NIKE (NYSE:NKE) Given New $90.00 Price Target at Truist Financial

NIKE (NYSE:NKE) had its price objective lowered by research analysts at Truist Financial from $97.00 to $90.00 in a research report issued to clients and investors on Friday,Benzinga reports. The firm presently has a “buy” rating on the footwear maker’s stock. Truist Financial’s price objective would indicate a potential upside of 18.44% from the company’s previous close.

Other analysts have also recently issued reports about the company. Stifel Nicolaus reduced their target price on NIKE from $79.00 to $75.00 and set a “hold” rating on the stock in a report on Friday. Wells Fargo & Company decreased their price target on NIKE from $95.00 to $92.00 and set an “overweight” rating for the company in a report on Monday. TD Cowen cut their target price on NIKE from $78.00 to $73.00 and set a “hold” rating on the stock in a research report on Monday, November 18th. Guggenheim dropped their price target on NIKE from $115.00 to $110.00 and set a “buy” rating on the stock in a research note on Wednesday, October 2nd. Finally, Morgan Stanley reduced their price objective on shares of NIKE from $80.00 to $74.00 and set an “equal weight” rating for the company in a research report on Friday. Fifteen investment analysts have rated the stock with a hold rating and fifteen have issued a buy rating to the company. According to MarketBeat.com, NIKE presently has an average rating of “Moderate Buy” and an average price target of $89.77.

NIKE Trading Down 1.4 %

NIKE stock traded down $1.11 during trading hours on Friday, hitting $75.99. The stock had a trading volume of 12,824,768 shares, compared to its average volume of 11,555,604. The stock has a market cap of $113.94 billion, a price-to-earnings ratio of 21.77, a P/E/G ratio of 1.89 and a beta of 1.02. The company has a quick ratio of 1.58, a current ratio of 2.36 and a debt-to-equity ratio of 0.57. The business’s 50 day simple moving average is $78.18 and its 200-day simple moving average is $80.77. NIKE has a one year low of $70.75 and a one year high of $123.30.

NIKE (NYSE:NKE) last announced its quarterly earnings results on Thursday, December 19th. The footwear maker reported $0.78 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.63 by $0.15. The firm had revenue of $12.35 billion during the quarter, compared to analysts’ expectations of $12.11 billion. NIKE had a net margin of 10.60% and a return on equity of 39.84%. The company’s revenue was down 7.7% on a year-over-year basis. During the same period in the prior year, the company posted $1.03 EPS. On average, equities analysts predict that NIKE will post 2.72 EPS for the current fiscal year.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of NKE. State Street Corp raised its position in shares of NIKE by 3.3% in the third quarter. State Street Corp now owns 57,916,789 shares of the footwear maker’s stock valued at $5,140,796,000 after purchasing an additional 1,862,021 shares during the period. Wellington Management Group LLP boosted its holdings in shares of NIKE by 5.1% in the third quarter. Wellington Management Group LLP now owns 27,442,145 shares of the footwear maker’s stock worth $2,425,886,000 after acquiring an additional 1,343,093 shares during the period. Geode Capital Management LLC grew its position in shares of NIKE by 1.0% in the third quarter. Geode Capital Management LLC now owns 25,029,380 shares of the footwear maker’s stock valued at $2,204,451,000 after purchasing an additional 251,411 shares in the last quarter. Legal & General Group Plc raised its stake in shares of NIKE by 5.5% during the 2nd quarter. Legal & General Group Plc now owns 11,049,294 shares of the footwear maker’s stock valued at $832,785,000 after purchasing an additional 571,544 shares during the period. Finally, Fisher Asset Management LLC boosted its stake in NIKE by 6.0% in the 3rd quarter. Fisher Asset Management LLC now owns 10,303,182 shares of the footwear maker’s stock worth $910,801,000 after purchasing an additional 583,207 shares during the period. 64.25% of the stock is owned by institutional investors.

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.