NIKE (NYSE:NKE) Price Target Lowered to $66.00 at Royal Bank of Canada

NIKE (NYSE:NKE - Get Free Report) had its price objective lowered by equities research analysts at Royal Bank of Canada from $67.00 to $66.00 in a report issued on Friday,Benzinga reports. The brokerage presently has a "sector perform" rating on the footwear maker's stock. Royal Bank of Canada's price target suggests a potential downside of 0.96% from the company's previous close.

Other equities analysts also recently issued research reports about the stock. China Renaissance started coverage on shares of NIKE in a report on Wednesday, March 19th. They issued a "hold" rating on the stock. Jefferies Financial Group upgraded shares of NIKE from a "hold" rating to a "buy" rating and increased their price objective for the stock from $75.00 to $115.00 in a research note on Monday, February 24th. Deutsche Bank Aktiengesellschaft decreased their target price on shares of NIKE from $92.00 to $82.00 and set a "buy" rating for the company in a research report on Monday, December 16th. Truist Financial cut their price target on NIKE from $90.00 to $82.00 and set a "buy" rating on the stock in a research report on Friday. Finally, UBS Group decreased their price objective on NIKE from $73.00 to $66.00 and set a "neutral" rating for the company in a report on Friday. Fifteen research analysts have rated the stock with a hold rating, sixteen have assigned a buy rating and two have assigned a strong buy rating to the stock. According to MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $87.38.

Remove Ads

NIKE Stock Performance

Shares of NYSE:NKE traded down $0.75 on Friday, hitting $66.64. 17,361,134 shares of the company were exchanged, compared to its average volume of 12,400,387. The firm has a market capitalization of $98.57 billion, a P/E ratio of 20.57, a price-to-earnings-growth ratio of 2.52 and a beta of 1.02. The company has a current ratio of 2.22, a quick ratio of 1.51 and a debt-to-equity ratio of 0.57. NIKE has a 1-year low of $65.17 and a 1-year high of $98.04. The stock's 50 day moving average price is $74.52 and its 200 day moving average price is $77.21.

NIKE (NYSE:NKE - Get Free Report) last issued its quarterly earnings results 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 company had revenue of $11.27 billion during 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 firm's revenue was down 9.1% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.98 EPS. Sell-side analysts predict that NIKE will post 2.05 EPS for the current year.

Insiders Place Their Bets

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

Institutional Trading of NIKE

Several institutional investors have recently made changes to their positions in the stock. Range Financial Group LLC purchased a new stake in NIKE during the fourth quarter valued at about $642,000. Cacti Asset Management LLC purchased a new stake in shares of NIKE during the 4th quarter worth about $9,987,000. Capricorn Fund Managers Ltd purchased a new position in NIKE in the fourth quarter valued at approximately $5,384,000. Klein Pavlis & Peasley Financial Inc. raised its holdings in NIKE by 31.1% in the fourth quarter. Klein Pavlis & Peasley Financial Inc. now owns 25,835 shares of the footwear maker's stock valued at $1,955,000 after buying an additional 6,124 shares during the period. Finally, FNY Investment Advisers LLC lifted its position in NIKE by 5,745.9% during the fourth quarter. FNY Investment Advisers LLC now owns 8,652 shares of the footwear maker's stock valued at $654,000 after buying an additional 8,504 shares in the last quarter. 64.25% of the stock is 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.