NIKE (NYSE:NKE) PT Lowered to $75.00 at Royal Bank of Canada

NIKE (NYSE:NKE) had its target price reduced by analysts at Royal Bank of Canada from $100.00 to $75.00 in a research report issued to clients and investors on Tuesday, Benzinga reports. The firm currently has a “sector perform” rating on the footwear maker’s stock. Royal Bank of Canada’s target price indicates a potential downside of 1.07% from the stock’s current price.

Other equities research analysts have also issued research reports about the stock. Morgan Stanley restated an “equal weight” rating and set a $79.00 price target (down previously from $114.00) on shares of NIKE in a research note on Friday. Oppenheimer restated an “outperform” rating and set a $120.00 price target on shares of NIKE in a research note on Friday. Barclays lowered shares of NIKE from an “overweight” rating to an “equal weight” rating and decreased their price target for the stock from $109.00 to $80.00 in a research note on Friday. KeyCorp restated a “sector weight” rating on shares of NIKE in a research note on Friday. Finally, Truist Financial decreased their price target on shares of NIKE from $99.00 to $81.00 and set a “hold” rating for the company in a research note on Friday. 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 data from MarketBeat, NIKE has an average rating of “Hold” and an average price target of $98.04.

NIKE Stock Performance

Shares of NIKE stock traded down $1.02 during mid-day trading on Tuesday, hitting $75.81. 3,416,299 shares of the stock were exchanged, compared to its average volume of 10,518,505. NIKE has a 12 month low of $74.29 and a 12 month high of $123.39. The company has a 50-day simple moving average of $93.28 and a 200 day simple moving average of $98.85. The company has a debt-to-equity ratio of 0.55, a quick ratio of 1.69 and a current ratio of 2.40. The company has a market capitalization of $114.42 billion, a P/E ratio of 20.42, a P/E/G ratio of 1.43 and a beta of 1.01.

NIKE (NYSE:NKE) last posted its earnings results on Thursday, June 27th. The footwear maker reported $1.01 EPS for the quarter, topping the consensus estimate of $0.85 by $0.16. NIKE had a net margin of 11.10% and a return on equity of 42.63%. The firm had revenue of $12.60 billion for the quarter, compared to analysts’ expectations of $12.86 billion. During the same quarter last year, the firm earned $0.66 EPS. The company’s quarterly revenue was down 1.6% compared to the same quarter last year. Sell-side analysts anticipate that NIKE will post 3.9 earnings per share for the current fiscal year.

Insider Transactions at NIKE

In other NIKE news, Chairman Mark G. Parker sold 168,378 shares of the business’s stock in a transaction on Tuesday, May 14th. The shares were sold at an average price of $93.14, for a total value of $15,682,726.92. Following the completion of the sale, the chairman now directly owns 1,102,090 shares of the company’s stock, valued at $102,648,662.60. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other news, Director Robert Holmes Swan bought 2,941 shares of the company’s stock in a transaction dated Friday, June 28th. The stock was bought at an average cost of $77.02 per share, for a total transaction of $226,515.82. Following the completion of the acquisition, the director now owns 20,946 shares in the company, valued at approximately $1,613,260.92. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Chairman Mark G. Parker sold 168,378 shares of the 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 completion of the transaction, the chairman now directly owns 1,102,090 shares of the company’s stock, valued at $102,648,662.60. The disclosure for this sale can be found here. In the last ninety days, insiders sold 213,660 shares of company stock valued at $19,946,333. Insiders own 0.50% of the company’s stock.

Hedge Funds Weigh In On NIKE

Institutional investors have recently bought and sold shares of the stock. Annapolis Financial Services LLC increased its stake in shares of NIKE by 440.0% during 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 increased its stake in shares of NIKE by 120.7% during 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 during the fourth quarter valued at approximately $29,000. True Wealth Design LLC increased its stake in shares of NIKE by 106.4% during 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 during the fourth quarter valued at approximately $33,000. 64.25% of the stock is owned by institutional investors.

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.