NIKE’s (NKE) Buy Rating Reaffirmed at Guggenheim

NIKE (NYSE:NKE)‘s stock had its “buy” rating reaffirmed by stock analysts at Guggenheim in a research report issued to clients and investors on Wednesday,Benzinga reports. They presently have a $110.00 price objective on the footwear maker’s stock. Guggenheim’s price objective would indicate a potential upside of 54.19% from the company’s previous close.

Several other equities research analysts have also weighed in on the company. Royal Bank of Canada lowered their price objective on NIKE from $82.00 to $80.00 and set a “sector perform” rating on the stock in a research note on Thursday, November 7th. Truist Financial reduced their target price on NIKE from $97.00 to $90.00 and set a “buy” rating on the stock in a report on Friday, December 20th. UBS Group reissued a “neutral” rating and issued a $73.00 target price on shares of NIKE in a report on Thursday, December 26th. Needham & Company LLC reissued a “buy” rating and issued a $84.00 target price on shares of NIKE in a report on Friday, February 7th. Finally, Robert W. Baird reduced their target price on NIKE from $110.00 to $105.00 and set an “outperform” rating on the stock in a report on Monday, December 23rd. Fifteen investment analysts have rated the stock with a hold rating, fifteen have issued a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $88.62.

NIKE Stock Performance

NKE traded down $0.00 on Wednesday, hitting $71.34. 1,942,901 shares of the stock traded hands, compared to its average volume of 12,684,461. NIKE has a 52 week low of $68.62 and a 52 week high of $107.34. The company has a current ratio of 2.22, a quick ratio of 1.51 and a debt-to-equity ratio of 0.57. The firm has a market capitalization of $105.52 billion, a PE ratio of 22.02, a P/E/G ratio of 2.34 and a beta of 1.01. The business has a fifty day moving average price of $74.80 and a two-hundred day moving average price of $78.08.

NIKE (NYSE:NKE) last issued its quarterly earnings results on Thursday, December 19th. The footwear maker reported $0.78 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.63 by $0.15. NIKE had a return on equity of 36.99% and a net margin of 9.98%. The firm had revenue of $12.35 billion for the quarter, compared to analyst estimates of $12.11 billion. During the same period in the previous year, the company posted $1.03 earnings per share. The company’s quarterly revenue was down 7.7% compared to the same quarter last year. On average, research analysts predict that NIKE will post 2.05 EPS for the current fiscal year.

Insider Transactions at NIKE

In other news, Director John W. Rogers, Jr. bought 2,500 shares of the company’s stock in a transaction that occurred on Friday, December 27th. The shares were acquired at an average price of $76.65 per share, for a total transaction of $191,625.00. Following the completion of the acquisition, the director now directly owns 34,403 shares in the company, valued at approximately $2,636,989.95. This represents a 7.84 % increase in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this link. 1.10% of the stock is owned by company insiders.

Hedge Funds Weigh In On NIKE

Hedge funds and other institutional investors have recently bought and sold shares of the company. Range Financial Group LLC acquired a new position in NIKE in the fourth quarter valued at $642,000. Cacti Asset Management LLC bought a new stake in NIKE in the fourth quarter valued at $9,987,000. Capricorn Fund Managers Ltd bought a new stake in NIKE in the fourth quarter valued at $5,384,000. Klein Pavlis & Peasley Financial Inc. increased its stake in NIKE by 31.1% in the fourth quarter. Klein Pavlis & Peasley Financial Inc. now owns 25,835 shares of the footwear maker’s stock valued at $1,955,000 after purchasing an additional 6,124 shares in the last quarter. Finally, FNY Investment Advisers LLC increased its stake in NIKE by 5,745.9% in the fourth quarter. FNY Investment Advisers LLC now owns 8,652 shares of the footwear maker’s stock valued at $654,000 after purchasing an additional 8,504 shares in the last quarter. Institutional investors and hedge funds 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.