NIKE (NYSE:NKE) Stock Price Expected to Rise, Bank of America Analyst Says

NIKE (NYSE:NKE - Get Free Report) had its price target boosted by research analysts at Bank of America from $80.00 to $84.00 in a note issued to investors on Friday,Benzinga reports. The firm presently has a "buy" rating on the footwear maker's stock. Bank of America's price target would indicate a potential upside of 17.42% from the stock's current price.

NKE has been the subject of a number of other research reports. Robert W. Baird reduced their target price on NIKE from $105.00 to $99.00 and set an "outperform" rating for the company in a research note on Friday, March 21st. Citigroup lowered their price target on shares of NIKE from $72.00 to $57.00 and set a "neutral" rating for the company in a report on Monday, April 28th. Piper Sandler decreased their target price on shares of NIKE from $90.00 to $70.00 and set an "overweight" rating on the stock in a research report on Friday, April 11th. HSBC upgraded shares of NIKE from a "hold" rating to a "buy" rating and set a $80.00 price objective on the stock in a research note on Friday. Finally, JPMorgan Chase & Co. increased their price target on NIKE from $56.00 to $64.00 and gave the company a "neutral" rating in a research note on Friday. Fifteen research analysts have rated the stock with a hold rating, sixteen have given a buy rating and two have issued a strong buy rating to the company's stock. According to MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $77.70.

NIKE Trading Up 14.4%

Shares of NYSE NKE traded up $9.00 during mid-day trading on Friday, hitting $71.54. The stock had a trading volume of 35,807,991 shares, compared to its average volume of 15,536,094. The company has a debt-to-equity ratio of 0.57, a quick ratio of 1.52 and a current ratio of 2.19. NIKE has a 1 year low of $52.28 and a 1 year high of $94.74. The firm has a market cap of $105.82 billion, a P/E ratio of 23.88, a price-to-earnings-growth ratio of 2.23 and a beta of 1.21. The business has a 50 day moving average price of $60.31 and a two-hundred day moving average price of $67.63.

NIKE (NYSE:NKE - Get Free Report) last released its earnings results on Thursday, June 26th. The footwear maker reported $0.14 earnings per share for the quarter, beating the consensus estimate of $0.12 by $0.02. The company had revenue of $11.10 billion for the quarter, compared to the consensus estimate of $10.69 billion. NIKE had a return on equity of 32.18% and a net margin of 9.43%. NIKE's quarterly revenue was down 11.9% compared to the same quarter last year. During the same period in the previous year, the business earned $0.99 earnings per share. On average, equities analysts anticipate that NIKE will post 2.05 EPS for the current fiscal year.

Insider Activity at NIKE

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

Institutional Investors Weigh In On NIKE

Hedge funds and other institutional investors have recently made changes to their positions in the business. Goldman Sachs Group Inc. boosted its stake 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 worth $1,694,842,000 after purchasing an additional 20,688,013 shares during the last quarter. Norges Bank bought a new stake in shares of NIKE in the 4th quarter worth approximately $1,126,288,000. Wellington Management Group LLP raised its stake in shares of NIKE by 24.9% during the first quarter. Wellington Management Group LLP now owns 45,383,916 shares of the footwear maker's stock valued at $2,880,971,000 after purchasing an additional 9,043,180 shares in the last quarter. Jennison Associates LLC bought a new stake in NIKE in the first quarter worth about $509,051,000. Finally, Nuveen LLC acquired a new stake in NIKE during the 1st quarter valued at $502,285,000. Institutional investors and hedge funds own 64.25% of the company's stock.

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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