JPMorgan Chase & Co. Upgrades NIKE (NYSE:NKE) to Overweight

Key Points

• JPMorgan Chase & Co. upgraded NIKE from a "neutral" to an "overweight" rating, with a new target price set at $93.00, indicating a potential upside of 21.94% from the previous close.
• NIKE reported quarterly earnings of $0.14 per share, surpassing expectations, with revenue of $11.10 billion versus analyst estimates of $10.69 billion.
• Institutional investors currently hold 64.25% of NIKE's stock, demonstrating significant backing from larger financial entities.

JPMorgan Chase & Co. upgraded shares of NIKE (NYSE:NKE - Free Report) from a neutral rating to an overweight rating in a report released on Monday, Marketbeat.com reports. JPMorgan Chase & Co. currently has $93.00 price target on the footwear maker's stock, up from their prior price target of $64.00.

A number of other research analysts have also weighed in on the company. Truist Financial cut their price objective on NIKE from $82.00 to $73.00 and set a "buy" rating on the stock in a report on Tuesday, June 24th. The Goldman Sachs Group increased their price objective on NIKE from $72.00 to $81.00 and gave the company a "buy" rating in a report on Friday, June 27th. Wells Fargo & Company upped their target price on NIKE from $55.00 to $60.00 and gave the stock an "equal weight" rating in a research note on Wednesday, May 14th. Hsbc Global Res upgraded NIKE from a "hold" rating to a "strong-buy" rating in a research note on Friday, June 27th. Finally, DZ Bank downgraded NIKE from a "buy" rating to a "hold" rating and set a $76.00 target price on the stock. in a research note on Thursday, July 10th. One research analyst has rated the stock with a sell rating, twelve have assigned a hold rating, seventeen have given a buy rating and three have issued a strong buy rating to the stock. According to MarketBeat, NIKE currently has an average rating of "Moderate Buy" and a consensus target price of $78.22.

NIKE Stock Performance

NYSE:NKE traded down $2.05 on Monday, hitting $74.63. The stock had a trading volume of 9,321,922 shares, compared to its average volume of 17,480,010. NIKE has a 52-week low of $52.28 and a 52-week high of $90.62. The company has a quick ratio of 1.50, a current ratio of 2.21 and a debt-to-equity ratio of 0.60. The stock has a market cap of $110.22 billion, a price-to-earnings ratio of 34.55, a price-to-earnings-growth ratio of 2.88 and a beta of 1.25. The business's 50-day simple moving average is $67.80 and its two-hundred day simple moving average is $67.49.

NIKE (NYSE:NKE - Get Free Report) last announced its 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 return on equity of 23.33% and a net margin of 6.95%. The firm had revenue of $11.10 billion during the quarter, compared to analysts' expectations of $10.69 billion. During the same quarter in the previous year, the business earned $0.99 EPS. The company's quarterly revenue was down 11.9% on a year-over-year basis. As a group, research analysts predict that NIKE will post 2.05 earnings per share for the current year.

Insiders Place Their Bets

In other news, Chairman Mark G. Parker sold 110,000 shares of the stock in a transaction that occurred on Wednesday, July 16th. The shares were sold at an average price of $72.29, for a total transaction of $7,951,900.00. Following the sale, the chairman directly owned 842,361 shares of the company's stock, valued at $60,894,276.69. This represents a 11.55% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Corporate insiders own 0.80% of the company's stock.

Institutional Trading of NIKE

Several hedge funds have recently modified their holdings of the stock. AG2R LA Mondiale Gestion D Actifs grew its stake in shares of NIKE by 1.4% during the second quarter. AG2R LA Mondiale Gestion D Actifs now owns 44,269 shares of the footwear maker's stock valued at $3,145,000 after purchasing an additional 618 shares during the last quarter. SSA Swiss Advisors AG lifted its holdings in NIKE by 17.8% in the second quarter. SSA Swiss Advisors AG now owns 49,306 shares of the footwear maker's stock valued at $3,788,000 after buying an additional 7,440 shares during the period. Leelyn Smith LLC lifted its holdings in NIKE by 8.2% in the second quarter. Leelyn Smith LLC now owns 47,542 shares of the footwear maker's stock valued at $3,377,000 after buying an additional 3,606 shares during the period. Richards Merrill & Peterson Inc. lifted its holdings in NIKE by 6.2% in the second quarter. Richards Merrill & Peterson Inc. now owns 10,147 shares of the footwear maker's stock valued at $721,000 after buying an additional 592 shares during the period. Finally, Sage Mountain Advisors LLC lifted its holdings in NIKE by 177.9% in the second quarter. Sage Mountain Advisors LLC now owns 9,005 shares of the footwear maker's stock valued at $640,000 after buying an additional 5,765 shares during the period. 64.25% of the stock is owned by 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.