NIKE (NYSE:NKE) Price Target Cut to $105.00

NIKE (NYSE:NKE) had its target price decreased by investment analysts at Evercore ISI from $110.00 to $105.00 in a research note issued to investors on Wednesday, Benzinga reports. The firm currently has an “outperform” rating on the footwear maker’s stock. Evercore ISI’s target price would indicate a potential upside of 27.89% from the company’s previous close.

Several other analysts also recently commented on the company. Deutsche Bank Aktiengesellschaft restated a “buy” rating and issued a $92.00 target price on shares of NIKE in a research note on Friday, September 20th. Piper Sandler reissued a “neutral” rating and issued a $80.00 price objective on shares of NIKE in a research note on Friday, September 20th. Barclays upped their target price on NIKE from $80.00 to $84.00 and gave the stock an “equal weight” rating in a research report on Wednesday, September 18th. Oppenheimer reissued an “outperform” rating and issued a $120.00 price target on shares of NIKE in a research report on Friday, June 28th. Finally, BMO Capital Markets lowered their price objective on shares of NIKE from $118.00 to $100.00 and set an “outperform” rating on the stock in a report on Friday, June 28th. Fifteen equities research analysts have rated the stock with a hold rating and fifteen have assigned a buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $96.04.

NIKE Price Performance

NIKE stock opened at $82.11 on Wednesday. The stock has a market capitalization of $123.93 billion, a price-to-earnings ratio of 22.01, a PEG ratio of 2.30 and a beta of 1.02. NIKE has a 52-week low of $70.75 and a 52-week high of $123.39. The company has a debt-to-equity ratio of 0.55, a quick ratio of 1.69 and a current ratio of 2.40. The stock’s 50 day moving average price is $80.71 and its two-hundred day moving average price is $86.36.

NIKE (NYSE:NKE) last released its earnings results on Tuesday, October 1st. The footwear maker reported $0.70 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.52 by $0.18. The company had revenue of $11.59 billion for the quarter, compared to the consensus estimate of $11.64 billion. NIKE had a net margin of 11.10% and a return on equity of 42.63%. NIKE’s quarterly revenue was down 10.4% compared to the same quarter last year. During the same quarter in the previous year, the company earned $0.94 EPS. On average, equities analysts predict that NIKE will post 3.04 earnings per share for the current year.

Insider Activity

In related news, Chairman Mark G. Parker sold 52,487 shares of NIKE stock in a transaction that occurred on Wednesday, August 14th. The shares were sold at an average price of $78.00, for a total value of $4,093,986.00. Following the sale, the chairman now owns 1,031,226 shares of the company’s stock, valued at approximately $80,435,628. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In related news, Chairman Mark G. Parker sold 110,000 shares of NIKE stock in a transaction dated Thursday, July 18th. The stock was sold at an average price of $72.97, for a total value of $8,026,700.00. Following the completion of the sale, the chairman now owns 1,102,090 shares of the company’s stock, valued at approximately $80,419,507.30. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, Chairman Mark G. Parker sold 52,487 shares of the company’s stock in a transaction dated Wednesday, August 14th. The shares were sold at an average price of $78.00, for a total transaction of $4,093,986.00. Following the sale, the chairman now directly owns 1,031,226 shares in the company, valued at $80,435,628. The disclosure for this sale can be found here. Insiders own 0.50% of the company’s stock.

Institutional Trading of NIKE

Several hedge funds and other institutional investors have recently modified their holdings of the business. Price T Rowe Associates Inc. MD boosted its holdings in NIKE by 87.5% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 17,135,431 shares of the footwear maker’s stock worth $1,860,395,000 after buying an additional 7,996,434 shares during the period. Longview Partners Guernsey LTD bought a new position in shares of NIKE in the first quarter worth $533,533,000. Capital World Investors grew its position in shares of NIKE by 612.2% in the first quarter. Capital World Investors now owns 5,185,432 shares of the footwear maker’s stock valued at $487,327,000 after purchasing an additional 4,457,376 shares in the last quarter. Jennison Associates LLC raised its stake in shares of NIKE by 45.6% during the 1st quarter. Jennison Associates LLC now owns 8,859,580 shares of the footwear maker’s stock valued at $832,623,000 after purchasing an additional 2,775,510 shares during the period. Finally, PineStone Asset Management Inc. lifted its holdings in NIKE by 138.3% during the 2nd quarter. PineStone Asset Management Inc. now owns 2,715,689 shares of the footwear maker’s stock worth $204,681,000 after purchasing an additional 1,576,049 shares in the last quarter. Institutional investors own 64.25% of the company’s stock.

About NIKE

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.