DA Davidson Reiterates Buy Rating for Nike, Inc. (NKE)
Nike, Inc. (NYSE:NKE)‘s stock had its “buy” rating reiterated by research analysts at DA Davidson in a report released on Thursday. They presently have a $69.00 price target on the footwear maker’s stock. DA Davidson’s price objective suggests a potential upside of 28.09% from the company’s previous close.
Several other analysts have also issued reports on NKE. Morgan Stanley reiterated an “equal weight” rating and issued a $56.00 target price on shares of Nike in a research report on Wednesday, June 21st. Credit Suisse Group set a $63.00 target price on shares of Nike and gave the company a “buy” rating in a research report on Saturday, June 24th. UBS AG reiterated a “buy” rating and issued a $62.00 target price (down previously from $63.00) on shares of Nike in a research report on Tuesday, June 27th. Nomura reiterated a “buy” rating and issued a $60.00 target price on shares of Nike in a research report on Friday, June 30th. Finally, Deutsche Bank AG set a $69.00 target price on shares of Nike and gave the company a “buy” rating in a research report on Saturday, July 1st. 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. Nike presently has an average rating of “Buy” and a consensus price target of $60.48.
Nike (NYSE:NKE) opened at 53.87 on Thursday. The company has a 50-day moving average of $55.88 and a 200 day moving average of $55.47. The company has a market cap of $88.52 billion, a P/E ratio of 21.46 and a beta of 0.61. Nike has a one year low of $49.01 and a one year high of $60.53.
Nike (NYSE:NKE) last released its quarterly earnings results on Thursday, June 29th. The footwear maker reported $0.60 EPS 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 net margin of 12.34% and a return on equity of 34.18%. The firm’s revenue was up 5.3% on a year-over-year basis. During the same quarter last year, the business earned $0.49 earnings per share. Analysts anticipate that Nike will post $2.41 earnings per share for the current year.
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In other Nike news, CFO Andrew Campion sold 96,243 shares of the business’s stock in a transaction that occurred on Friday, June 30th. The shares were sold at an average price of $56.68, for a total transaction of $5,455,053.24. Following the completion of the transaction, the chief financial officer now owns 50,246 shares in the company, valued at approximately $2,847,943.28. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Eric D. Sprunk sold 112,323 shares of the business’s stock in a transaction that occurred on Friday, July 28th. The stock was sold at an average price of $58.61, for a total transaction of $6,583,251.03. Following the transaction, the insider now owns 139,551 shares of the company’s stock, valued at approximately $8,179,084.11. The disclosure for this sale can be found here. Insiders have sold a total of 492,360 shares of company stock valued at $28,485,174 in the last quarter. 3.90% of the stock is currently owned by company insiders.
Several institutional investors have recently modified their holdings of the company. Perigon Wealth Management LLC boosted its holdings in shares of Nike by 51.3% in the 2nd quarter. Perigon Wealth Management LLC now owns 63,834 shares of the footwear maker’s stock valued at $3,773,000 after buying an additional 21,657 shares in the last quarter. Griffin Asset Management Inc. acquired a new position in shares of Nike in the 2nd quarter valued at $465,000. Sentry Investment Management LLC boosted its holdings in shares of Nike by 1.0% in the 2nd quarter. Sentry Investment Management LLC now owns 104,569 shares of the footwear maker’s stock valued at $6,170,000 after buying an additional 993 shares in the last quarter. Atlantic Trust LLC acquired a new position in shares of Nike in the 2nd quarter valued at $136,000. Finally, Toronto Dominion Bank boosted its holdings in shares of Nike by 25.1% in the 2nd quarter. Toronto Dominion Bank now owns 461,341 shares of the footwear maker’s stock valued at $27,216,000 after buying an additional 92,698 shares in the last quarter. Institutional investors and hedge funds own 62.72% of the company’s stock.
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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