Truist Financial Lowers NIKE (NYSE:NKE) Price Target to $82.00

NIKE (NYSE:NKE - Get Free Report) had its target price reduced by investment analysts at Truist Financial from $90.00 to $82.00 in a report released on Friday,Benzinga reports. The brokerage currently has a "buy" rating on the footwear maker's stock. Truist Financial's price target would indicate a potential upside of 23.05% from the stock's current price.

A number of other brokerages have also issued reports on NKE. Stifel Nicolaus dropped their price objective on shares of NIKE from $79.00 to $75.00 and set a "hold" rating for the company in a report on Friday, December 20th. Morgan Stanley decreased their price objective on NIKE from $72.00 to $70.00 and set an "equal weight" rating on the stock in a report on Friday. Dbs Bank raised NIKE from a "hold" rating to a "strong-buy" rating in a research note on Wednesday, March 5th. Deutsche Bank Aktiengesellschaft decreased their price target on NIKE from $92.00 to $82.00 and set a "buy" rating on the stock in a research note on Monday, December 16th. Finally, Robert W. Baird decreased their target price on shares of NIKE from $105.00 to $99.00 and set an "outperform" rating on the stock in a research report on Friday. Fifteen investment analysts have rated the stock with a hold rating, sixteen have assigned a buy rating and two have issued a strong buy rating to the company. Based on data from MarketBeat.com, NIKE presently has a consensus rating of "Moderate Buy" and a consensus price target of $87.38.

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NIKE Price Performance

NKE traded down $0.75 during trading on Friday, reaching $66.64. The company's stock had a trading volume of 17,361,134 shares, compared to its average volume of 12,400,387. The company has a market cap of $98.57 billion, a price-to-earnings ratio of 20.57, a PEG ratio of 2.52 and a beta of 1.02. The firm has a fifty day simple moving average of $74.52 and a two-hundred day simple moving average of $77.21. NIKE has a 1 year low of $65.17 and a 1 year high of $98.04. The company has a quick ratio of 1.51, a current ratio of 2.22 and a debt-to-equity ratio of 0.57.

NIKE (NYSE:NKE - Get Free Report) last announced its quarterly earnings data on Thursday, March 20th. The footwear maker reported $0.54 EPS for the quarter, topping analysts' consensus estimates of $0.28 by $0.26. The firm had revenue of $11.27 billion for the quarter, compared to the consensus estimate of $11.02 billion. NIKE had a return on equity of 36.99% and a net margin of 9.98%. The firm's revenue was down 9.1% compared to the same quarter last year. During the same quarter last year, the business posted $0.98 earnings per share. As a group, analysts anticipate that NIKE will post 2.05 EPS for the current year.

Insider Buying and Selling at NIKE

In related news, Chairman Mark G. Parker sold 169,732 shares of the firm's stock in a transaction that occurred on Friday, February 14th. The stock was sold at an average price of $72.83, for a total transaction of $12,361,581.56. Following the transaction, the chairman now owns 896,632 shares in the company, valued at $65,301,708.56. This trade represents a 15.92 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director John W. Rogers, Jr. purchased 2,500 shares of the business's stock in a transaction on Friday, December 27th. The shares were purchased at an average cost of $76.65 per share, for a total transaction of $191,625.00. Following the transaction, the director now owns 34,403 shares of the company's stock, valued at $2,636,989.95. This trade represents a 7.84 % increase in their ownership of the stock. The disclosure for this purchase can be found here. 1.10% of the stock is currently owned by insiders.

Hedge Funds Weigh In On NIKE

A number of hedge funds have recently modified their holdings of NKE. State Street Corp raised its position in NIKE by 3.3% in the 3rd quarter. State Street Corp now owns 57,916,789 shares of the footwear maker's stock valued at $5,140,796,000 after purchasing an additional 1,862,021 shares during the last quarter. Wellington Management Group LLP increased its stake in NIKE by 32.4% in the fourth quarter. Wellington Management Group LLP now owns 36,340,736 shares of the footwear maker's stock valued at $2,749,903,000 after purchasing an additional 8,898,591 shares during the period. Geode Capital Management LLC raised its holdings in shares of NIKE by 1.4% in the fourth quarter. Geode Capital Management LLC now owns 25,376,558 shares of the footwear maker's stock valued at $1,915,110,000 after buying an additional 347,178 shares during the last quarter. Capital World Investors boosted its stake in shares of NIKE by 10.3% during the fourth quarter. Capital World Investors now owns 24,545,937 shares of the footwear maker's stock worth $1,857,389,000 after buying an additional 2,288,627 shares during the period. Finally, Bank of New York Mellon Corp grew its holdings in shares of NIKE by 18.1% during the fourth quarter. Bank of New York Mellon Corp now owns 20,367,993 shares of the footwear maker's stock worth $1,541,246,000 after buying an additional 3,121,929 shares during the last quarter. 64.25% of the stock is currently owned by hedge funds and other institutional investors.

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.