NIKE (NYSE:NKE) Given New $68.00 Price Target at Citigroup

NIKE (NYSE:NKE - Get Free Report) had its target price upped by analysts at Citigroup from $57.00 to $68.00 in a research note issued on Friday,Benzinga reports. The firm currently has a "neutral" rating on the footwear maker's stock. Citigroup's target price would indicate a potential downside of 7.10% from the company's previous close.

Several other equities research analysts also recently commented on the company. Dbs Bank upgraded shares of NIKE from a "hold" rating to a "strong-buy" rating in a report on Wednesday, March 5th. Needham & Company LLC lifted their price target on NIKE from $66.00 to $78.00 and gave the company a "buy" rating in a research note on Friday. China Renaissance assumed coverage on NIKE in a report on Wednesday, March 19th. They set a "hold" rating for the company. Royal Bank Of Canada dropped their target price on NIKE from $66.00 to $65.00 and set a "sector perform" rating on the stock in a report on Tuesday, May 20th. Finally, JPMorgan Chase & Co. lifted their target price on NIKE from $56.00 to $64.00 and gave the company a "neutral" rating in a research report on Friday. Fifteen equities research analysts have rated the stock with a hold rating, sixteen have given a buy rating and two have assigned a strong buy rating to the company. According to data from MarketBeat.com, the company has an average rating of "Moderate Buy" and an average target price of $78.63.

NIKE Trading Up 17.0%

Shares of NKE stock traded up $10.66 during mid-day trading on Friday, hitting $73.20. The company's stock had a trading volume of 52,649,649 shares, compared to its average volume of 15,600,935. The company has a market cap of $108.27 billion, a PE ratio of 24.34, a P/E/G ratio of 2.23 and a beta of 1.21. The company has a debt-to-equity ratio of 0.57, a quick ratio of 1.52 and a current ratio of 2.19. The company's fifty day simple moving average is $60.31 and its 200-day simple moving average is $67.63. NIKE has a 52 week low of $52.28 and a 52 week high of $94.74.

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, topping analysts' consensus estimates of $0.12 by $0.02. NIKE had a net margin of 9.43% and a return on equity of 32.18%. The business had revenue of $11.10 billion during the quarter, compared to analysts' expectations of $10.69 billion. During the same period last year, the company posted $0.99 earnings per share. The business's quarterly revenue was down 11.9% on a year-over-year basis. As a group, equities research analysts expect that NIKE will post 2.05 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, Director Robert Holmes Swan bought 8,600 shares of the stock in a transaction that occurred on Friday, April 4th. The shares were acquired at an average cost of $58.46 per share, with a total value of $502,756.00. Following the completion of the purchase, the director now directly owns 31,983 shares of the company's stock, valued at $1,869,726.18. This trade represents a 36.78% increase in their position. The acquisition was disclosed in a filing with the SEC, which is available through this hyperlink. Corporate insiders own 1.10% of the company's stock.

Hedge Funds Weigh In On NIKE

A number of institutional investors have recently made changes to their positions in the stock. Elgethun Capital Management lifted its position in NIKE by 13.7% in the 4th quarter. Elgethun Capital Management now owns 1,236 shares of the footwear maker's stock worth $94,000 after buying an additional 149 shares during the last quarter. AlTi Global Inc. raised its stake in shares of NIKE by 0.4% during the fourth quarter. AlTi Global Inc. now owns 36,996 shares of the footwear maker's stock worth $2,813,000 after acquiring an additional 150 shares in the last quarter. Staley Capital Advisers Inc. lifted its holdings in shares of NIKE by 4.4% in the 4th quarter. Staley Capital Advisers Inc. now owns 3,773 shares of the footwear maker's stock worth $286,000 after acquiring an additional 160 shares during the last quarter. Cohen & Steers Inc. boosted its stake in shares of NIKE by 5.3% in the 4th quarter. Cohen & Steers Inc. now owns 3,171 shares of the footwear maker's stock valued at $240,000 after purchasing an additional 160 shares in the last quarter. Finally, Nwam LLC grew its holdings in shares of NIKE by 2.9% during the 4th quarter. Nwam LLC now owns 6,318 shares of the footwear maker's stock valued at $478,000 after purchasing an additional 176 shares during the last quarter. Institutional investors own 64.25% of the company's stock.

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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