NIKE (NYSE:NKE) Given New $80.00 Price Target at Morgan Stanley

NIKE (NYSE:NKE) had its target price reduced by research analysts at Morgan Stanley from $82.00 to $80.00 in a report released on Friday,Benzinga reports. The brokerage presently has an “equal weight” rating on the footwear maker’s stock. Morgan Stanley’s target price would suggest a potential upside of 3.56% from the stock’s current price.

A number of other analysts also recently weighed in on the stock. Williams Trading upgraded shares of NIKE from a “sell” rating to a “buy” rating and boosted their target price for the stock from $67.00 to $93.00 in a report on Friday, August 16th. Wells Fargo & Company upped their price objective on NIKE from $86.00 to $95.00 and gave the company an “overweight” rating in a research report on Friday, September 20th. Guggenheim dropped their target price on NIKE from $115.00 to $110.00 and set a “buy” rating for the company in a report on Wednesday, October 2nd. Bank of America decreased their price target on NIKE from $100.00 to $95.00 and set a “buy” rating on the stock in a report on Thursday, December 5th. Finally, Piper Sandler restated a “neutral” rating and issued a $80.00 price target on shares of NIKE in a research report on Friday, September 20th. Fourteen research analysts have rated the stock with a hold rating and sixteen have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $94.04.

NIKE Stock Down 0.9 %

NKE opened at $77.25 on Friday. The company has a market capitalization of $115.83 billion, a PE ratio of 22.13, a price-to-earnings-growth ratio of 1.93 and a beta of 1.02. The firm has a 50-day simple moving average of $78.52 and a two-hundred day simple moving average of $81.13. The company has a quick ratio of 1.58, a current ratio of 2.36 and a debt-to-equity ratio of 0.57. NIKE has a 52 week low of $70.75 and a 52 week high of $123.39.

NIKE (NYSE:NKE) last announced its quarterly earnings results on Tuesday, October 1st. The footwear maker reported $0.70 EPS for the quarter, beating analysts’ consensus estimates of $0.52 by $0.18. NIKE had a return on equity of 39.84% and a net margin of 10.60%. The company had revenue of $11.59 billion during the quarter, compared to analyst estimates of $11.64 billion. During the same period in the prior year, the company earned $0.94 earnings per share. The firm’s revenue was down 10.4% on a year-over-year basis. Analysts forecast that NIKE will post 2.73 earnings per share for the current fiscal year.

Institutional Investors Weigh In On NIKE

Hedge funds have recently made changes to their positions in the stock. Teachers Insurance & Annuity Association of America bought a new position in NIKE in the third quarter worth about $30,000. VitalStone Financial LLC raised its stake in shares of NIKE by 52.6% during the 3rd quarter. VitalStone Financial LLC now owns 435 shares of the footwear maker’s stock worth $38,000 after acquiring an additional 150 shares in the last quarter. Triad Wealth Partners LLC purchased a new stake in NIKE during the second quarter valued at approximately $44,000. Dunhill Financial LLC boosted its stake in NIKE by 52.2% in the third quarter. Dunhill Financial LLC now owns 493 shares of the footwear maker’s stock valued at $44,000 after acquiring an additional 169 shares in the last quarter. Finally, MFA Wealth Advisors LLC purchased a new position in NIKE in the second quarter worth $46,000. 64.25% of the stock is currently owned by hedge funds and other 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.