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

NIKE (NYSE:NKE) had its price objective reduced by Royal Bank of Canada from $82.00 to $80.00 in a research note issued to investors on Thursday morning,Benzinga reports. They currently have a sector perform rating on the footwear maker’s stock.

A number of other analysts have also recently commented on NKE. Jefferies Financial Group lifted their target price on NIKE from $80.00 to $85.00 and gave the stock a “hold” rating in a research report on Monday, September 30th. Truist Financial upgraded NIKE from a “hold” rating to a “buy” rating and boosted their price target for the company from $83.00 to $97.00 in a research report on Thursday, October 10th. UBS Group boosted their price target on NIKE from $78.00 to $82.00 and gave the company a “neutral” rating in a research report on Wednesday, October 2nd. Evercore ISI dropped their price target on NIKE from $110.00 to $105.00 and set an “outperform” rating on the stock in a research report on Wednesday, October 2nd. Finally, Stifel Nicolaus dropped their price target on NIKE from $88.00 to $79.00 and set a “hold” rating on the stock in a research report on Monday, August 26th. Fourteen analysts have rated the stock with a hold rating and sixteen have assigned a buy rating to the stock. According to MarketBeat, NIKE has a consensus rating of “Moderate Buy” and a consensus target price of $96.48.

NIKE Stock Performance

Shares of NKE traded down $0.04 during midday trading on Thursday, reaching $75.88. 8,134,295 shares of the stock were exchanged, compared to its average volume of 11,540,352. The business’s 50-day moving average price is $81.68 and its 200 day moving average price is $84.07. The company has a debt-to-equity ratio of 0.57, a current ratio of 2.36 and a quick ratio of 1.58. NIKE has a twelve month low of $70.75 and a twelve month high of $123.39. The company has a market capitalization of $113.77 billion, a price-to-earnings ratio of 21.74, a PEG ratio of 1.88 and a beta of 1.03.

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

Insider Activity at NIKE

In related news, Chairman Mark G. Parker sold 52,487 shares of the company’s stock in a transaction that occurred 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. This represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 1.10% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On NIKE

Institutional investors and hedge funds have recently bought and sold shares of the stock. Longview Partners Guernsey LTD purchased a new position in shares of NIKE during the 1st quarter worth $533,533,000. Capital World Investors lifted its stake in shares of NIKE by 612.2% during the 1st quarter. Capital World Investors now owns 5,185,432 shares of the footwear maker’s stock worth $487,327,000 after purchasing an additional 4,457,376 shares during the period. B. Metzler seel. Sohn & Co. Holding AG purchased a new position in shares of NIKE during the 3rd quarter worth $144,927,000. PineStone Asset Management Inc. lifted its stake in shares of NIKE by 138.3% during the 2nd quarter. PineStone Asset Management Inc. now owns 2,715,689 shares of the footwear maker’s stock worth $204,681,000 after purchasing an additional 1,576,049 shares during the period. Finally, Renaissance Technologies LLC lifted its stake in shares of NIKE by 351.7% during the 2nd quarter. Renaissance Technologies LLC now owns 1,991,519 shares of the footwear maker’s stock worth $150,101,000 after purchasing an additional 1,550,611 shares during the period. Hedge funds and other institutional investors 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.