Wells Fargo & Company Cuts NIKE (NYSE:NKE) Price Target to $92.00

NIKE (NYSE:NKE) had its price objective reduced by Wells Fargo & Company from $115.00 to $92.00 in a research note issued to investors on Friday, Benzinga reports. The firm currently has an “overweight” rating on the footwear maker’s stock. Wells Fargo & Company‘s price objective would indicate a potential upside of 22.52% from the stock’s current price.

Other equities research analysts also recently issued reports about the company. Evercore ISI decreased their price target on NIKE from $110.00 to $105.00 and set an “outperform” rating for the company in a report on Friday. The Goldman Sachs Group reduced their price objective on NIKE from $118.00 to $105.00 and set a “buy” rating for the company in a report on Friday. JPMorgan Chase & Co. reaffirmed a “neutral” rating and issued a $83.00 price target (down previously from $116.00) on shares of NIKE in a report on Friday. Stifel Nicolaus reaffirmed a “hold” rating and set a $88.00 price objective (down previously from $117.00) on shares of NIKE in a research note on Friday. Finally, Sanford C. Bernstein lowered their target price on shares of NIKE from $134.00 to $120.00 and set an “outperform” rating for the company in a research note on Friday, March 22nd. Two equities research analysts have rated the stock with a sell rating, fifteen have given a hold rating and fourteen have assigned a buy rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average target price of $99.81.

NIKE Trading Down 20.3 %

NYSE:NKE traded down $19.10 during trading hours on Friday, reaching $75.09. 95,952,600 shares of the stock were exchanged, compared to its average volume of 10,012,940. The company has a market capitalization of $113.34 billion, a price-to-earnings ratio of 22.10, a PEG ratio of 1.79 and a beta of 1.05. The company has a quick ratio of 1.89, a current ratio of 2.74 and a debt-to-equity ratio of 0.63. The business has a 50-day moving average of $93.70 and a two-hundred day moving average of $99.48. NIKE has a twelve month low of $74.76 and a twelve month high of $123.39.

NIKE (NYSE:NKE) last posted its quarterly earnings results on Thursday, June 27th. The footwear maker reported $1.01 EPS for the quarter, topping the consensus estimate of $0.85 by $0.16. NIKE had a net margin of 10.14% and a return on equity of 39.41%. The company had revenue of $12.60 billion during the quarter, compared to analysts’ expectations of $12.86 billion. During the same quarter in the previous year, the business posted $0.66 EPS. The firm’s revenue was down 1.6% on a year-over-year basis. On average, equities analysts predict that NIKE will post 3.81 EPS for the current year.

Insider Transactions at NIKE

In related news, Chairman Mark G. Parker sold 168,378 shares of the firm’s stock in a transaction on Tuesday, May 14th. The stock was sold at an average price of $93.14, for a total value of $15,682,726.92. Following the transaction, the chairman now owns 1,102,090 shares in the company, valued at $102,648,662.60. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, EVP Monique S. Matheson sold 45,000 shares of the business’s stock in a transaction on Tuesday, May 7th. The shares were sold at an average price of $94.16, for a total transaction of $4,237,200.00. Following the transaction, the executive vice president now owns 44,997 shares in the company, valued at approximately $4,236,917.52. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Chairman Mark G. Parker sold 168,378 shares of the company’s stock in a transaction that occurred on Tuesday, May 14th. The stock was sold at an average price of $93.14, for a total value of $15,682,726.92. Following the transaction, the chairman now directly owns 1,102,090 shares in the company, valued at $102,648,662.60. The disclosure for this sale can be found here. In the last 90 days, insiders sold 213,660 shares of company stock worth $19,946,333. 0.50% of the stock is owned by insiders.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the stock. Annapolis Financial Services LLC increased its holdings in NIKE by 440.0% in the 1st quarter. Annapolis Financial Services LLC now owns 270 shares of the footwear maker’s stock worth $25,000 after acquiring an additional 220 shares during the last quarter. Iron Horse Wealth Management LLC increased its holdings in shares of NIKE by 120.7% in the fourth quarter. Iron Horse Wealth Management LLC now owns 256 shares of the footwear maker’s stock worth $28,000 after purchasing an additional 140 shares during the period. Planned Solutions Inc. purchased a new stake in shares of NIKE in the 4th quarter valued at about $29,000. True Wealth Design LLC lifted its position in NIKE by 106.4% during the fourth quarter. True Wealth Design LLC now owns 291 shares of the footwear maker’s stock valued at $32,000 after purchasing an additional 150 shares during the last quarter. Finally, Frank Rimerman Advisors LLC purchased a new position in NIKE in the fourth quarter worth $33,000. Institutional investors own 64.25% of the company’s stock.

NIKE Company 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.