NIKE (NYSE:NKE) Price Target Cut to $70.00 by Analysts at Piper Sandler

NIKE (NYSE:NKE - Get Free Report) had its price target lowered by equities researchers at Piper Sandler from $90.00 to $70.00 in a research note issued to investors on Friday,Benzinga reports. The firm currently has an "overweight" rating on the footwear maker's stock. Piper Sandler's target price suggests a potential upside of 28.82% from the stock's current price.

Several other research analysts also recently issued reports on NKE. Barclays cut their price target on NIKE from $79.00 to $70.00 and set an "equal weight" rating for the company in a research note on Friday, December 20th. Cfra Research raised shares of NIKE to a "moderate buy" rating in a report on Friday, March 21st. Needham & Company LLC dropped their price objective on shares of NIKE from $84.00 to $80.00 and set a "buy" rating for the company in a research note on Monday, March 17th. Robert W. Baird cut their price objective on NIKE from $105.00 to $99.00 and set an "outperform" rating for the company in a research report on Friday, March 21st. Finally, Deutsche Bank Aktiengesellschaft lowered their target price on NIKE from $92.00 to $82.00 and set a "buy" rating on the stock in a report on Monday, December 16th. Sixteen analysts have rated the stock with a hold rating, sixteen have given a buy rating and two have assigned a strong buy rating to the company. According to MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $85.15.

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NIKE Price Performance

NKE traded down $1.07 on Friday, hitting $54.34. 7,483,292 shares of the company were exchanged, compared to its average volume of 14,070,166. NIKE has a fifty-two week low of $52.28 and a fifty-two week high of $98.04. The company has a debt-to-equity ratio of 0.57, a quick ratio of 1.51 and a current ratio of 2.22. The firm has a market capitalization of $80.38 billion, a P/E ratio of 16.77, a price-to-earnings-growth ratio of 2.52 and a beta of 1.15. The business's fifty day moving average is $69.65 and its 200 day moving average is $74.59.

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, topping analysts' consensus estimates of $0.28 by $0.26. The business had revenue of $11.27 billion for the quarter, compared to analysts' expectations of $11.02 billion. NIKE had a return on equity of 36.99% and a net margin of 9.98%. The company's revenue was down 9.1% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.98 EPS. As a group, sell-side analysts anticipate that NIKE will post 2.05 EPS for the current year.

Insider Activity at NIKE

In other NIKE news, Director Robert Holmes Swan acquired 8,600 shares of the company's stock in a transaction that occurred on Friday, April 4th. The shares were acquired at an average price of $58.46 per share, with a total value of $502,756.00. Following the purchase, the director now owns 31,983 shares of the company's stock, valued at $1,869,726.18. This represents a 36.78 % increase in their position. The purchase 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 the business's stock in a transaction that occurred on Friday, February 14th. The shares were sold at an average price of $72.83, for a total value of $12,361,581.56. Following the completion of the transaction, the chairman now owns 896,632 shares of the company's stock, valued at $65,301,708.56. This represents 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 currently owned by company insiders.

Institutional Investors Weigh In On NIKE

A number of hedge funds and other institutional investors have recently bought and sold shares of the company. Wellington Management Group LLP boosted its position in NIKE by 32.4% during the fourth quarter. Wellington Management Group LLP now owns 36,340,736 shares of the footwear maker's stock worth $2,749,903,000 after purchasing an additional 8,898,591 shares during the period. Geode Capital Management LLC grew its stake in NIKE by 1.4% in the 4th 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 raised its holdings in NIKE by 10.3% in the 4th quarter. Capital World Investors now owns 24,545,937 shares of the footwear maker's stock valued at $1,857,389,000 after acquiring an additional 2,288,627 shares during the period. Bank of New York Mellon Corp lifted its position in 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 acquiring an additional 3,121,929 shares during the last quarter. Finally, Norges Bank bought a new stake in shares of NIKE during the fourth quarter worth approximately $1,126,288,000. 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.