NIKE (NYSE:NKE) Stock Price Down 9.4% Following Analyst Downgrade

NIKE, Inc. (NYSE:NKE - Get Free Report) was down 9.4% on Thursday after Piper Sandler lowered their price target on the stock from $90.00 to $70.00. Piper Sandler currently has an overweight rating on the stock. NIKE traded as low as $53.60 and last traded at $53.76. Approximately 15,401,749 shares were traded during trading, an increase of 11% from the average daily volume of 13,823,561 shares. The stock had previously closed at $59.32.

Other analysts have also issued research reports about the stock. DA Davidson upgraded shares of NIKE to a "strong-buy" rating in a research note on Monday, December 23rd. Dbs Bank raised shares of NIKE from a "hold" rating to a "strong-buy" rating in a research report on Wednesday, March 5th. Jefferies Financial Group raised shares of NIKE from a "hold" rating to a "buy" rating and increased their price target for the stock from $75.00 to $115.00 in a research report on Monday, February 24th. China Renaissance began coverage on NIKE in a report on Wednesday, March 19th. They issued a "hold" rating for the company. Finally, BMO Capital Markets cut their price objective on NIKE from $95.00 to $92.00 and set an "outperform" rating on the stock in a research note on Friday, March 21st. Fifteen analysts have rated the stock with a hold rating, sixteen have issued a buy rating and two have given a strong buy rating to the company's stock. According to data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $86.19.

Insider Buying and Selling at NIKE

In other news, Director Robert Holmes Swan bought 8,600 shares of the company's stock in a transaction dated Friday, April 4th. The shares were acquired at an average cost of $58.46 per share, with a total value of $502,756.00. Following the completion of the transaction, the director now directly owns 31,983 shares in the company, valued at approximately $1,869,726.18. The trade was a 36.78 % increase in their position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, Chairman Mark G. Parker sold 169,732 shares of NIKE 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 approximately $65,301,708.56. The trade was a 15.92 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 1.10% of the stock is owned by corporate insiders.

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Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the stock. Heck Capital Advisors LLC acquired a new position in shares of NIKE in the fourth quarter worth $28,000. Caitlin John LLC grew its stake in NIKE by 117.0% in the fourth quarter. Caitlin John LLC now owns 371 shares of the footwear maker's stock valued at $28,000 after purchasing an additional 200 shares in the last quarter. Roxbury Financial LLC acquired a new position in NIKE in the 4th quarter worth about $30,000. LFA Lugano Financial Advisors SA raised its stake in shares of NIKE by 110.5% during the 4th quarter. LFA Lugano Financial Advisors SA now owns 400 shares of the footwear maker's stock worth $30,000 after purchasing an additional 210 shares in the last quarter. Finally, Hopwood Financial Services Inc. bought a new position in NIKE during the fourth quarter valued at approximately $30,000. Institutional investors and hedge funds own 64.25% of the company's stock.

NIKE Stock Performance

The company has a quick ratio of 1.51, a current ratio of 2.22 and a debt-to-equity ratio of 0.57. The stock has a market cap of $81.75 billion, a P/E ratio of 17.06, a price-to-earnings-growth ratio of 2.52 and a beta of 1.15. The firm's 50-day moving average is $70.03 and its two-hundred day moving average is $74.83.

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

NIKE Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Tuesday, April 1st. Stockholders of record on Monday, March 3rd were paid a dividend of $0.40 per share. The ex-dividend date was Monday, March 3rd. This represents a $1.60 annualized dividend and a dividend yield of 2.89%. NIKE's dividend payout ratio (DPR) is presently 53.16%.

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.