Goldman Sachs Group Reiterates “Buy” Rating for Nike (NYSE:NKE)

Nike (NYSE:NKE)‘s stock had its “buy” rating restated by stock analysts at Goldman Sachs Group in a research report issued on Wednesday, Borsen Zeitung reports. They presently have a $102.00 price objective on the footwear maker’s stock. Goldman Sachs Group’s price objective indicates a potential upside of 22.55% from the stock’s previous close.

NKE has been the topic of a number of other reports. Citigroup lifted their price target on Nike from $103.00 to $115.00 and gave the stock a “buy” rating in a research note on Friday, December 20th. HSBC lowered Nike from a “buy” rating to a “hold” rating and set a $112.00 price target on the stock. in a research note on Wednesday, February 26th. They noted that the move was a valuation call. Deutsche Bank lifted their price target on Nike from $80.00 to $84.00 and gave the stock a “hold” rating in a research note on Wednesday. Needham & Company LLC lowered their price objective on Nike from $105.00 to $80.00 and set a “buy” rating on the stock in a research note on Monday, March 23rd. Finally, BMO Capital Markets lowered their price objective on Nike from $110.00 to $87.00 and set an “outperform” rating on the stock in a research note on Wednesday. Four analysts have rated the stock with a sell rating, seven have issued a hold rating and twenty-six have given a buy rating to the stock. The company currently has a consensus rating of “Buy” and an average target price of $97.79.

NKE stock traded down $1.07 during trading on Wednesday, hitting $83.23. 14,181,623 shares of the company traded hands, compared to its average volume of 16,322,829. The stock’s 50-day simple moving average is $88.66 and its 200 day simple moving average is $93.61. The company has a debt-to-equity ratio of 0.69, a current ratio of 1.90 and a quick ratio of 1.23. The company has a market cap of $131.29 billion, a PE ratio of 30.71, a P/E/G ratio of 2.59 and a beta of 0.84. Nike has a 1 year low of $60.00 and a 1 year high of $105.62.

Nike (NYSE:NKE) last posted its quarterly earnings data on Tuesday, March 24th. The footwear maker reported $0.78 EPS for the quarter, beating the Zacks’ consensus estimate of $0.59 by $0.19. The business had revenue of $10.10 billion during the quarter, compared to analysts’ expectations of $9.56 billion. Nike had a return on equity of 51.49% and a net margin of 10.46%. The business’s revenue was up 5.1% compared to the same quarter last year. During the same period in the previous year, the business earned $0.68 earnings per share. Research analysts expect that Nike will post 2.75 earnings per share for the current year.

In other Nike news, insider Elliott Hill sold 90,000 shares of the company’s stock in a transaction dated Tuesday, January 7th. The stock was sold at an average price of $102.50, for a total transaction of $9,225,000.00. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, EVP John F. Slusher sold 110,000 shares of the company’s stock in a transaction dated Friday, January 10th. The stock was sold at an average price of $101.26, for a total value of $11,138,600.00. The disclosure for this sale can be found here. Insiders sold a total of 271,916 shares of company stock worth $27,686,864 in the last quarter. Company insiders own 3.80% of the company’s stock.

A number of hedge funds and other institutional investors have recently modified their holdings of NKE. Palisade Asset Management LLC boosted its position in shares of Nike by 0.3% in the 4th quarter. Palisade Asset Management LLC now owns 39,098 shares of the footwear maker’s stock valued at $3,961,000 after purchasing an additional 98 shares during the period. Capital Insight Partners LLC boosted its position in shares of Nike by 0.6% in the 4th quarter. Capital Insight Partners LLC now owns 17,905 shares of the footwear maker’s stock valued at $1,814,000 after purchasing an additional 104 shares during the period. Kovack Advisors Inc. boosted its position in shares of Nike by 4.1% in the 4th quarter. Kovack Advisors Inc. now owns 2,631 shares of the footwear maker’s stock valued at $267,000 after purchasing an additional 104 shares during the period. Cornerstone Advisors Inc. boosted its position in shares of Nike by 2.3% in the 4th quarter. Cornerstone Advisors Inc. now owns 4,734 shares of the footwear maker’s stock valued at $480,000 after purchasing an additional 107 shares during the period. Finally, We Are One Seven LLC boosted its position in shares of Nike by 2.7% in the 4th quarter. We Are One Seven LLC now owns 4,306 shares of the footwear maker’s stock valued at $436,000 after purchasing an additional 113 shares during the period. Institutional investors own 65.40% 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.

Further Reading: Cost of Debt

Analyst Recommendations for Nike (NYSE:NKE)

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