Pacific Sage Partners LLC Takes Position in NIKE, Inc. (NYSE:NKE)

Pacific Sage Partners LLC bought a new position in NIKE, Inc. (NYSE:NKE) during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund bought 2,697 shares of the footwear maker’s stock, valued at approximately $238,000.

A number of other institutional investors and hedge funds also recently modified their holdings of the stock. Vanguard Group Inc. increased its stake in NIKE by 0.5% in the 1st quarter. Vanguard Group Inc. now owns 110,044,821 shares of the footwear maker’s stock worth $10,342,012,000 after purchasing an additional 501,792 shares in the last quarter. Legal & General Group Plc increased its position in shares of NIKE by 5.5% in the second quarter. Legal & General Group Plc now owns 11,049,294 shares of the footwear maker’s stock worth $832,785,000 after acquiring an additional 571,544 shares in the last quarter. Jennison Associates LLC raised its holdings in shares of NIKE by 45.6% during the first quarter. Jennison Associates LLC now owns 8,859,580 shares of the footwear maker’s stock valued at $832,623,000 after acquiring an additional 2,775,510 shares during the period. Massachusetts Financial Services Co. MA lifted its position in shares of NIKE by 0.9% in the 2nd quarter. Massachusetts Financial Services Co. MA now owns 6,025,616 shares of the footwear maker’s stock valued at $454,151,000 after acquiring an additional 52,500 shares in the last quarter. Finally, Longview Partners Guernsey LTD acquired a new position in NIKE in the 1st quarter worth approximately $533,533,000. 64.25% of the stock is owned by institutional investors and hedge funds.

NIKE Stock Up 0.9 %

NKE opened at $77.13 on Friday. The business has a 50 day moving average price of $82.24 and a 200 day moving average price of $84.61. NIKE, Inc. has a twelve month low of $70.75 and a twelve month high of $123.39. The company has a debt-to-equity ratio of 0.57, a quick ratio of 1.58 and a current ratio of 2.36. The firm has a market cap of $115.65 billion, a P/E ratio of 22.10, a price-to-earnings-growth ratio of 1.86 and a beta of 1.02.

NIKE (NYSE:NKE) last posted its earnings results on Tuesday, October 1st. The footwear maker reported $0.70 earnings per share for the quarter, topping 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 firm had revenue of $11.59 billion during the quarter, compared to analyst estimates of $11.64 billion. During the same period in the previous year, the company earned $0.94 EPS. The company’s revenue for the quarter was down 10.4% on a year-over-year basis. Research analysts forecast that NIKE, Inc. will post 2.74 EPS for the current year.

Wall Street Analysts Forecast Growth

Several analysts have issued reports on the stock. Truist Financial raised shares of NIKE from a “hold” rating to a “buy” rating and boosted their target price for the company from $83.00 to $97.00 in a research note on Thursday, October 10th. Stifel Nicolaus reduced their price objective on NIKE from $88.00 to $79.00 and set a “hold” rating for the company in a research note on Monday, August 26th. TD Cowen lifted their target price on NIKE from $71.00 to $78.00 and gave the company a “hold” rating in a research note on Wednesday, October 2nd. Morgan Stanley upped their target price on NIKE from $79.00 to $82.00 and gave the company an “equal weight” rating in a report on Wednesday, September 25th. Finally, JPMorgan Chase & Co. decreased their price target on shares of NIKE from $80.00 to $77.00 and set a “neutral” rating for the company in a report on Wednesday, October 2nd. Fourteen analysts have rated the stock with a hold rating and sixteen have assigned a buy rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $96.56.

Insider Buying and Selling

In other NIKE news, Chairman Mark G. Parker sold 52,487 shares of NIKE stock in a transaction that occurred on Wednesday, August 14th. The stock was sold at an average price of $78.00, for a total value of $4,093,986.00. Following the transaction, the chairman now directly owns 1,031,226 shares of the company’s stock, valued at $80,435,628. The trade was a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Corporate insiders own 1.10% of the company’s stock.

NIKE Profile

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.