Guggenheim Lowers NIKE (NYSE:NKE) Price Target to $115.00

NIKE (NYSE:NKE) had its price target dropped by equities researchers at Guggenheim from $130.00 to $115.00 in a report released on Friday, Benzinga reports. The firm presently has a “buy” rating on the footwear maker’s stock. Guggenheim’s price target would indicate a potential upside of 52.58% from the stock’s current price.

A number of other equities research analysts have also recently issued reports on NKE. Wedbush dropped their price objective on NIKE from $115.00 to $97.00 and set an “outperform” rating on the stock in a research note on Friday. Morgan Stanley reissued an “equal weight” rating and set a $79.00 target price (down from $114.00) on shares of NIKE in a report on Friday. Williams Trading reissued a “sell” rating and set a $85.00 target price (down from $92.00) on shares of NIKE in a report on Monday, March 18th. TD Cowen decreased their price objective on NIKE from $89.00 to $75.00 and set a “hold” rating on the stock in a report on Friday. Finally, Jefferies Financial Group decreased their price objective on NIKE from $110.00 to $100.00 and set a “hold” rating on the stock in a report on Friday, March 22nd. Two research analysts have rated the stock with a sell rating, fifteen have issued a hold rating and fourteen have issued a buy rating to the company. According to MarketBeat.com, NIKE has a consensus rating of “Hold” and a consensus price target of $98.96.

NIKE Price Performance

NIKE stock opened at $75.37 on Friday. The firm has a market capitalization of $113.76 billion, a P/E ratio of 20.21, a PEG ratio of 1.79 and a beta of 1.05. NIKE has a 1 year low of $74.55 and a 1 year high of $123.39. The business has a 50-day moving average of $93.28 and a 200-day moving average of $99.00. 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 (NYSE:NKE) last released its quarterly earnings data 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 business had revenue of $12.60 billion for the quarter, compared to analysts’ expectations of $12.86 billion. NIKE had a return on equity of 42.87% and a net margin of 11.10%. NIKE’s revenue for the quarter was down 1.6% on a year-over-year basis. During the same quarter in the previous year, the business posted $0.66 EPS. On average, equities analysts anticipate that NIKE will post 3.9 EPS for the current year.

Insider Activity

In related news, VP Johanna Nielsen sold 282 shares of the firm’s stock in a transaction that occurred 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 owns 730 shares of the company’s stock, valued at $68,357.20. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In other NIKE news, EVP Monique S. Matheson sold 45,000 shares of the firm’s stock in a transaction that occurred on Tuesday, May 7th. The stock was sold at an average price of $94.16, for a total value of $4,237,200.00. Following the completion of the sale, the executive vice president now owns 44,997 shares of the company’s stock, valued at $4,236,917.52. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, VP Johanna Nielsen sold 282 shares of the firm’s stock in a transaction that occurred 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 directly owns 730 shares of the company’s stock, valued at approximately $68,357.20. The disclosure for this sale can be found here. Over the last quarter, insiders sold 213,660 shares of company stock valued at $19,946,333. Company insiders own 0.50% of the company’s stock.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of NKE. Annapolis Financial Services LLC lifted its holdings in shares of NIKE by 440.0% in the first quarter. Annapolis Financial Services LLC now owns 270 shares of the footwear maker’s stock valued at $25,000 after purchasing an additional 220 shares in the last quarter. Iron Horse Wealth Management LLC lifted its holdings in shares of NIKE by 120.7% in the fourth quarter. Iron Horse Wealth Management LLC now owns 256 shares of the footwear maker’s stock valued at $28,000 after purchasing an additional 140 shares in the last quarter. Planned Solutions Inc. bought a new position in shares of NIKE in the fourth quarter valued at approximately $29,000. True Wealth Design LLC lifted its holdings in shares of NIKE by 106.4% in the fourth quarter. True Wealth Design LLC now owns 291 shares of the footwear maker’s stock valued at $32,000 after purchasing an additional 150 shares in the last quarter. Finally, Frank Rimerman Advisors LLC bought a new position in shares of NIKE in the fourth quarter valued at approximately $33,000. Institutional investors 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.