Needham & Company LLC Initiates Coverage on NIKE (NYSE:NKE)

Analysts at Needham & Company LLC began coverage on shares of NIKE (NYSE:NKE) in a note issued to investors on Friday, MarketBeat Ratings reports. The firm set a “buy” rating and a $84.00 price target on the footwear maker’s stock. Needham & Company LLC’s target price suggests a potential upside of 8.53% from the stock’s current price.

Several other equities analysts have also commented on the stock. Jefferies Financial Group upped their price target on shares of NIKE from $80.00 to $85.00 and gave the stock a “hold” rating in a research report on Monday, September 30th. Deutsche Bank Aktiengesellschaft cut their target price on NIKE from $95.00 to $92.00 and set a “buy” rating on the stock in a research report on Wednesday, October 2nd. Piper Sandler reissued a “neutral” rating and set a $80.00 price target on shares of NIKE in a research report on Friday, September 20th. JPMorgan Chase & Co. cut their price objective on NIKE from $80.00 to $77.00 and set a “neutral” rating on the stock in a report on Wednesday, October 2nd. Finally, Royal Bank of Canada reduced their price objective on NIKE from $82.00 to $80.00 and set a “sector perform” rating on the stock in a research note on Thursday, November 7th. Fourteen equities research analysts have rated the stock with a hold rating and seventeen have assigned a buy rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $95.86.

NIKE Price Performance

Shares of NYSE:NKE opened at $77.40 on Friday. The company has a market cap of $116.05 billion, a P/E ratio of 22.18, a P/E/G ratio of 1.82 and a beta of 1.03. The business has a fifty day simple moving average of $80.51 and a 200-day simple moving average of $82.59. NIKE has a 52 week low of $70.75 and a 52 week high of $123.39. The company has a quick ratio of 1.58, a current ratio of 2.36 and a debt-to-equity ratio of 0.57.

NIKE (NYSE:NKE) last posted its quarterly earnings results on Tuesday, October 1st. The footwear maker reported $0.70 EPS for the quarter, beating the consensus estimate of $0.52 by $0.18. NIKE had a return on equity of 39.84% and a net margin of 10.60%. The company had revenue of $11.59 billion during the quarter, compared to analysts’ expectations of $11.64 billion. During the same quarter in the previous year, the business earned $0.94 EPS. The firm’s revenue was down 10.4% on a year-over-year basis. Equities research analysts forecast that NIKE will post 2.75 EPS for the current year.

Institutional Trading of NIKE

Several hedge funds and other institutional investors have recently bought and sold shares of NKE. Soltis Investment Advisors LLC grew its position in shares of NIKE by 12.2% in the 3rd quarter. Soltis Investment Advisors LLC now owns 36,010 shares of the footwear maker’s stock worth $3,183,000 after acquiring an additional 3,918 shares in the last quarter. Teachers Retirement System of The State of Kentucky lifted its stake in NIKE by 8.2% during the third quarter. Teachers Retirement System of The State of Kentucky now owns 265,449 shares of the footwear maker’s stock worth $23,466,000 after purchasing an additional 20,043 shares during the last quarter. Toronto Dominion Bank boosted its holdings in NIKE by 59.9% in the third quarter. Toronto Dominion Bank now owns 1,055,597 shares of the footwear maker’s stock worth $93,315,000 after purchasing an additional 395,434 shares during the period. Coldstream Capital Management Inc. increased its stake in NIKE by 62.3% during the third quarter. Coldstream Capital Management Inc. now owns 121,279 shares of the footwear maker’s stock valued at $10,347,000 after purchasing an additional 46,567 shares during the last quarter. Finally, Geode Capital Management LLC raised its holdings in shares of NIKE by 1.0% during the third quarter. Geode Capital Management LLC now owns 25,029,380 shares of the footwear maker’s stock worth $2,204,451,000 after purchasing an additional 251,411 shares during the period. 64.25% of the stock is owned by institutional investors.

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.