NIKE (NYSE:NKE) Price Target Lowered to $80.00 at Royal Bank of Canada

NIKE (NYSE:NKE) had its price objective cut by analysts at Royal Bank of Canada from $82.00 to $80.00 in a note issued to investors on Thursday,Benzinga reports. The brokerage presently has a “sector perform” rating on the footwear maker’s stock. Royal Bank of Canada’s price target indicates a potential upside of 4.81% from the stock’s current price.

NKE has been the topic of several other research reports. Robert W. Baird lifted their target price on shares of NIKE from $100.00 to $110.00 and gave the company an “outperform” rating in a report on Friday, September 20th. Daiwa America lowered shares of NIKE from a “moderate buy” rating to a “hold” rating in a research note on Wednesday, September 11th. Wells Fargo & Company upped their price objective on shares of NIKE from $86.00 to $95.00 and gave the company an “overweight” rating in a research note on Friday, September 20th. Piper Sandler reiterated a “neutral” rating and set a $80.00 price target on shares of NIKE in a report on Friday, September 20th. Finally, Jefferies Financial Group upped their price target on NIKE from $80.00 to $85.00 and gave the company a “hold” rating in a research report on Monday, September 30th. Fourteen investment analysts have rated the stock with a hold rating and sixteen have issued a buy rating to the company. According to data from MarketBeat, NIKE has an average rating of “Moderate Buy” and a consensus price target of $96.48.

NIKE Price Performance

NKE stock traded up $1.01 during mid-day trading on Thursday, reaching $76.33. The company’s stock had a trading volume of 4,976,706 shares, compared to its average volume of 11,523,208. NIKE has a fifty-two week low of $70.75 and a fifty-two week high of $123.39. The company has a current ratio of 2.36, a quick ratio of 1.58 and a debt-to-equity ratio of 0.57. The company’s 50 day moving average is $81.68 and its two-hundred day moving average is $84.07. The stock has a market cap of $114.45 billion, a PE ratio of 21.81, a P/E/G ratio of 1.88 and a beta of 1.03.

NIKE (NYSE:NKE) last posted its quarterly earnings data on Tuesday, October 1st. The footwear maker reported $0.70 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.52 by $0.18. NIKE had a return on equity of 39.84% and a net margin of 10.60%. The firm had revenue of $11.59 billion for the quarter, compared to the consensus estimate of $11.64 billion. During the same quarter in the previous year, the business earned $0.94 EPS. The company’s quarterly revenue was down 10.4% compared to the same quarter last year. Equities research analysts expect that NIKE will post 2.74 EPS for the current year.

Insider Transactions at NIKE

In related news, Chairman Mark G. Parker sold 52,487 shares of NIKE 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 completion of the sale, the chairman now directly owns 1,031,226 shares of the company’s stock, valued at approximately $80,435,628. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Company insiders own 1.10% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in NKE. Longview Partners Guernsey LTD bought a new position in shares of NIKE in the 1st quarter worth about $533,533,000. Capital World Investors increased its holdings in shares of NIKE by 612.2% in the first quarter. Capital World Investors now owns 5,185,432 shares of the footwear maker’s stock worth $487,327,000 after buying an additional 4,457,376 shares during the period. PineStone Asset Management Inc. increased its holdings in NIKE by 138.3% during the 2nd quarter. PineStone Asset Management Inc. now owns 2,715,689 shares of the footwear maker’s stock valued at $204,681,000 after purchasing an additional 1,576,049 shares during the period. Renaissance Technologies LLC increased its position in shares of NIKE by 351.7% during the second quarter. Renaissance Technologies LLC now owns 1,991,519 shares of the footwear maker’s stock valued at $150,101,000 after buying an additional 1,550,611 shares during the period. Finally, KBC Group NV raised its position in shares of NIKE by 145.2% in the 3rd quarter. KBC Group NV now owns 2,111,708 shares of the footwear maker’s stock worth $186,675,000 after acquiring an additional 1,250,380 shares in the last quarter. 64.25% of the stock is currently 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.