NIKE (NYSE:NKE) Price Target Cut to $73.00 by Analysts at Bank of America

NIKE (NYSE:NKE) had its price target decreased by equities researchers at Bank of America from $84.00 to $73.00 in a report released on Friday,Benzinga reports. The firm presently has a “buy” rating on the footwear maker’s stock. Bank of America‘s price target points to a potential upside of 11.00% from the company’s previous close.

Several other research analysts have also issued reports on NKE. UBS Group reaffirmed a “market perform” rating and issued a $75.00 target price on shares of NIKE in a research note on Wednesday, December 10th. Oppenheimer restated an “outperform” rating on shares of NIKE in a report on Wednesday. The Goldman Sachs Group reaffirmed a “buy” rating and issued a $89.00 price objective on shares of NIKE in a research note on Monday. Guggenheim upgraded shares of NIKE to a “strong-buy” rating in a research report on Wednesday, December 10th. Finally, Royal Bank Of Canada reissued an “outperform” rating on shares of NIKE in a research note on Friday, October 10th. Four research analysts have rated the stock with a Strong Buy rating, twenty-four have given a Buy rating and ten have assigned a Hold rating to the company’s stock. Based on data from MarketBeat, NIKE has a consensus rating of “Moderate Buy” and a consensus target price of $79.38.

NIKE Stock Up 0.1%

NYSE NKE opened at $65.77 on Friday. The stock has a market capitalization of $97.22 billion, a P/E ratio of 33.73, a price-to-earnings-growth ratio of 2.32 and a beta of 1.29. NIKE has a 52 week low of $52.28 and a 52 week high of $82.44. The company has a debt-to-equity ratio of 0.59, a quick ratio of 1.45 and a current ratio of 2.19. The stock has a fifty day moving average of $65.18 and a 200-day moving average of $69.41.

NIKE (NYSE:NKE) last posted its quarterly earnings results on Thursday, December 18th. The footwear maker reported $0.53 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.37 by $0.16. The business had revenue of $12.43 billion for the quarter, compared to analysts’ expectations of $12.19 billion. NIKE had a return on equity of 21.16% and a net margin of 6.23%.The firm’s quarterly revenue was up .6% compared to the same quarter last year. During the same quarter last year, the business earned $0.78 earnings per share. On average, equities research analysts forecast that NIKE will post 2.05 EPS for the current year.

Insider Buying and Selling

In other NIKE news, Director Jorgen Vig Knudstorp purchased 16,150 shares of the company’s stock in a transaction dated Friday, November 7th. The shares were bought at an average price of $62.09 per share, with a total value of $1,002,753.50. Following the completion of the transaction, the director directly owned 21,388 shares in the company, valued at $1,327,980.92. This trade represents a 308.32% increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Chairman Mark G. Parker sold 86,078 shares of NIKE stock in a transaction dated Friday, November 14th. The shares were sold at an average price of $64.80, for a total value of $5,577,854.40. Following the transaction, the chairman owned 647,615 shares in the company, valued at $41,965,452. This trade represents a 11.73% decrease in their position. The disclosure for this sale is available in the SEC filing. 0.80% of the stock is currently owned by company insiders.

Institutional Trading of NIKE

Hedge funds have recently bought and sold shares of the stock. Soros Fund Management LLC lifted its position in NIKE by 33.0% in the 2nd quarter. Soros Fund Management LLC now owns 302,320 shares of the footwear maker’s stock valued at $21,477,000 after acquiring an additional 75,000 shares in the last quarter. Soltis Investment Advisors LLC raised its stake in shares of NIKE by 238.8% in the 2nd quarter. Soltis Investment Advisors LLC now owns 141,356 shares of the footwear maker’s stock valued at $10,042,000 after purchasing an additional 99,638 shares during the period. Banco Santander S.A. lifted its holdings in shares of NIKE by 28.3% in the second quarter. Banco Santander S.A. now owns 221,117 shares of the footwear maker’s stock valued at $15,708,000 after purchasing an additional 48,764 shares in the last quarter. Vanguard Group Inc. lifted its holdings in shares of NIKE by 0.6% in the second quarter. Vanguard Group Inc. now owns 113,823,785 shares of the footwear maker’s stock valued at $8,086,042,000 after purchasing an additional 672,705 shares in the last quarter. Finally, BROOKFIELD Corp ON boosted its position in shares of NIKE by 36.2% during the first quarter. BROOKFIELD Corp ON now owns 658,598 shares of the footwear maker’s stock worth $41,808,000 after buying an additional 175,000 shares during the period. 64.25% of the stock is currently owned by institutional investors and hedge funds.

About NIKE

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.