JPMorgan Chase & Co. Cuts NIKE (NYSE:NKE) Price Target to $77.00

NIKE (NYSE:NKE) had its target price cut by analysts at JPMorgan Chase & Co. from $80.00 to $77.00 in a note issued to investors on Wednesday, Benzinga reports. The brokerage presently has a “neutral” rating on the footwear maker’s stock. JPMorgan Chase & Co.‘s price objective would suggest a potential downside of 8.39% from the company’s current price.

Several other brokerages also recently weighed in on NKE. Barclays lifted their price target on shares of NIKE from $80.00 to $84.00 and gave the company an “equal weight” rating in a report on Wednesday, September 18th. Bank of America dropped their price target on NIKE from $104.00 to $100.00 and set a “buy” rating on the stock in a research note on Wednesday. Morgan Stanley increased their price target on shares of NIKE from $79.00 to $82.00 and gave the stock an “equal weight” rating in a report on Wednesday, September 25th. Piper Sandler reissued a “neutral” rating and set a $80.00 target price on shares of NIKE in a research note on Friday, September 20th. Finally, The Goldman Sachs Group decreased their price target on shares of NIKE from $118.00 to $105.00 and set a “buy” rating on the stock in a research note on Friday, June 28th. Fifteen equities research analysts have rated the stock with a hold rating and fifteen have assigned a buy rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $96.07.

NIKE Trading Down 5.7 %

Shares of NYSE:NKE traded down $5.08 during trading on Wednesday, hitting $84.05. 18,214,414 shares of the company’s stock were exchanged, compared to its average volume of 11,676,231. The firm has a 50-day moving average price of $80.26 and a two-hundred day moving average price of $86.41. The firm has a market cap of $126.86 billion, a P/E ratio of 22.53, a PEG ratio of 2.30 and a beta of 1.02. NIKE has a 1-year low of $70.75 and a 1-year high of $123.39. The company has a current ratio of 2.40, a quick ratio of 1.69 and a debt-to-equity ratio of 0.55.

NIKE (NYSE:NKE) last issued 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. The business had revenue of $11.59 billion for the quarter, compared to analysts’ expectations of $11.64 billion. NIKE had a net margin of 11.10% and a return on equity of 42.63%. The business’s quarterly revenue was down 10.4% on a year-over-year basis. During the same period last year, the business earned $0.94 earnings per share. Equities analysts predict that NIKE will post 3.04 earnings per share for the current year.

Insider Buying and Selling

In other NIKE news, Chairman Mark G. Parker sold 110,000 shares of the company’s stock in a transaction that occurred on Thursday, July 18th. The shares were sold at an average price of $72.97, for a total value 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 $80,419,507.30. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. In other news, Chairman Mark G. Parker sold 110,000 shares of the firm’s stock in a transaction dated Thursday, July 18th. The shares were sold at an average price of $72.97, for a total value of $8,026,700.00. Following the completion of the sale, the chairman now owns 1,102,090 shares in the company, valued at approximately $80,419,507.30. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, Chairman Mark G. Parker sold 52,487 shares of the company’s 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 sale, the chairman now 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. 0.50% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of NKE. Price T Rowe Associates Inc. MD increased its holdings in shares of NIKE by 87.5% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 17,135,431 shares of the footwear maker’s stock worth $1,860,395,000 after buying an additional 7,996,434 shares during the last quarter. Longview Partners Guernsey LTD acquired a new stake in NIKE during the first quarter worth approximately $533,533,000. Capital World Investors lifted its position in NIKE by 612.2% in the first quarter. Capital World Investors now owns 5,185,432 shares of the footwear maker’s stock valued at $487,327,000 after acquiring an additional 4,457,376 shares during the last quarter. Jennison Associates LLC grew its position in NIKE by 45.6% during the 1st quarter. Jennison Associates LLC now owns 8,859,580 shares of the footwear maker’s stock worth $832,623,000 after purchasing an additional 2,775,510 shares during the last quarter. Finally, PineStone Asset Management Inc. grew its holdings in NIKE by 138.3% during the second quarter. PineStone Asset Management Inc. now owns 2,715,689 shares of the footwear maker’s stock worth $204,681,000 after acquiring an additional 1,576,049 shares during the period. 64.25% of the stock is owned by hedge funds and other institutional investors.

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.