Citigroup Lowers NIKE (NYSE:NKE) Price Target to $102.00

NIKE (NYSE:NKE) had its target price cut by investment analysts at Citigroup from $115.00 to $102.00 in a research report issued to clients and investors on Friday, Benzinga reports. The firm currently has a “buy” rating on the footwear maker’s stock. Citigroup’s price objective would suggest a potential upside of 35.33% from the company’s previous close.

A number of other brokerages have also commented on NKE. Barclays lowered NIKE from an “overweight” rating to an “equal weight” rating and cut their price target for the company from $109.00 to $80.00 in a report on Friday. Jefferies Financial Group reduced their price target on NIKE from $110.00 to $100.00 and set a “hold” rating for the company in a research report on Friday, March 22nd. StockNews.com downgraded shares of NIKE from a “buy” rating to a “hold” rating in a report on Friday, June 21st. Piper Sandler reduced their target price on shares of NIKE from $107.00 to $98.00 and set a “neutral” rating for the company in a report on Friday, March 22nd. Finally, Bank of America lowered their price target on shares of NIKE from $113.00 to $104.00 and set a “buy” rating on the stock in a research note on Friday. 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. According to MarketBeat, the stock currently has an average rating of “Hold” and a consensus target price of $98.96.

NIKE Price Performance

Shares of NKE opened at $75.37 on Friday. The stock has a 50 day simple moving average of $93.28 and a 200 day simple moving average of $99.00. NIKE has a 52-week low of $74.55 and a 52-week high of $123.39. The company has a debt-to-equity ratio of 0.63, a quick ratio of 1.89 and a current ratio of 2.74. The firm has a market capitalization of $113.76 billion, a PE ratio of 20.21, a P/E/G ratio of 1.79 and a beta of 1.05.

NIKE (NYSE:NKE) last released its quarterly earnings results on Thursday, June 27th. The footwear maker reported $1.01 earnings per share for the quarter, beating the consensus estimate of $0.85 by $0.16. The company had revenue of $12.60 billion during the quarter, compared to analysts’ expectations of $12.86 billion. NIKE had a net margin of 11.10% and a return on equity of 42.87%. The business’s quarterly revenue was down 1.6% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.66 earnings per share. Sell-side analysts predict that NIKE will post 3.9 EPS for the current fiscal year.

Insiders Place Their Bets

In other NIKE news, VP Johanna Nielsen sold 282 shares of the stock in a transaction that occurred on Thursday, May 9th. The shares were sold at an average price of $93.64, for a total transaction of $26,406.48. Following the transaction, the vice president now owns 730 shares in the company, valued at approximately $68,357.20. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. In other news, VP Johanna Nielsen sold 282 shares of the company’s stock in a transaction on Thursday, May 9th. The stock was sold at an average price of $93.64, for a total transaction of $26,406.48. Following the completion of the sale, the vice president now directly owns 730 shares in the company, valued at approximately $68,357.20. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, Chairman Mark G. Parker sold 168,378 shares of the company’s stock in a transaction dated Tuesday, May 14th. The stock was sold at an average price of $93.14, for a total transaction of $15,682,726.92. Following 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. Insiders sold 213,660 shares of company stock worth $19,946,333 in the last quarter. 0.50% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in NKE. Cim LLC bought a new stake in shares of NIKE during the 4th quarter worth $14,275,000. TKG Advisors LLC bought a new stake in shares of NIKE during the 4th quarter valued at approximately $1,012,000. Louisiana State Employees Retirement System bought a new stake in shares of NIKE during the 4th quarter valued at approximately $8,034,000. Financial Gravity Asset Management Inc. increased its position in NIKE by 2,332.5% during the 3rd quarter. Financial Gravity Asset Management Inc. now owns 184,042 shares of the footwear maker’s stock worth $17,598,000 after purchasing an additional 176,476 shares in the last quarter. Finally, Brown Advisory Inc. lifted its stake in NIKE by 4.3% in the 4th quarter. Brown Advisory Inc. now owns 4,668,949 shares of the footwear maker’s stock valued at $506,908,000 after purchasing an additional 192,752 shares during the last quarter. 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.