NIKE (NYSE:NKE) Price Target Cut to $100.00

NIKE (NYSE:NKE) had its price target reduced by equities research analysts at Bank of America from $104.00 to $100.00 in a research report issued to clients and investors on Wednesday, Benzinga reports. The brokerage presently has a “buy” rating on the footwear maker’s stock. Bank of America‘s target price indicates a potential upside of 12.20% from the company’s current price.

NKE has been the topic of a number of other research reports. Citigroup dropped their price target on shares of NIKE from $115.00 to $102.00 and set a “buy” rating on the stock in a research note on Friday, June 28th. Morgan Stanley boosted their target price on NIKE from $79.00 to $82.00 and gave the stock an “equal weight” rating in a research report on Wednesday, September 25th. HSBC decreased their target price on NIKE from $100.00 to $90.00 and set a “hold” rating for the company in a research report on Friday, June 28th. Truist Financial boosted their target price on NIKE from $81.00 to $85.00 and gave the stock a “hold” rating in a research report on Friday, September 20th. Finally, Guggenheim decreased their target price on NIKE from $130.00 to $115.00 and set a “buy” rating for the company in a research report on Friday, June 28th. Fifteen equities research analysts have rated the stock with a hold rating and fifteen have given a buy rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $96.41.

NIKE Stock Performance

Shares of NKE stock opened at $89.13 on Wednesday. NIKE has a 12 month low of $70.75 and a 12 month high of $123.39. The stock has a market cap of $134.53 billion, a PE ratio of 23.90, a price-to-earnings-growth ratio of 2.30 and a beta of 1.02. The company has a current ratio of 2.40, a quick ratio of 1.69 and a debt-to-equity ratio of 0.55. The company’s fifty day moving average price is $80.26 and its 200-day moving average price is $86.41.

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

Insider Buying and Selling at NIKE

In other news, Chairman Mark G. Parker sold 110,000 shares of the business’s stock in a transaction on Thursday, July 18th. The shares were sold at an average price of $72.97, for a total transaction of $8,026,700.00. Following the transaction, the chairman now directly owns 1,102,090 shares of the company’s stock, valued at $80,419,507.30. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. In other news, 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 completion of the transaction, the chairman now owns 1,031,226 shares in the company, valued at $80,435,628. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Chairman Mark G. Parker sold 110,000 shares of the stock in a transaction dated Thursday, July 18th. The shares were sold at an average price of $72.97, for a total transaction of $8,026,700.00. Following the completion of the transaction, the chairman now owns 1,102,090 shares of the company’s stock, valued at approximately $80,419,507.30. The disclosure for this sale can be found here. 0.50% of the stock is currently owned by corporate insiders.

Institutional Trading of NIKE

Hedge funds have recently bought and sold shares of the company. Annapolis Financial Services LLC increased its holdings in NIKE by 440.0% in the first quarter. Annapolis Financial Services LLC now owns 270 shares of the footwear maker’s stock worth $25,000 after buying an additional 220 shares during the last quarter. True Wealth Design LLC lifted its position in NIKE by 106.4% in the fourth quarter. True Wealth Design LLC now owns 291 shares of the footwear maker’s stock worth $32,000 after purchasing an additional 150 shares during the period. Core Wealth Advisors Inc. lifted its position in NIKE by 408.5% in the fourth quarter. Core Wealth Advisors Inc. now owns 300 shares of the footwear maker’s stock worth $33,000 after purchasing an additional 241 shares during the period. Frank Rimerman Advisors LLC bought a new position in NIKE in the fourth quarter worth $33,000. Finally, Pineridge Advisors LLC bought a new position in shares of NIKE during the fourth quarter valued at $38,000. 64.25% of the stock is owned by hedge funds and other 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.