Goldman Sachs Group Inc Downgrades Nike, Inc. (NKE) to Neutral
Nike, Inc. (NYSE:NKE) was downgraded by analysts at Goldman Sachs Group Inc from a “buy” rating to a “neutral” rating in a research note issued on Thursday. They currently have a $54.00 price target on the footwear maker’s stock, up from their previous price target of $52.30. Goldman Sachs Group Inc’s price objective would indicate a potential upside of 1.77% from the stock’s previous close.
Other equities research analysts have also issued research reports about the stock. Jefferies Group LLC restated a “buy” rating and issued a $75.00 target price on shares of Nike in a report on Wednesday, June 28th. UBS AG restated a “buy” rating and issued a $62.00 target price (down previously from $63.00) on shares of Nike in a report on Tuesday, June 27th. Berenberg Bank restated a “buy” rating and issued a $70.00 target price on shares of Nike in a report on Friday, June 30th. Nomura restated a “buy” rating and issued a $60.00 target price on shares of Nike in a report on Friday, June 30th. Finally, Credit Suisse Group set a $63.00 target price on shares of Nike and gave the stock a “buy” rating in a report on Saturday, June 24th. Four equities research analysts have rated the stock with a sell rating, nineteen have issued a hold rating, nineteen have given a buy rating and one has assigned a strong buy rating to the company’s stock. Nike currently has a consensus rating of “Hold” and a consensus price target of $59.04.
Shares of Nike (NKE) traded up 0.70% during trading on Thursday, reaching $53.06. 13,020,916 shares of the company were exchanged. The company has a market capitalization of $86.57 billion, a price-to-earnings ratio of 22.59 and a beta of 0.61. The stock’s 50 day moving average is $52.56 and its 200 day moving average is $54.69. Nike has a 1-year low of $49.01 and a 1-year high of $60.53.
Nike (NYSE:NKE) last released its earnings results on Tuesday, September 26th. The footwear maker reported $0.57 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.48 by $0.09. The firm had revenue of $9.07 billion during the quarter, compared to analyst estimates of $9.08 billion. Nike had a net margin of 11.47% and a return on equity of 31.88%. The business’s revenue was up .1% on a year-over-year basis. During the same quarter last year, the business earned $0.73 EPS. Equities analysts anticipate that Nike will post $2.32 earnings per share for the current year.
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In other news, CFO Andrew Campion sold 5,722 shares of Nike stock in a transaction that occurred on Monday, July 24th. The shares were sold at an average price of $59.40, for a total transaction of $339,886.80. Following the completion of the transaction, the chief financial officer now directly owns 34,976 shares of the company’s stock, valued at approximately $2,077,574.40. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, Director Johnathan A. Rodgers sold 16,000 shares of Nike stock in a transaction that occurred on Thursday, September 14th. The shares were sold at an average price of $53.45, for a total transaction of $855,200.00. Following the transaction, the director now directly owns 25,660 shares of the company’s stock, valued at $1,371,527. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 134,045 shares of company stock valued at $7,778,338. Insiders own 3.90% of the company’s stock.
Large investors have recently bought and sold shares of the company. V Wealth Management LLC purchased a new position in shares of Nike during the 2nd quarter valued at approximately $100,000. Asset Planning Services Ltd. increased its holdings in shares of Nike by 0.3% during the 2nd quarter. Asset Planning Services Ltd. now owns 2,132 shares of the footwear maker’s stock valued at $126,000 after purchasing an additional 7 shares in the last quarter. Atlantic Trust LLC purchased a new position in shares of Nike during the 2nd quarter valued at approximately $136,000. Kistler Tiffany Companies LLC increased its holdings in shares of Nike by 91.7% during the 2nd quarter. Kistler Tiffany Companies LLC now owns 2,527 shares of the footwear maker’s stock valued at $149,000 after purchasing an additional 1,209 shares in the last quarter. Finally, Rational Advisors LLC increased its holdings in shares of Nike by 14.3% during the 1st quarter. Rational Advisors LLC now owns 2,572 shares of the footwear maker’s stock valued at $143,000 after purchasing an additional 321 shares in the last quarter. 62.55% of the stock is owned by hedge funds and other institutional investors.
NIKE, Inc is engaged in the design, development, marketing and selling of athletic footwear, apparel, equipment, accessories and services. The Company’s operating segments include North America, Western Europe, Central & Eastern Europe, Greater China, Japan and Emerging Markets. Its portfolio brands include the NIKE Brand, Jordan Brand, Hurley and Converse.
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