NIKE (NYSE:NKE) Now Covered by Wolfe Research

Equities research analysts at Wolfe Research started coverage on shares of NIKE (NYSE:NKE) in a report released on Wednesday, MarketBeat reports. The firm set an “underperform” rating and a $28.00 price target on the footwear maker’s stock. Wolfe Research‘s price target indicates a potential downside of 26.82% from the company’s current price.

A number of other analysts also recently issued reports on NKE. Bank of America reiterated an “underperform” rating and issued a $24.00 price objective (down from $30.00) on shares of NIKE in a report on Friday, October 2nd. Truist Financial set a $29.00 price objective on shares of NIKE and gave the stock a “hold” rating in a research report on Friday, October 2nd. Needham & Company LLC restated a “hold” rating on shares of NIKE in a report on Friday, October 2nd. UBS Group reaffirmed a “neutral” rating on shares of NIKE in a research report on Thursday. Finally, BNP Paribas Exane set a $19.00 price target on shares of NIKE and gave the company an “underperform” rating in a research note on Friday, October 2nd. One research analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating, twenty-one have given a Hold rating and eleven have issued a Sell rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Reduce” and an average price target of $40.93.

NIKE Stock Up 2.0%

NYSE:NKE opened at $38.26 on Wednesday. The stock has a 50-day simple moving average of $37.19 and a 200 day simple moving average of $41.31. NIKE has a 52-week low of $31.97 and a 52-week high of $70.44. The company has a market cap of $56.83 billion, a PE ratio of 18.40, a PEG ratio of 4.40 and a beta of 1.09. The company has a debt-to-equity ratio of 0.39, a quick ratio of 1.39 and a current ratio of 2.07.

NIKE (NYSE:NKE) last released its earnings results on Thursday, October 1st. The footwear maker reported $0.48 EPS for the quarter, beating the consensus estimate of $0.43 by $0.05. The firm had revenue of $11.21 billion for the quarter, compared to analysts’ expectations of $11.32 billion. NIKE had a return on equity of 15.94% and a net margin of 6.74%. The business’s quarterly revenue was down 4.3% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.49 EPS. NIKE has set its FY 2027 guidance at 1.150-1.350 EPS. On average, sell-side analysts expect that NIKE will post 1.22 EPS for the current fiscal year.

Insider Activity

In other NIKE news, COO Venkatesh Alagirisamy sold 3,671 shares of the company’s stock in a transaction on Wednesday, September 9th. The shares were sold at an average price of $37.59, for a total transaction of $137,992.89. Following the sale, the chief operating officer directly owned 104,862 shares of the company’s stock, valued at approximately $3,941,762.58. This represents a 3.38% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Amy Montagne sold 4,867 shares of the stock in a transaction on Friday, August 7th. The shares were sold at an average price of $42.05, for a total transaction of $204,657.35. Following the completion of the sale, the insider owned 57,436 shares of the company’s stock, valued at approximately $2,415,183.80. This represents a 7.81% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold a total of 14,974 shares of company stock valued at $600,126 over the last three months. Corporate insiders own 1.10% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of the company. Flossbach Von Storch SE bought a new stake in shares of NIKE in the 2nd quarter valued at about $488,714,000. State Street Corp grew its holdings in NIKE by 6.8% during the second quarter. State Street Corp now owns 63,598,789 shares of the footwear maker’s stock worth $2,636,104,000 after purchasing an additional 4,052,428 shares during the period. Confluence Investment Management LLC increased its position in NIKE by 873.8% during the third quarter. Confluence Investment Management LLC now owns 2,720,616 shares of the footwear maker’s stock worth $96,310,000 after buying an additional 2,441,233 shares during the last quarter. Equity Investment Corp acquired a new position in NIKE during the second quarter worth approximately $99,531,000. Finally, Amundi increased its position in NIKE by 59.4% during the second quarter. Amundi now owns 6,460,398 shares of the footwear maker’s stock worth $265,199,000 after buying an additional 2,406,609 shares during the last quarter. 64.25% of the stock is currently owned by institutional investors and hedge funds.

Key Headlines Impacting NIKE

Here are the key news stories impacting NIKE this week:

• Positive Sentiment: Analyst support strengthened: Guggenheim and BTIG Research reaffirmed “buy” ratings and set $50 price targets, implying substantial upside from current levels. Barclays also raised its target to $45 and said the shares appear near a bottom. Nike Stock is Climbing: What’s Going On?
• Positive Sentiment: Earnings beat supports recovery hopes: Nike’s fiscal first-quarter earnings exceeded analysts’ expectations, encouraging investors who are looking for evidence that the company’s brand reset and turnaround plan are beginning to gain traction. Nike stock climbs as fiscal first-quarter beat lifts reset hopes
• Positive Sentiment: Valuation and income appeal: After a prolonged decline, Nike’s rebound has attracted investors seeking a potential turnaround, while its roughly 4.4% forward dividend yield and long history of dividend growth provide additional support. Nike dividend analysis

About NIKE

NIKE, Inc is a global athletic footwear, apparel, equipment and accessories company headquartered near Beaverton, Oregon. The company designs, develops, markets and sells products under the Nike, Jordan and Converse brands, serving athletes and consumers across a broad range of sports and lifestyle categories.

NIKE’s product portfolio includes athletic and casual footwear, performance and lifestyle apparel, sports equipment, accessories and digital fitness-related offerings. The company distributes its products through company-owned retail stores, digital platforms and wholesale partners, while also operating direct-to-consumer and membership programs.

The company traces its origins to 1964, when Phil Knight and Bill Bowerman founded Blue Ribbon Sports.