NIKE (NYSE:NKE) Given New $80.00 Price Target at Royal Bank of Canada

NIKE (NYSE:NKE) had its price target decreased by research analysts at Royal Bank of Canada from $82.00 to $80.00 in a research report issued to clients and investors on Thursday,Benzinga reports. The brokerage presently has a “sector perform” rating on the footwear maker’s stock. Royal Bank of Canada’s price target suggests a potential upside of 4.81% from the company’s current price.

Several other equities research analysts have also recently issued reports on the stock. Deutsche Bank Aktiengesellschaft lowered their price objective on shares of NIKE from $95.00 to $92.00 and set a “buy” rating for the company in a research report on Wednesday, October 2nd. Robert W. Baird lifted their price target on shares of NIKE from $100.00 to $110.00 and gave the stock an “outperform” rating in a report on Friday, September 20th. UBS Group increased their price objective on NIKE from $78.00 to $82.00 and gave the company a “neutral” rating in a report on Wednesday, October 2nd. Barclays reduced their target price on NIKE from $84.00 to $81.00 and set an “equal weight” rating on the stock in a research report on Wednesday, October 2nd. Finally, Truist Financial upgraded shares of NIKE from a “hold” rating to a “buy” rating and upped their price objective for the company from $83.00 to $97.00 in a report on Thursday, October 10th. Fourteen equities research analysts have rated the stock with a hold rating and sixteen have given a buy rating to the company. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $96.48.

NIKE Price Performance

Shares of NYSE NKE traded up $1.01 during midday trading on Thursday, reaching $76.33. The stock had a trading volume of 4,976,706 shares, compared to its average volume of 11,523,208. NIKE has a 12-month low of $70.75 and a 12-month high of $123.39. The company has a debt-to-equity ratio of 0.57, a quick ratio of 1.58 and a current ratio of 2.36. The company has a market capitalization of $114.45 billion, a price-to-earnings ratio of 21.81, a price-to-earnings-growth ratio of 1.88 and a beta of 1.03. The stock has a 50-day moving average of $81.68 and a 200-day moving average of $84.07.

NIKE (NYSE:NKE) last posted 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. NIKE had a return on equity of 39.84% and a net margin of 10.60%. The firm had revenue of $11.59 billion during the quarter, compared to the consensus estimate of $11.64 billion. During the same period in the prior year, the company earned $0.94 EPS. The company’s quarterly revenue was down 10.4% compared to the same quarter last year. As a group, research analysts anticipate that NIKE will post 2.74 EPS for the current fiscal year.

Insider Activity

In other news, Chairman Mark G. Parker sold 52,487 shares of the business’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 sale, the chairman now owns 1,031,226 shares of the company’s stock, valued at $80,435,628. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Insiders own 1.10% of the company’s stock.

Hedge Funds Weigh In On NIKE

A number of institutional investors and hedge funds have recently bought and sold shares of NKE. Transcendent Capital Group LLC boosted its holdings in NIKE by 97.6% in the 1st quarter. Transcendent Capital Group LLC now owns 405 shares of the footwear maker’s stock valued at $38,000 after purchasing an additional 200 shares during the last quarter. VitalStone Financial LLC grew its position in NIKE by 52.6% in the third quarter. VitalStone Financial LLC now owns 435 shares of the footwear maker’s stock worth $38,000 after acquiring an additional 150 shares during the period. Bruce G. Allen Investments LLC increased its stake in NIKE by 272.5% during the second quarter. Bruce G. Allen Investments LLC now owns 514 shares of the footwear maker’s stock worth $39,000 after acquiring an additional 376 shares during the last quarter. Triad Wealth Partners LLC purchased a new stake in NIKE in the second quarter valued at $44,000. Finally, MFA Wealth Advisors LLC acquired a new position in shares of NIKE in the 2nd quarter valued at $46,000. 64.25% of the stock is currently owned by institutional investors and hedge funds.

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.