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

NIKE (NYSE:NKE) had its target price reduced by analysts at Truist Financial from $90.00 to $82.00 in a note issued to investors on Friday,Benzinga reports. The firm presently has a “buy” rating on the footwear maker’s stock. Truist Financial’s target price would indicate a potential upside of 20.56% from the stock’s current price.

Other analysts have also issued reports about the company. Stifel Nicolaus reduced their price objective on NIKE from $79.00 to $75.00 and set a “hold” rating on the stock in a research note on Friday, December 20th. UBS Group reaffirmed a “neutral” rating and issued a $73.00 price objective on shares of NIKE in a research note on Thursday, December 26th. Bank of America reduced their price objective on NIKE from $95.00 to $90.00 and set a “buy” rating on the stock in a research note on Friday, December 20th. Wells Fargo & Company cut their price target on NIKE from $90.00 to $85.00 and set an “overweight” rating on the stock in a research note on Friday. Finally, Citigroup lowered NIKE from a “buy” rating to a “neutral” rating and cut their price target for the company from $102.00 to $72.00 in a research note on Friday, February 7th. Fifteen research analysts have rated the stock with a hold rating, sixteen have issued a buy rating and two have assigned a strong buy rating to the company. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $87.38.

NIKE Stock Down 5.4 %

Shares of NYSE NKE opened at $68.02 on Friday. The company has a debt-to-equity ratio of 0.57, a quick ratio of 1.51 and a current ratio of 2.22. NIKE has a 52 week low of $65.17 and a 52 week high of $98.04. The stock has a market capitalization of $100.60 billion, a P/E ratio of 20.99, a PEG ratio of 2.52 and a beta of 1.02. The stock’s fifty day moving average is $74.70 and its 200 day moving average is $77.43.

NIKE (NYSE:NKE) last released its quarterly earnings data on Thursday, March 20th. The footwear maker reported $0.54 earnings per share for the quarter, beating the consensus estimate of $0.28 by $0.26. The business had revenue of $11.27 billion for the quarter, compared to analyst estimates of $11.02 billion. NIKE had a return on equity of 36.99% and a net margin of 9.98%. NIKE’s revenue was down 9.1% compared to the same quarter last year. During the same period last year, the firm posted $0.98 earnings per share. Sell-side analysts forecast that NIKE will post 2.05 earnings per share for the current fiscal year.

Insider Activity at NIKE

In other NIKE news, Director John W. Rogers, Jr. acquired 2,500 shares of the business’s stock in a transaction on Friday, December 27th. The shares were acquired at an average price of $76.65 per share, with a total value of $191,625.00. Following the completion of the transaction, the director now owns 34,403 shares in the company, valued at approximately $2,636,989.95. This trade represents a 7.84 % increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which is accessible through this link. Also, Chairman Mark G. Parker sold 169,732 shares of the business’s stock in a transaction on Friday, February 14th. The stock was sold at an average price of $72.83, for a total value of $12,361,581.56. Following the completion of the transaction, the chairman now directly owns 896,632 shares in the company, valued at approximately $65,301,708.56. This represents a 15.92 % decrease in their position. The disclosure for this sale can be found here. 1.10% of the stock is owned by insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of the business. Prostatis Group LLC boosted its position in NIKE by 29.9% in the fourth quarter. Prostatis Group LLC now owns 13,705 shares of the footwear maker’s stock worth $1,037,000 after purchasing an additional 3,153 shares during the last quarter. Centaurus Financial Inc. boosted its position in NIKE by 9.6% in the fourth quarter. Centaurus Financial Inc. now owns 2,258 shares of the footwear maker’s stock worth $171,000 after purchasing an additional 198 shares during the last quarter. Aegis Wealth Management LLC purchased a new position in shares of NIKE during the 4th quarter valued at $295,000. Copia Wealth Management purchased a new position in shares of NIKE during the 4th quarter valued at $358,000. Finally, Wood Tarver Financial Group LLC purchased a new position in shares of NIKE during the 4th quarter valued at $57,000. Hedge funds and other 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.