Nike, Inc. (NKE) Given a $64.00 Price Target by Morgan Stanley Analysts
Nike, Inc. (NYSE:NKE) has been given a $64.00 target price by investment analysts at Morgan Stanley in a research note issued to investors on Monday. The brokerage currently has a “buy” rating on the footwear maker’s stock. Morgan Stanley’s price target indicates a potential upside of 18.80% from the company’s previous close.
Several other research firms have also weighed in on NKE. Nomura reissued a “buy” rating and issued a $60.00 target price on shares of Nike in a report on Friday, June 30th. J P Morgan Chase & Co lowered Nike from an “overweight” rating to a “neutral” rating and decreased their price objective for the company from $61.00 to $58.00 in a research note on Friday, June 16th. Telsey Advisory Group decreased their price objective on Nike from $66.00 to $62.00 and set an “outperform” rating on the stock in a research note on Thursday, June 22nd. Cowen and Company increased their price objective on Nike from $53.00 to $54.00 and gave the company a “market perform” rating in a research note on Friday, June 30th. Finally, Jefferies Group LLC lowered Nike from a “buy” rating to a “hold” rating and decreased their price objective for the company from $75.00 to $60.00 in a research note on Monday, August 21st. Three investment analysts have rated the stock with a sell rating, fourteen have assigned a hold rating and twenty-four have assigned a buy rating to the company’s stock. The company has a consensus rating of “Buy” and an average price target of $60.48.
Shares of Nike (NYSE:NKE) traded up 0.15% during midday trading on Monday, reaching $53.95. 2,248,761 shares of the company’s stock traded hands. The stock’s 50 day moving average is $55.88 and its 200-day moving average is $55.47. Nike has a 52 week low of $49.01 and a 52 week high of $60.53. The company has a market capitalization of $88.65 billion, a PE ratio of 21.49 and a beta of 0.61.
Nike (NYSE:NKE) last posted its earnings results on Thursday, June 29th. The footwear maker reported $0.60 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.50 by $0.10. The company had revenue of $8.68 billion for the quarter, compared to analyst estimates of $8.63 billion. Nike had a return on equity of 34.18% and a net margin of 12.34%. Nike’s revenue was up 5.3% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.49 earnings per share. On average, analysts forecast that Nike will post $2.41 earnings per share for the current fiscal year.
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In other Nike news, CAO Hilary K. Krane sold 28,072 shares of Nike stock in a transaction on Friday, July 14th. The stock was sold at an average price of $58.10, for a total transaction of $1,630,983.20. Following the sale, the chief accounting officer now owns 177,723 shares of the company’s stock, valued at approximately $10,325,706.30. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Eric D. Sprunk sold 50,000 shares of Nike stock in a transaction on Friday, June 30th. The shares were sold at an average price of $59.00, for a total value of $2,950,000.00. Following the sale, the insider now directly owns 300,108 shares in the company, valued at approximately $17,706,372. The disclosure for this sale can be found here. Insiders have sold a total of 492,360 shares of company stock worth $28,485,174 in the last ninety days. 3.90% of the stock is owned by company insiders.
Several institutional investors and hedge funds have recently bought and sold shares of the company. Vanguard Group Inc. raised its stake in shares of Nike by 2.5% in the 2nd quarter. Vanguard Group Inc. now owns 99,605,408 shares of the footwear maker’s stock worth $5,876,718,000 after buying an additional 2,452,993 shares in the last quarter. State Street Corp raised its stake in shares of Nike by 1.4% in the 1st quarter. State Street Corp now owns 59,554,253 shares of the footwear maker’s stock worth $3,319,086,000 after buying an additional 835,003 shares in the last quarter. Wellington Management Group LLP raised its stake in shares of Nike by 5.0% in the 1st quarter. Wellington Management Group LLP now owns 49,907,256 shares of the footwear maker’s stock worth $2,781,332,000 after buying an additional 2,375,447 shares in the last quarter. Bank of New York Mellon Corp raised its stake in shares of Nike by 0.5% in the 1st quarter. Bank of New York Mellon Corp now owns 29,087,830 shares of the footwear maker’s stock worth $1,621,066,000 after buying an additional 144,846 shares in the last quarter. Finally, Jennison Associates LLC raised its stake in shares of Nike by 124.7% in the 1st quarter. Jennison Associates LLC now owns 25,143,559 shares of the footwear maker’s stock worth $1,401,251,000 after buying an additional 13,953,567 shares in the last quarter. 62.63% of the stock is currently owned by institutional investors.
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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