UBS Group Cuts NIKE (NYSE:NKE) Price Target to $58.00

NIKE (NYSE:NKE) had its price objective reduced by stock analysts at UBS Group from $62.00 to $58.00 in a research note issued to investors on Thursday,Benzinga reports. The brokerage presently has a “neutral” rating on the footwear maker’s stock. UBS Group’s price objective indicates a potential upside of 9.29% from the stock’s previous close.

A number of other analysts have also weighed in on NKE. Raymond James Financial restated a “market perform” rating on shares of NIKE in a research note on Monday, December 15th. KeyCorp dropped their price objective on shares of NIKE from $90.00 to $75.00 and set an “overweight” rating on the stock in a research report on Thursday, January 22nd. Robert W. Baird decreased their price objective on shares of NIKE from $93.00 to $85.00 and set an “outperform” rating for the company in a research report on Friday, December 19th. Daiwa Securities Group dropped their target price on NIKE from $75.00 to $61.00 in a report on Tuesday, December 23rd. Finally, BNP Paribas Exane cut their price target on NIKE from $38.00 to $35.00 and set an “underperform” rating on the stock in a research note on Friday, December 19th. Twenty-three analysts have rated the stock with a Buy rating, ten have assigned a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat, NIKE presently has an average rating of “Moderate Buy” and an average target price of $74.45.

NIKE Stock Down 0.7%

NKE traded down $0.40 during trading hours on Thursday, hitting $53.07. 5,043,491 shares of the company’s stock were exchanged, compared to its average volume of 15,626,062. The firm has a market cap of $78.56 billion, a P/E ratio of 31.21, a price-to-earnings-growth ratio of 2.82 and a beta of 1.27. NIKE has a 12-month low of $52.28 and a 12-month high of $80.17. The company has a current ratio of 2.06, a quick ratio of 1.40 and a debt-to-equity ratio of 0.50. The firm has a 50 day moving average of $61.94 and a 200 day moving average of $65.12.

NIKE (NYSE:NKE) last posted its quarterly earnings results on Thursday, December 18th. The footwear maker reported $0.53 EPS for the quarter, topping the consensus estimate of $0.37 by $0.16. The business had revenue of $12.43 billion during the quarter, compared to the consensus estimate of $12.19 billion. NIKE had a net margin of 5.43% and a return on equity of 18.43%. The company’s quarterly revenue was up .6% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.78 earnings per share. Analysts predict that NIKE will post 2.05 EPS for the current fiscal year.

Insider Transactions at NIKE

In other NIKE news, CEO Elliott Hill bought 16,388 shares of the stock in a transaction dated Monday, December 29th. The shares were acquired at an average cost of $61.10 per share, for a total transaction of $1,001,306.80. Following the completion of the transaction, the chief executive officer owned 241,587 shares in the company, valued at approximately $14,760,965.70. The trade was a 7.28% increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Robert Holmes Swan purchased 8,691 shares of NIKE stock in a transaction that occurred on Monday, December 22nd. The stock was acquired at an average price of $57.54 per share, with a total value of $500,080.14. Following the transaction, the director owned 43,293 shares in the company, valued at $2,491,079.22. The trade was a 25.12% increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. Over the last ninety days, insiders have acquired 75,079 shares of company stock worth $4,449,887. Insiders own 0.80% of the company’s stock.

Hedge Funds Weigh In On NIKE

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Mizuho Markets Cayman LP acquired a new stake in shares of NIKE in the 3rd quarter valued at approximately $34,200,000. Exchange Traded Concepts LLC grew its holdings in NIKE by 697.5% during the third quarter. Exchange Traded Concepts LLC now owns 228,889 shares of the footwear maker’s stock worth $15,960,000 after acquiring an additional 200,187 shares during the period. Strive Asset Management LLC purchased a new position in NIKE in the third quarter worth $1,743,000. Soros Fund Management LLC lifted its holdings in NIKE by 33.0% in the second quarter. Soros Fund Management LLC now owns 302,320 shares of the footwear maker’s stock valued at $21,477,000 after acquiring an additional 75,000 shares during the period. Finally, Brighton Jones LLC lifted its holdings in NIKE by 54.6% in the third quarter. Brighton Jones LLC now owns 104,791 shares of the footwear maker’s stock valued at $7,307,000 after acquiring an additional 37,019 shares during the period. Hedge funds and other institutional investors own 64.25% of the company’s stock.

About NIKE

Nike, Inc (NYSE: NKE) is a global designer, marketer and distributor of athletic footwear, apparel, equipment and accessories. Founded in 1964 as Blue Ribbon Sports by Phil Knight and Bill Bowerman and renamed Nike in 1971, the company is headquartered near Beaverton, Oregon. Nike develops and commercializes products across performance and lifestyle categories for sports including running, basketball, soccer and training, and is known for signature technologies and design-driven product lines.

The company markets products under several primary brands, including Nike, Jordan and Converse, and sells through a combination of wholesale relationships, branded retail stores and direct-to-consumer channels such as company-operated stores and digital platforms (e.g., Nike.com and mobile apps).