Wedbush Lowers NIKE (NYSE:NKE) Price Target to $97.00

NIKE (NYSE:NKE) had its target price lowered by investment analysts at Wedbush from $115.00 to $97.00 in a research report issued on Friday, Benzinga reports. The brokerage presently has an “outperform” rating on the footwear maker’s stock. Wedbush’s price target indicates a potential upside of 28.70% from the company’s current price.

A number of other equities research analysts have also recently weighed in on the company. Sanford C. Bernstein dropped their price target on NIKE from $134.00 to $120.00 and set an “outperform” rating for the company in a report on Friday, March 22nd. Wells Fargo & Company decreased their price objective on NIKE from $120.00 to $115.00 and set an “overweight” rating on the stock in a research report on Monday, June 10th. JPMorgan Chase & Co. decreased their price objective on NIKE from $122.00 to $116.00 and set an “overweight” rating on the stock in a research report on Thursday, June 20th. Piper Sandler decreased their price objective on NIKE from $107.00 to $98.00 and set a “neutral” rating on the stock in a research report on Friday, March 22nd. Finally, Barclays decreased their price objective on NIKE from $142.00 to $114.00 and set an “overweight” rating on the stock in a research report on Monday, March 25th. Two research analysts have rated the stock with a sell rating, fifteen have issued a hold rating and fourteen have issued a buy rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Hold” and a consensus price target of $98.96.

NIKE Trading Down 20.0 %

Shares of NKE opened at $75.37 on Friday. NIKE has a 1 year low of $74.55 and a 1 year high of $123.39. The company has a current ratio of 2.74, a quick ratio of 1.89 and a debt-to-equity ratio of 0.63. The stock has a 50 day simple moving average of $93.28 and a 200-day simple moving average of $99.00. The stock has a market cap of $113.76 billion, a PE ratio of 20.21, a PEG ratio of 1.79 and a beta of 1.05.

NIKE (NYSE:NKE) last issued its earnings results on Thursday, June 27th. The footwear maker reported $1.01 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.85 by $0.16. NIKE had a return on equity of 42.87% and a net margin of 11.10%. The business had revenue of $12.60 billion during the quarter, compared to analysts’ expectations of $12.86 billion. During the same period in the prior year, the firm posted $0.66 EPS. NIKE’s quarterly revenue was down 1.6% compared to the same quarter last year. On average, sell-side analysts predict that NIKE will post 3.9 EPS for the current fiscal year.

Insider Buying and Selling at NIKE

In other NIKE news, EVP Monique S. Matheson sold 45,000 shares of NIKE stock in a transaction dated Tuesday, May 7th. The stock was sold at an average price of $94.16, for a total value of $4,237,200.00. Following the sale, the executive vice president now owns 44,997 shares of the company’s stock, valued at approximately $4,236,917.52. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. In related news, EVP Monique S. Matheson sold 45,000 shares of NIKE stock in a transaction dated Tuesday, May 7th. The stock was sold at an average price of $94.16, for a total value of $4,237,200.00. Following the sale, the executive vice president now owns 44,997 shares of the company’s stock, valued at $4,236,917.52. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, VP Johanna Nielsen sold 282 shares of NIKE stock in a transaction dated Thursday, May 9th. The shares were sold at an average price of $93.64, for a total value of $26,406.48. Following the completion of the sale, the vice president now directly owns 730 shares in the company, valued at approximately $68,357.20. The disclosure for this sale can be found here. Insiders have sold 213,660 shares of company stock valued at $19,946,333 in the last 90 days. 0.50% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On NIKE

Institutional investors have recently bought and sold shares of the business. Annapolis Financial Services LLC increased its position in NIKE by 440.0% during the first quarter. Annapolis Financial Services LLC now owns 270 shares of the footwear maker’s stock worth $25,000 after buying an additional 220 shares during the last quarter. Iron Horse Wealth Management LLC increased its position in NIKE by 120.7% during the fourth quarter. Iron Horse Wealth Management LLC now owns 256 shares of the footwear maker’s stock worth $28,000 after buying an additional 140 shares during the last quarter. Planned Solutions Inc. bought a new stake in shares of NIKE during the fourth quarter worth approximately $29,000. True Wealth Design LLC boosted its holdings in shares of NIKE by 106.4% during the fourth quarter. True Wealth Design LLC now owns 291 shares of the footwear maker’s stock worth $32,000 after acquiring an additional 150 shares during the period. Finally, Frank Rimerman Advisors LLC bought a new stake in shares of NIKE during the fourth quarter worth approximately $33,000. Institutional investors and hedge funds 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.