Nike (NYSE:NKE) has been given a $93.00 target price by stock analysts at Piper Jaffray Companies in a research note issued to investors on Wednesday. The brokerage presently has a “buy” rating on the footwear maker’s stock. Piper Jaffray Companies’ target price indicates a potential upside of 9.68% from the stock’s current price.
Other equities research analysts have also issued reports about the company. TheStreet upgraded Nike from a “c+” rating to a “b+” rating in a research note on Thursday, June 28th. Stifel Nicolaus upped their price objective on Nike from $80.00 to $87.00 and gave the company a “buy” rating in a research note on Wednesday, June 20th. Barclays set a $80.00 price objective on Nike and gave the company a “buy” rating in a research note on Tuesday, June 19th. Zacks Investment Research upgraded Nike from a “hold” rating to a “buy” rating and set a $85.00 price objective on the stock in a research note on Tuesday, June 19th. Finally, Macquarie set a $80.00 price target on Nike and gave the stock a “buy” rating in a research report on Thursday, June 14th. Two equities research analysts have rated the stock with a sell rating, twelve have issued a hold rating and twenty-seven have given a buy rating to the company. Nike currently has a consensus rating of “Buy” and an average target price of $83.25.
NKE stock opened at $84.79 on Wednesday. Nike has a 1-year low of $50.35 and a 1-year high of $86.04. The company has a market capitalization of $134.88 billion, a PE ratio of 35.04, a P/E/G ratio of 2.81 and a beta of 0.70. The company has a debt-to-equity ratio of 0.35, a quick ratio of 1.63 and a current ratio of 2.51.
Nike declared that its board has initiated a stock repurchase program on Thursday, June 28th that permits the company to buyback $15.00 billion in outstanding shares. This buyback authorization permits the footwear maker to buy up to 12.9% of its shares through open market purchases. Shares buyback programs are often an indication that the company’s board believes its shares are undervalued.
In other Nike news, CFO Andrew Campion sold 103,000 shares of the company’s stock in a transaction on Friday, June 29th. The stock was sold at an average price of $80.01, for a total transaction of $8,241,030.00. Following the transaction, the chief financial officer now owns 235,457 shares of the company’s stock, valued at approximately $18,838,914.57. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, insider Eric D. Sprunk sold 150,000 shares of the company’s stock in a transaction on Friday, June 29th. The stock was sold at an average price of $79.07, for a total value of $11,860,500.00. Following the transaction, the insider now directly owns 241,959 shares in the company, valued at approximately $19,131,698.13. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 365,778 shares of company stock worth $29,131,176. Company insiders own 3.90% of the company’s stock.
A number of large investors have recently bought and sold shares of NKE. Fuller & Thaler Asset Management Inc. acquired a new position in shares of Nike in the 2nd quarter valued at $104,000. BDO Wealth Advisors LLC lifted its stake in shares of Nike by 1,044.3% in the 2nd quarter. BDO Wealth Advisors LLC now owns 1,396 shares of the footwear maker’s stock valued at $111,000 after purchasing an additional 1,274 shares during the period. CSat Investment Advisory L.P. acquired a new position in shares of Nike in the 2nd quarter valued at $119,000. Archford Capital Strategies LLC acquired a new position in shares of Nike in the 1st quarter valued at $137,000. Finally, Tyvor Capital LLC acquired a new position in shares of Nike in the 2nd quarter valued at $160,000. 63.94% of the stock is currently owned by hedge funds and other institutional investors.
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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