Telsey Advisory Group Raises NIKE (NYSE:NKE) Price Target to $75.00

Key Points

• Telsey Advisory Group has raised its price target for NIKE (NYSE:NKE) from $70.00 to $75.00, indicating a potential upside of 5.20% from its current price.
• Multiple analysts have increased their ratings for NIKE, with Goldman Sachs projecting a target of $81.00 and HSBC rating it as a "strong-buy."
• NIKE's recent quarterly earnings report showed a revenue drop of 11.9% year-over-year, despite beating earnings expectations by $0.02 with $0.14 EPS.

NIKE (NYSE:NKE - Get Free Report) had its target price increased by Telsey Advisory Group from $70.00 to $75.00 in a note issued to investors on Tuesday, MarketBeat Ratings reports. The brokerage currently has a "market perform" rating on the footwear maker's stock. Telsey Advisory Group's price target points to a potential upside of 5.20% from the company's current price.

A number of other equities analysts have also weighed in on NKE. The Goldman Sachs Group lifted their price objective on NIKE from $72.00 to $81.00 and gave the company a "buy" rating in a research note on Friday, June 27th. Hsbc Global Res upgraded NIKE from a "hold" rating to a "strong-buy" rating in a research note on Friday, June 27th. Bank of America lifted their price target on NIKE from $80.00 to $84.00 and gave the company a "buy" rating in a research note on Friday, June 27th. Sanford C. Bernstein restated an "outperform" rating on shares of NIKE in a research note on Monday, August 18th. Finally, Citigroup upgraded NIKE from a "neutral" rating to a "positive" rating in a research note on Friday. Three equities research analysts have rated the stock with a Strong Buy rating, twenty have issued a Buy rating and ten have given a Hold rating to the stock. According to MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average target price of $79.23.

NIKE Stock Performance

NYSE NKE opened at $71.29 on Tuesday. The stock has a 50-day simple moving average of $75.16 and a two-hundred day simple moving average of $67.38. The firm has a market capitalization of $105.29 billion, a P/E ratio of 33.01, a PEG ratio of 2.57 and a beta of 1.24. NIKE has a fifty-two week low of $52.28 and a fifty-two week high of $90.62. The company has a debt-to-equity ratio of 0.60, a quick ratio of 1.50 and a current ratio of 2.21.

NIKE (NYSE:NKE - Get Free Report) last released its quarterly earnings data on Thursday, June 26th. The footwear maker reported $0.14 earnings per share for the quarter, beating analysts' consensus estimates of $0.12 by $0.02. The business had revenue of $11.10 billion during the quarter, compared to analyst estimates of $10.69 billion. NIKE had a return on equity of 23.33% and a net margin of 6.95%.The company's revenue was down 11.9% on a year-over-year basis. During the same quarter last year, the business posted $0.99 EPS. On average, equities analysts forecast that NIKE will post 2.05 earnings per share for the current year.

Insider Buying and Selling at NIKE

In other news, Chairman Mark G. Parker sold 86,078 shares of the company's stock in a transaction on Thursday, August 14th. The stock was sold at an average price of $75.93, for a total transaction of $6,535,902.54. Following the sale, the chairman owned 744,988 shares of the company's stock, valued at approximately $56,566,938.84. This represents a 10.36% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Corporate insiders own 0.80% of the company's stock.

Institutional Trading of NIKE

A number of large investors have recently modified their holdings of the stock. Caldwell Trust Co purchased a new stake in shares of NIKE during the second quarter worth $240,000. WT Wealth Management purchased a new position in NIKE in the second quarter valued at $1,934,000. Troy Asset Management Ltd purchased a new position in NIKE in the second quarter valued at $25,682,000. Osaic Holdings Inc. increased its holdings in NIKE by 18.8% in the second quarter. Osaic Holdings Inc. now owns 353,004 shares of the footwear maker's stock valued at $25,031,000 after buying an additional 55,769 shares during the last quarter. Finally, American Trust increased its holdings in NIKE by 1.3% in the second quarter. American Trust now owns 30,216 shares of the footwear maker's stock valued at $2,147,000 after buying an additional 381 shares during the last quarter. Hedge funds and other 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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