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

NIKE (NYSE:NKE) had its price objective lowered by equities research analysts at Robert W. Baird from $125.00 to $100.00 in a report released on Friday, Benzinga reports. The brokerage currently has an “outperform” rating on the footwear maker’s stock. Robert W. Baird’s price target suggests a potential upside of 32.68% from the stock’s previous close.

Other equities research analysts have also recently issued research reports about the company. Wells Fargo & Company dropped their target price on NIKE from $120.00 to $115.00 and set an “overweight” rating on the stock in a report on Monday, June 10th. Evercore ISI dropped their target price on NIKE from $127.00 to $117.00 and set an “outperform” rating on the stock in a report on Friday, March 22nd. Bank of America raised NIKE from a “neutral” rating to a “buy” rating and boosted their target price for the stock from $110.00 to $113.00 in a report on Thursday, April 11th. Piper Sandler dropped their target price on NIKE from $107.00 to $98.00 and set a “neutral” rating on the stock in a report on Friday, March 22nd. Finally, Williams Trading restated a “sell” rating and issued a $85.00 price target (down previously from $92.00) on shares of NIKE in a research report on Monday, March 18th. Two investment analysts have rated the stock with a sell rating, fifteen have given a hold rating and fourteen have given a buy rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average target price of $98.96.

NIKE Stock Performance

NKE opened at $75.37 on Friday. The business’s 50 day moving average is $93.28 and its 200-day moving average is $99.00. The stock has a market cap of $113.76 billion, a PE ratio of 20.21, a price-to-earnings-growth ratio of 1.79 and a beta of 1.05. The company has a current ratio of 2.74, a quick ratio of 1.89 and a debt-to-equity ratio of 0.63. NIKE has a twelve month low of $74.55 and a twelve month high of $123.39.

NIKE (NYSE:NKE) last announced its 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 return on equity of 42.87% and a net margin of 11.10%. The firm had revenue of $12.60 billion for the quarter, compared to analysts’ expectations of $12.86 billion. During the same quarter in the previous year, the company earned $0.66 earnings per share. The firm’s quarterly revenue was down 1.6% compared to the same quarter last year. On average, analysts predict that NIKE will post 3.9 earnings per share for the current year.

Insider Activity at NIKE

In related news, Chairman Mark G. Parker sold 168,378 shares of NIKE stock in a transaction on Tuesday, May 14th. The shares were sold at an average price of $93.14, for a total value of $15,682,726.92. Following the completion of the sale, the chairman now owns 1,102,090 shares of the company’s stock, valued at approximately $102,648,662.60. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. In related news, VP Johanna Nielsen sold 282 shares of NIKE stock in a transaction on Thursday, May 9th. The shares were sold at an average price of $93.64, for a total value of $26,406.48. Following the completion of the sale, the vice president now owns 730 shares of the company’s stock, valued at approximately $68,357.20. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Chairman Mark G. Parker sold 168,378 shares of NIKE stock in a transaction on Tuesday, May 14th. The shares were sold at an average price of $93.14, for a total transaction of $15,682,726.92. Following the completion of the sale, the chairman now directly owns 1,102,090 shares of the company’s stock, valued at approximately $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 valued at $19,946,333. Insiders own 0.50% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of the company. Piscataqua Savings Bank lifted its position in NIKE by 2.1% during the 4th quarter. Piscataqua Savings Bank now owns 4,861 shares of the footwear maker’s stock worth $528,000 after acquiring an additional 100 shares during the last quarter. Physicians Financial Services Inc. lifted its position in NIKE by 0.6% during the 4th quarter. Physicians Financial Services Inc. now owns 16,077 shares of the footwear maker’s stock worth $1,745,000 after acquiring an additional 100 shares during the last quarter. ZWJ Investment Counsel Inc. lifted its position in NIKE by 4.0% during the 4th quarter. ZWJ Investment Counsel Inc. now owns 2,599 shares of the footwear maker’s stock worth $282,000 after acquiring an additional 100 shares during the last quarter. Kornitzer Capital Management Inc. KS lifted its position in NIKE by 0.4% during the 4th quarter. Kornitzer Capital Management Inc. KS now owns 25,568 shares of the footwear maker’s stock worth $2,776,000 after acquiring an additional 100 shares during the last quarter. Finally, Claro Advisors LLC lifted its position in NIKE by 0.8% during the 4th quarter. Claro Advisors LLC now owns 12,227 shares of the footwear maker’s stock worth $1,327,000 after acquiring an additional 101 shares during the last quarter. Institutional investors and hedge funds 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.