Nike, Inc. (NKE) PT Set at $50.00 by Piper Jaffray Companies
Nike, Inc. (NYSE:NKE) has been given a $50.00 target price by equities research analysts at Piper Jaffray Companies in a research note issued on Thursday. The firm currently has a “hold” rating on the footwear maker’s stock. Piper Jaffray Companies’ target price suggests a potential downside of 5.77% from the stock’s previous close.
A number of other brokerages have also issued reports on NKE. Nomura reaffirmed a “buy” rating and set a $60.00 price objective on shares of Nike in a report on Friday, June 30th. Vetr raised shares of Nike from a “buy” rating to a “strong-buy” rating and set a $57.97 price objective for the company in a report on Wednesday, October 4th. Telsey Advisory Group cut their price objective on shares of Nike from $66.00 to $62.00 and set an “outperform” rating for the company in a report on Thursday, June 22nd. Cowen and Company increased their price objective on shares of Nike from $53.00 to $54.00 and gave the company a “market perform” rating in a report on Friday, June 30th. Finally, Jefferies Group LLC lowered shares of Nike from a “buy” rating to a “hold” rating and cut their price objective for the company from $75.00 to $60.00 in a report on Monday, August 21st. Four analysts have rated the stock with a sell rating, nineteen have assigned a hold rating, nineteen have issued a buy rating and one has issued a strong buy rating to the company. The stock has an average rating of “Hold” and a consensus price target of $59.04.
Nike (NKE) opened at 53.06 on Thursday. The stock has a market cap of $86.57 billion, a PE ratio of 22.59 and a beta of 0.61. Nike has a 1-year low of $49.01 and a 1-year high of $60.53. The firm has a 50-day moving average of $52.56 and a 200-day moving average of $54.69.
Nike (NYSE:NKE) last announced its quarterly earnings data on Tuesday, September 26th. The footwear maker reported $0.57 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.48 by $0.09. Nike had a net margin of 11.47% and a return on equity of 31.88%. The business had revenue of $9.07 billion during the quarter, compared to analyst estimates of $9.08 billion. During the same period last year, the firm posted $0.73 EPS. The company’s revenue was up .1% on a year-over-year basis. Analysts expect that Nike will post $2.32 EPS for the current fiscal year.
In other news, CFO Andrew Campion sold 5,722 shares of the business’s stock in a transaction dated Monday, July 24th. The stock was sold at an average price of $59.40, for a total transaction of $339,886.80. Following the sale, the chief financial officer now owns 34,976 shares in the company, valued at $2,077,574.40. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Eric D. Sprunk sold 112,323 shares of the business’s stock in a transaction dated Friday, July 28th. The stock was sold at an average price of $58.61, for a total value of $6,583,251.03. Following the sale, the insider now owns 139,551 shares in the company, valued at approximately $8,179,084.11. The disclosure for this sale can be found here. Insiders have sold 134,045 shares of company stock worth $7,778,338 in the last 90 days. Insiders own 3.90% of the company’s stock.
A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Bristlecone Advisors LLC boosted its position in Nike by 5.9% in the third quarter. Bristlecone Advisors LLC now owns 25,221 shares of the footwear maker’s stock valued at $1,308,000 after buying an additional 1,415 shares during the last quarter. Wendell David Associates Inc. boosted its position in Nike by 1.1% in the third quarter. Wendell David Associates Inc. now owns 254,025 shares of the footwear maker’s stock valued at $13,171,000 after buying an additional 2,850 shares during the last quarter. Assenagon Asset Management S.A. purchased a new stake in Nike in the third quarter valued at approximately $2,899,000. Asset Dedication LLC boosted its position in Nike by 23.5% in the third quarter. Asset Dedication LLC now owns 14,705 shares of the footwear maker’s stock valued at $758,000 after buying an additional 2,801 shares during the last quarter. Finally, Howe & Rusling Inc. boosted its position in Nike by 751.3% in the third quarter. Howe & Rusling Inc. now owns 2,639 shares of the footwear maker’s stock valued at $137,000 after buying an additional 2,329 shares during the last quarter. Hedge funds and other institutional investors own 62.55% of the company’s stock.
NIKE, Inc is engaged in the design, development, marketing and selling of athletic footwear, apparel, equipment, accessories and services. The Company’s operating segments include North America, Western Europe, Central & Eastern Europe, Greater China, Japan and Emerging Markets. Its portfolio brands include the NIKE Brand, Jordan Brand, Hurley and Converse.
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