NIKE (NYSE:NKE) Downgraded to Strong Sell Rating by Zacks Research

NIKE (NYSE:NKE) was downgraded by equities researchers at Zacks Research from a “hold” rating to a “strong sell” rating in a research report issued on Monday,Zacks.com reports.

A number of other analysts have also recently commented on the company. Guggenheim lowered their price target on NIKE from $77.00 to $74.00 and set a “buy” rating for the company in a research note on Wednesday, April 1st. Truist Financial lowered their price target on NIKE from $69.00 to $57.00 and set a “buy” rating for the company in a research note on Wednesday, April 1st. Sanford C. Bernstein reaffirmed a “buy” rating on shares of NIKE in a research note on Monday, May 11th. Piper Sandler reaffirmed a “neutral” rating and issued a $50.00 price target (down from $60.00) on shares of NIKE in a research note on Friday, April 10th. Finally, Bank of America reaffirmed a “neutral” rating and issued a $55.00 price target (down from $73.00) on shares of NIKE in a research note on Wednesday, April 1st. Sixteen equities research analysts have rated the stock with a Buy rating, seventeen have given a Hold rating and three have given a Sell rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Hold” and an average price target of $62.04.

NIKE Price Performance

NIKE stock opened at $43.72 on Monday. The firm has a market capitalization of $64.75 billion, a P/E ratio of 28.96, a PEG ratio of 1.96 and a beta of 1.12. NIKE has a 1 year low of $41.35 and a 1 year high of $80.17. The business has a 50-day moving average of $45.60 and a 200-day moving average of $56.61. The company has a current ratio of 2.14, a quick ratio of 1.45 and a debt-to-equity ratio of 0.50.

NIKE (NYSE:NKE) last announced its quarterly earnings results on Tuesday, March 31st. The footwear maker reported $0.35 EPS for the quarter, beating analysts’ consensus estimates of $0.29 by $0.06. The company had revenue of $11.28 billion during the quarter, compared to analysts’ expectations of $11.23 billion. NIKE had a return on equity of 16.41% and a net margin of 4.84%.NIKE’s revenue was up .1% on a year-over-year basis. During the same period in the prior year, the business posted $0.54 EPS. On average, equities analysts anticipate that NIKE will post 1.51 EPS for the current year.

Insiders Place Their Bets

In other NIKE news, CEO Elliott Hill bought 23,660 shares of the stock in a transaction that occurred on Monday, April 13th. The stock was acquired at an average cost of $42.27 per share, with a total value of $1,000,108.20. Following the purchase, the chief executive officer owned 265,247 shares in the company, valued at $11,211,990.69. This trade represents a 9.79% increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director John W. Rogers, Jr. bought 4,000 shares of the stock in a transaction that occurred on Thursday, April 9th. The shares were acquired at an average cost of $43.34 per share, with a total value of $173,360.00. Following the completion of the purchase, the director owned 41,022 shares in the company, valued at $1,777,893.48. This represents a 10.80% increase in their position. The SEC filing for this purchase provides additional information. Insiders acquired a total of 64,441 shares of company stock valued at $2,734,204 in the last quarter. 0.80% of the stock is owned by company insiders.

Institutional Trading of NIKE

A number of large investors have recently bought and sold shares of the business. Mizuho Markets Cayman LP bought a new position in shares of NIKE during the 3rd quarter worth approximately $34,200,000. PFA Pension Forsikringsaktieselskab bought a new position in shares of NIKE during the 4th quarter worth approximately $43,188,000. Strive Asset Management LLC bought a new position in shares of NIKE during the 3rd quarter worth approximately $1,743,000. Nicholas Company Inc. grew its stake in shares of NIKE by 33.3% during the 4th quarter. Nicholas Company Inc. now owns 123,652 shares of the footwear maker’s stock worth $7,878,000 after acquiring an additional 30,890 shares in the last quarter. Finally, Park National Corp OH grew its stake in shares of NIKE by 81.5% during the 4th quarter. Park National Corp OH now owns 431,055 shares of the footwear maker’s stock worth $27,463,000 after acquiring an additional 193,514 shares in the last quarter. 64.25% of the stock is owned by institutional investors.

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).