NIKE (NYSE:NKE) Given New $66.00 Price Target at Needham & Company LLC

NIKE (NYSE:NKE - Get Free Report) had its price target lowered by analysts at Needham & Company LLC from $75.00 to $66.00 in a research note issued to investors on Wednesday, MarketBeat reports. The firm presently has a "buy" rating on the footwear maker's stock. Needham & Company LLC's price objective would indicate a potential upside of 10.41% from the company's previous close.

Other analysts have also issued research reports about the company. Wells Fargo & Company increased their price objective on NIKE from $55.00 to $60.00 and gave the company an "equal weight" rating in a report on Wednesday, May 14th. Royal Bank Of Canada decreased their price objective on NIKE from $66.00 to $65.00 and set a "sector perform" rating for the company in a report on Tuesday, May 20th. Citigroup decreased their price objective on NIKE from $72.00 to $57.00 and set a "neutral" rating for the company in a report on Monday, April 28th. The Goldman Sachs Group decreased their price objective on NIKE from $88.00 to $72.00 and set a "buy" rating for the company in a report on Tuesday, April 22nd. Finally, Jefferies Financial Group reiterated a "buy" rating on shares of NIKE in a report on Friday, May 23rd. Seventeen equities research analysts have rated the stock with a hold rating, fifteen have issued a buy rating and two have issued a strong buy rating to the company's stock. Based on data from MarketBeat.com, NIKE currently has an average rating of "Moderate Buy" and an average target price of $78.74.

NIKE Stock Up 0.4%

NYSE NKE traded up $0.27 during midday trading on Wednesday, hitting $59.78. 19,005,737 shares of the company traded hands, compared to its average volume of 15,291,197. The company has a debt-to-equity ratio of 0.57, a current ratio of 2.19 and a quick ratio of 1.52. The company has a market cap of $88.41 billion, a PE ratio of 19.86, a price-to-earnings-growth ratio of 2.11 and a beta of 1.21. The company's 50-day simple moving average is $59.78 and its 200-day simple moving average is $68.02. NIKE has a 52 week low of $52.28 and a 52 week high of $98.04.

NIKE (NYSE:NKE - Get Free Report) last announced its earnings results on Thursday, March 20th. The footwear maker reported $0.54 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.28 by $0.26. The business had revenue of $11.27 billion for the quarter, compared to analysts' expectations of $11.02 billion. NIKE had a return on equity of 32.18% and a net margin of 9.43%. The business's revenue for the quarter was down 9.1% on a year-over-year basis. During the same quarter last year, the firm earned $0.98 EPS. As a group, equities research analysts forecast that NIKE will post 2.05 earnings per share for the current year.

Insiders Place Their Bets

In related news, Director Robert Holmes Swan purchased 8,600 shares of the business's stock in a transaction on Friday, April 4th. The shares were bought at an average cost of $58.46 per share, with a total value of $502,756.00. Following the transaction, the director now owns 31,983 shares of the company's stock, valued at approximately $1,869,726.18. This trade represents a 36.78% increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 1.10% of the stock is owned by insiders.

Institutional Investors Weigh In On NIKE

A number of institutional investors have recently modified their holdings of NKE. Goldman Sachs Group Inc. grew its position in shares of NIKE by 344.2% during the 1st quarter. Goldman Sachs Group Inc. now owns 26,698,835 shares of the footwear maker's stock valued at $1,694,842,000 after acquiring an additional 20,688,013 shares during the period. Norges Bank acquired a new stake in shares of NIKE during the 4th quarter valued at about $1,126,288,000. Wellington Management Group LLP grew its position in shares of NIKE by 24.9% during the 1st quarter. Wellington Management Group LLP now owns 45,383,916 shares of the footwear maker's stock valued at $2,880,971,000 after acquiring an additional 9,043,180 shares during the period. Jennison Associates LLC acquired a new stake in shares of NIKE during the 1st quarter valued at about $509,051,000. Finally, Nuveen LLC acquired a new stake in NIKE in the 1st quarter worth about $502,285,000. 64.25% of the stock is currently owned by institutional investors and hedge funds.

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.