Truist Financial Has Lowered Expectations for NIKE (NYSE:NKE) Stock Price

NIKE (NYSE:NKE) had its price target decreased by research analysts at Truist Financial from $97.00 to $90.00 in a research note issued on Friday,Benzinga reports. The firm currently has a “buy” rating on the footwear maker’s stock. Truist Financial’s price target suggests a potential upside of 16.97% from the company’s previous close.

Several other research firms also recently issued reports on NKE. Wells Fargo & Company decreased their price objective on shares of NIKE from $95.00 to $92.00 and set an “overweight” rating for the company in a research note on Monday, December 16th. UBS Group lowered their target price on shares of NIKE from $82.00 to $80.00 and set a “neutral” rating on the stock in a research report on Monday, December 9th. Royal Bank of Canada cut their target price on shares of NIKE from $82.00 to $80.00 and set a “sector perform” rating on the stock in a report on Thursday, November 7th. Robert W. Baird increased their price target on shares of NIKE from $100.00 to $110.00 and gave the stock an “outperform” rating in a research note on Friday, September 20th. Finally, Needham & Company LLC restated a “buy” rating and issued a $84.00 price objective on shares of NIKE in a research note on Friday. Fifteen investment analysts have rated the stock with a hold rating and fifteen have issued a buy rating to the company. According to data from MarketBeat.com, NIKE currently has a consensus rating of “Moderate Buy” and a consensus target price of $89.77.

NIKE Stock Performance

Shares of NKE stock opened at $76.94 on Friday. The company has a market cap of $115.36 billion, a P/E ratio of 22.05, a PEG ratio of 1.89 and a beta of 1.02. The firm has a fifty day moving average price of $78.07 and a 200 day moving average price of $80.55. The company has a current ratio of 2.36, a quick ratio of 1.58 and a debt-to-equity ratio of 0.57. NIKE has a 12 month low of $70.75 and a 12 month high of $123.30.

NIKE (NYSE:NKE) last released its quarterly earnings data on Thursday, December 19th. The footwear maker reported $0.78 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.63 by $0.15. NIKE had a return on equity of 39.84% and a net margin of 10.60%. The business had revenue of $12.35 billion during the quarter, compared to analysts’ expectations of $12.11 billion. During the same period in the prior year, the firm posted $1.03 EPS. The business’s quarterly revenue was down 7.7% compared to the same quarter last year. Sell-side analysts predict that NIKE will post 2.72 earnings per share for the current fiscal year.

Hedge Funds Weigh In On NIKE

Several hedge funds and other institutional investors have recently bought and sold shares of the company. ING Groep NV purchased a new position in shares of NIKE in the third quarter valued at $29,628,000. Cordatus Wealth Management LLC increased its holdings in NIKE by 19.5% during the 3rd quarter. Cordatus Wealth Management LLC now owns 41,510 shares of the footwear maker’s stock valued at $3,669,000 after acquiring an additional 6,778 shares in the last quarter. Bristlecone Advisors LLC raised its position in NIKE by 14.3% during the third quarter. Bristlecone Advisors LLC now owns 93,521 shares of the footwear maker’s stock worth $8,267,000 after acquiring an additional 11,665 shares during the last quarter. Coldstream Capital Management Inc. raised its position in NIKE by 62.3% during the third quarter. Coldstream Capital Management Inc. now owns 121,279 shares of the footwear maker’s stock worth $10,347,000 after acquiring an additional 46,567 shares during the last quarter. Finally, Investment Management Corp of Ontario lifted its holdings in shares of NIKE by 49.4% in the third quarter. Investment Management Corp of Ontario now owns 40,238 shares of the footwear maker’s stock valued at $3,557,000 after purchasing an additional 13,300 shares in the last quarter. 64.25% of the stock is owned by institutional investors and hedge funds.

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.