Nike (NYSE:NKE) Given a $90.00 Price Target at Cowen

Nike (NYSE:NKE) has been given a $90.00 target price by investment analysts at Cowen in a research note issued to investors on Friday, March 22nd, TipRanks reports. The brokerage presently has a “buy” rating on the footwear maker’s stock. Cowen’s price objective would indicate a potential upside of 3.65% from the company’s previous close.

Several other equities analysts have also recently commented on NKE. Zacks Investment Research cut shares of Nike from a “hold” rating to a “sell” rating in a research report on Tuesday, November 27th. UBS Group lowered their price target on shares of Nike from $87.00 to $86.00 and set a “neutral” rating on the stock in a report on Friday, March 22nd. Wells Fargo & Co lifted their price target on shares of Nike from $76.00 to $80.00 and gave the stock a “market perform” rating in a report on Friday, March 22nd. Credit Suisse Group reaffirmed a “buy” rating and issued a $97.00 price target on shares of Nike in a report on Friday, March 22nd. Finally, Stifel Nicolaus reaffirmed a “buy” rating on shares of Nike in a report on Thursday, December 20th. Two research analysts have rated the stock with a sell rating, eleven have given a hold rating and twenty-five have assigned a buy rating to the company’s stock. Nike has a consensus rating of “Buy” and an average price target of $87.10.

NKE stock traded up $0.59 during mid-day trading on Friday, reaching $86.83. 4,945,743 shares of the company traded hands, compared to its average volume of 6,503,353. Nike has a fifty-two week low of $64.99 and a fifty-two week high of $88.59. The company has a debt-to-equity ratio of 0.39, a quick ratio of 1.43 and a current ratio of 2.17. The company has a market capitalization of $135.72 billion, a P/E ratio of 35.88, a price-to-earnings-growth ratio of 2.56 and a beta of 0.67.

Nike (NYSE:NKE) last posted its earnings results on Thursday, March 21st. The footwear maker reported $0.68 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.65 by $0.03. Nike had a net margin of 10.79% and a return on equity of 45.78%. The firm had revenue of $9.61 billion for the quarter, compared to analysts’ expectations of $9.60 billion. During the same quarter last year, the firm earned $0.68 EPS. The company’s quarterly revenue was up 7.0% compared to the same quarter last year. As a group, sell-side analysts forecast that Nike will post 2.55 earnings per share for the current fiscal year.

In related news, CEO Mark G. Parker sold 150,000 shares of the stock in a transaction dated Friday, January 18th. The shares were sold at an average price of $80.00, for a total value of $12,000,000.00. Following the completion of the transaction, the chief executive officer now directly owns 1,687,863 shares of the company’s stock, valued at $135,029,040. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, EVP Monique S. Matheson sold 16,500 shares of the company’s stock in a transaction dated Tuesday, March 19th. The stock was sold at an average price of $88.21, for a total transaction of $1,455,465.00. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 576,500 shares of company stock valued at $46,807,665. Insiders own 3.90% of the company’s stock.

Several large investors have recently bought and sold shares of the company. Oregon Public Employees Retirement Fund lifted its position in Nike by 6,517.4% during the fourth quarter. Oregon Public Employees Retirement Fund now owns 35,283,152 shares of the footwear maker’s stock valued at $476,000 after purchasing an additional 34,749,961 shares during the period. Norges Bank bought a new position in Nike in the fourth quarter worth approximately $892,899,000. BlackRock Inc. raised its position in Nike by 4.3% in the fourth quarter. BlackRock Inc. now owns 86,268,224 shares of the footwear maker’s stock worth $6,395,928,000 after acquiring an additional 3,592,186 shares during the period. MERIAN GLOBAL INVESTORS UK Ltd bought a new position in Nike in the fourth quarter worth approximately $224,658,000. Finally, AQR Capital Management LLC raised its position in Nike by 352.5% in the third quarter. AQR Capital Management LLC now owns 3,839,908 shares of the footwear maker’s stock worth $325,317,000 after acquiring an additional 2,991,299 shares during the period. Hedge funds and other institutional investors own 65.62% of the company’s stock.

About Nike

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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Analyst Recommendations for Nike (NYSE:NKE)

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