Nike (NYSE:NKE) PT Set at $92.00 by Needham & Company LLC

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Nike (NYSE:NKE) has been given a $92.00 price objective by equities research analysts at Needham & Company LLC in a report issued on Tuesday, TipRanks reports. The firm currently has a “buy” rating on the footwear maker’s stock. Needham & Company LLC’s price target points to a potential upside of 6.14% from the stock’s current price.

A number of other equities analysts also recently commented on the company. Piper Jaffray Companies set a $97.00 price objective on Nike and gave the stock a “buy” rating in a report on Friday, June 28th. Deutsche Bank set a $100.00 price objective on Nike and gave the stock a “buy” rating in a report on Wednesday, July 10th. Macquarie set a $89.00 price objective on Nike and gave the stock a “buy” rating in a report on Friday, June 28th. Bank of America upgraded Nike to an “underperform” rating and raised their price objective for the stock from $60.00 to $70.00 in a report on Monday, June 24th. Finally, Goldman Sachs Group set a $83.00 price objective on Nike and gave the company a “neutral” rating in a research note on Thursday. One investment analyst has rated the stock with a sell rating, nine have issued a hold rating and twenty-two have issued a buy rating to the company’s stock. The company currently has an average rating of “Buy” and an average price target of $90.60.

NYSE:NKE traded down $1.02 during trading hours on Tuesday, hitting $86.68. The company’s stock had a trading volume of 6,637,378 shares, compared to its average volume of 6,338,777. The business’s 50-day moving average is $83.80 and its two-hundred day moving average is $84.78. Nike has a 52-week low of $66.53 and a 52-week high of $90.00. The company has a market capitalization of $137.24 billion, a PE ratio of 34.81, a PEG ratio of 2.33 and a beta of 0.79. The company has a debt-to-equity ratio of 0.38, a quick ratio of 1.39 and a current ratio of 2.10.

Nike (NYSE:NKE) last released its earnings results on Thursday, June 27th. The footwear maker reported $0.62 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.66 by ($0.04). Nike had a return on equity of 45.12% and a net margin of 10.30%. The business had revenue of $10.18 billion for the quarter, compared to analysts’ expectations of $10.15 billion. During the same quarter last year, the company posted $0.69 earnings per share. The business’s quarterly revenue was up 4.0% compared to the same quarter last year. As a group, analysts predict that Nike will post 2.9 EPS for the current fiscal year.

In other news, insider Elliott Hill sold 34,100 shares of Nike stock in a transaction that occurred on Tuesday, July 9th. The stock was sold at an average price of $88.34, for a total value of $3,012,394.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Elizabeth J. Comstock sold 24,000 shares of Nike stock in a transaction that occurred on Tuesday, July 2nd. The stock was sold at an average price of $84.84, for a total value of $2,036,160.00. Following the completion of the transaction, the director now owns 38,813 shares of the company’s stock, valued at approximately $3,292,894.92. The disclosure for this sale can be found here. In the last quarter, insiders sold 203,708 shares of company stock valued at $17,556,051. Insiders own 3.80% of the company’s stock.

Several institutional investors and hedge funds have recently modified their holdings of NKE. Shamrock Asset Management LLC acquired a new position in Nike during the 1st quarter valued at approximately $25,000. Jackson Grant Investment Advisers Inc. acquired a new position in Nike during the 1st quarter valued at approximately $25,000. Thor Advisors LLC acquired a new position in Nike during the 1st quarter valued at approximately $26,000. Hexavest Inc. acquired a new position in Nike during the 2nd quarter valued at approximately $30,000. Finally, Litman Gregory Asset Management LLC acquired a new position in Nike during the 2nd quarter valued at approximately $31,000. Institutional investors own 65.04% of the company’s stock.

Nike Company Profile

NIKE, Inc, together with its subsidiaries, designs, develops, markets, and sells athletic footwear, apparel, equipment, and accessories worldwide. The company offers NIKE brand products in six categories: running, NIKE basketball, the Jordan brand, football, training, and sportswear. It also markets products designed for kids, as well as for other athletic and recreational uses, such as American football, baseball, cricket, lacrosse, skateboarding, tennis, volleyball, wrestling, walking, and outdoor activities; and apparel with licensed college and professional team and league logos, as well as sells sports apparel.

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Analyst Recommendations for Nike (NYSE:NKE)

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