $108.85 billion, a PE ratio of 34.09, a P/E/G ratio of 2.54 and a beta of 1.24.

NIKE (NYSE:NKE - Get Free Report) last released its quarterly earnings data on Tuesday, September 30th. The footwear maker reported $0.49 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.27 by $0.22. NIKE had a return on equity of 23.33% and a net margin of 6.95%.The company had revenue of $11.72 billion for the quarter, compared to analyst estimates of $10.96 billion. During the same period in the previous year, the company posted $0.70 EPS. The firm's revenue for the quarter was up 1.0% compared to the same quarter last year. As a group, equities research analysts predict that NIKE will post 2.05 EPS for the current year.

Insider Buying and Selling

In other NIKE news, Chairman Mark G. Parker sold 110,000 shares of the company's stock in a transaction that occurred on Wednesday, July 16th. The stock was 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 in the company, valued at $60,894,276.69. This represents a 11.55% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Corporate insiders own 0.80% of the company's stock.

Hedge Funds Weigh In On NIKE

Several institutional investors have recently bought and sold shares of NKE. Stone House Investment Management LLC purchased a new stake in NIKE in the 1st quarter worth $25,000. Mascoma Wealth Management LLC bought a new stake in shares of NIKE in the second quarter worth about $26,000. Halbert Hargrove Global Advisors LLC lifted its position in shares of NIKE by 952.6% in the second quarter. Halbert Hargrove Global Advisors LLC now owns 400 shares of the footwear maker's stock worth $28,000 after buying an additional 362 shares in the last quarter. Saudi Central Bank bought a new position in NIKE during the first quarter valued at approximately $30,000. Finally, Matrix Trust Co grew its holdings in NIKE by 53.1% during the 2nd quarter. Matrix Trust Co now owns 441 shares of the footwear maker's stock valued at $31,000 after buying an additional 153 shares in the last quarter. 64.25% of the stock is owned by hedge funds and other institutional investors.

NIKE Company Profile

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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