NIKE (NYSE:NKE) Price Target Lowered to $82.00 at Royal Bank of Canada

NIKE (NYSE:NKE) had its price target cut by stock analysts at Royal Bank of Canada from $85.00 to $82.00 in a research note issued on Wednesday, Benzinga reports. The firm currently has a “sector perform” rating on the footwear maker’s stock. Royal Bank of Canada’s price objective points to a potential downside of 1.69% from the stock’s previous close.

A number of other research firms have also weighed in on NKE. Morgan Stanley lifted their price objective on shares of NIKE from $79.00 to $82.00 and gave the company an “equal weight” rating in a research report on Wednesday, September 25th. Truist Financial lowered their price objective on shares of NIKE from $85.00 to $83.00 and set a “hold” rating on the stock in a research report on Wednesday. Williams Trading upgraded shares of NIKE from a “sell” rating to a “buy” rating and lifted their price objective for the company from $67.00 to $93.00 in a research report on Friday, August 16th. Citigroup lowered their price objective on shares of NIKE from $115.00 to $102.00 and set a “buy” rating on the stock in a research report on Friday, June 28th. Finally, StockNews.com downgraded NIKE from a “buy” rating to a “hold” rating in a report on Friday, June 21st. Fifteen research analysts have rated the stock with a hold rating and fifteen have given a buy rating to the stock. Based on data from MarketBeat, NIKE has a consensus rating of “Moderate Buy” and an average target price of $96.19.

NIKE Stock Down 6.4 %

NKE stock traded down $5.72 during midday trading on Wednesday, reaching $83.41. 13,742,170 shares of the company were exchanged, compared to its average volume of 11,643,338. 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 cap of $125.90 billion, a price-to-earnings ratio of 22.36, a price-to-earnings-growth ratio of 2.30 and a beta of 1.02. The stock’s 50-day simple moving average is $80.26 and its 200 day simple moving average is $86.41. NIKE has a 1-year low of $70.75 and a 1-year high of $123.39.

NIKE (NYSE:NKE) last announced its earnings results on Tuesday, October 1st. The footwear maker reported $0.70 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.52 by $0.18. NIKE had a net margin of 11.10% and a return on equity of 42.63%. The business had revenue of $11.59 billion for the quarter, compared to analyst estimates of $11.64 billion. During the same period last year, the firm posted $0.94 earnings per share. The company’s revenue for the quarter was down 10.4% compared to the same quarter last year. On average, equities analysts forecast that NIKE will post 3.04 earnings per share for the current year.

Insider Activity at NIKE

In related news, Chairman Mark G. Parker sold 52,487 shares of the company’s stock in a transaction that occurred on Wednesday, August 14th. The stock was sold at an average price of $78.00, for a total transaction of $4,093,986.00. Following the sale, the chairman now directly owns 1,031,226 shares of the company’s stock, valued at approximately $80,435,628. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. In related news, Chairman Mark G. Parker sold 110,000 shares of the company’s stock in a transaction on Thursday, July 18th. The stock was sold at an average price of $72.97, for a total transaction of $8,026,700.00. Following the completion of the transaction, the chairman now directly owns 1,102,090 shares in the company, valued at approximately $80,419,507.30. The sale was disclosed in a document filed with the SEC, which is available through this link. Also, Chairman Mark G. Parker sold 52,487 shares of the stock in a transaction on Wednesday, August 14th. The stock was sold at an average price of $78.00, for a total value of $4,093,986.00. Following the completion of the transaction, the chairman now directly owns 1,031,226 shares of the company’s stock, valued at approximately $80,435,628. The disclosure for this sale can be found here. Corporate insiders own 0.50% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently modified their holdings of NKE. Eagle Asset Management Inc. grew its stake in shares of NIKE by 19.2% in the fourth quarter. Eagle Asset Management Inc. now owns 7,816 shares of the footwear maker’s stock worth $849,000 after purchasing an additional 1,257 shares in the last quarter. Jones Financial Companies Lllp grew its stake in shares of NIKE by 3.6% in the fourth quarter. Jones Financial Companies Lllp now owns 3,662 shares of the footwear maker’s stock worth $398,000 after purchasing an additional 126 shares in the last quarter. Belpointe Asset Management LLC grew its stake in shares of NIKE by 35.6% in the fourth quarter. Belpointe Asset Management LLC now owns 3,254 shares of the footwear maker’s stock worth $353,000 after purchasing an additional 855 shares in the last quarter. Morningstar Investment Management LLC bought a new position in shares of NIKE in the fourth quarter worth $375,000. Finally, Cetera Advisor Networks LLC grew its stake in shares of NIKE by 8.9% in the fourth quarter. Cetera Advisor Networks LLC now owns 111,481 shares of the footwear maker’s stock worth $12,103,000 after purchasing an additional 9,131 shares in the last quarter. 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.