NIKE (NYSE:NKE) Given New $78.00 Price Target at Needham & Company LLC

NIKE (NYSE:NKE) had its price objective upped by analysts at Needham & Company LLC from $66.00 to $78.00 in a research note issued to investors on Friday,Benzinga reports. The brokerage presently has a “buy” rating on the footwear maker’s stock. Needham & Company LLC’s price target points to a potential upside of 24.39% from the stock’s current price.

Other equities research analysts also recently issued research reports about the stock. Truist Financial decreased their target price on shares of NIKE from $82.00 to $73.00 and set a “buy” rating for the company in a research note on Tuesday. Jefferies Financial Group reaffirmed a “buy” rating on shares of NIKE in a research report on Friday, May 23rd. Cfra Research upgraded NIKE to a “moderate buy” rating in a research note on Friday, March 21st. Morgan Stanley cut their price target on NIKE from $70.00 to $61.00 and set an “equal weight” rating for the company in a research note on Tuesday, June 17th. Finally, UBS Group lowered their price objective on shares of NIKE from $73.00 to $66.00 and set a “neutral” rating on the stock in a research report on Friday, March 21st. Sixteen research analysts have rated the stock with a hold rating, fifteen have assigned a buy rating and two have issued a strong buy rating to the company’s stock. According to data from MarketBeat, NIKE has an average rating of “Moderate Buy” and an average price target of $78.04.

NIKE Price Performance

NKE stock opened at $62.71 on Friday. The business’s fifty day moving average price is $60.31 and its 200 day moving average price is $67.63. NIKE has a 12-month low of $52.28 and a 12-month high of $94.74. The company has a current ratio of 2.19, a quick ratio of 1.52 and a debt-to-equity ratio of 0.57. The company has a market capitalization of $92.75 billion, a PE ratio of 20.83, a P/E/G ratio of 2.23 and a beta of 1.21.

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

Insider Activity

In related news, Director Robert Holmes Swan bought 8,600 shares of NIKE stock in a transaction that occurred on Friday, April 4th. The shares were purchased at an average price of $58.46 per share, with a total value of $502,756.00. Following the purchase, the director now owns 31,983 shares in the company, valued at $1,869,726.18. This represents a 36.78% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Company insiders own 1.10% of the company’s stock.

Hedge Funds Weigh In On NIKE

A number of institutional investors have recently made changes to their positions in the stock. Brighton Jones LLC lifted its holdings in NIKE by 388.5% in the 4th quarter. Brighton Jones LLC now owns 202,411 shares of the footwear maker’s stock valued at $15,316,000 after purchasing an additional 160,980 shares in the last quarter. Bank Pictet & Cie Europe AG lifted its stake in shares of NIKE by 10.3% during the fourth quarter. Bank Pictet & Cie Europe AG now owns 190,915 shares of the footwear maker’s stock valued at $14,447,000 after buying an additional 17,888 shares during the period. IFP Advisors Inc lifted its stake in shares of NIKE by 17.9% during the fourth quarter. IFP Advisors Inc now owns 11,806 shares of the footwear maker’s stock valued at $894,000 after buying an additional 1,789 shares during the period. Nwam LLC boosted its position in NIKE by 2.9% during the fourth quarter. Nwam LLC now owns 6,318 shares of the footwear maker’s stock worth $478,000 after acquiring an additional 176 shares during the last quarter. Finally, Kovack Advisors Inc. grew its stake in NIKE by 20.3% in the 4th quarter. Kovack Advisors Inc. now owns 8,323 shares of the footwear maker’s stock worth $630,000 after acquiring an additional 1,403 shares during the period. 64.25% of the stock is owned by institutional investors and hedge funds.

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.