Royal Bank of Canada Issues Pessimistic Forecast for NIKE (NYSE:NKE) Stock Price

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

A number of other equities research analysts have also weighed in on NKE. Barclays decreased their price objective on shares of NIKE from $84.00 to $81.00 and set an “equal weight” rating for the company in a report on Wednesday, October 2nd. Piper Sandler reissued a “neutral” rating and set a $80.00 price target on shares of NIKE in a research report on Friday, September 20th. Telsey Advisory Group lowered their price objective on shares of NIKE from $100.00 to $96.00 and set an “outperform” rating for the company in a research note on Wednesday, October 2nd. Stifel Nicolaus cut their target price on shares of NIKE from $88.00 to $79.00 and set a “hold” rating on the stock in a research report on Monday, August 26th. Finally, TD Cowen upped their price target on shares of NIKE from $71.00 to $78.00 and gave the stock a “hold” rating in a research report on Wednesday, October 2nd. Fourteen investment analysts have rated the stock with a hold rating and sixteen have given a buy rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $96.48.

NIKE Trading Down 0.1 %

Shares of NYSE:NKE traded down $0.04 during trading hours on Thursday, hitting $75.88. 8,140,788 shares of the company’s stock traded hands, compared to its average volume of 9,333,267. The company has a debt-to-equity ratio of 0.57, a current ratio of 2.36 and a quick ratio of 1.58. The business has a fifty day moving average price of $81.39 and a 200-day moving average price of $83.81. NIKE has a 1 year low of $70.75 and a 1 year high of $123.39. The firm has a market capitalization of $113.77 billion, a P/E ratio of 21.74, a price-to-earnings-growth ratio of 1.83 and a beta of 1.03.

NIKE (NYSE:NKE) last announced its quarterly earnings data on Tuesday, October 1st. The footwear maker reported $0.70 EPS for the quarter, beating the consensus estimate of $0.52 by $0.18. NIKE had a return on equity of 39.84% and a net margin of 10.60%. The company had revenue of $11.59 billion for the quarter, compared to the consensus estimate of $11.64 billion. During the same quarter in the prior year, the company posted $0.94 EPS. NIKE’s quarterly revenue was down 10.4% on a year-over-year basis. Equities analysts expect that NIKE will post 2.74 earnings per share for the current year.

Insider Buying and Selling

In related news, Chairman Mark G. Parker sold 52,487 shares of the business’s stock in a transaction on Wednesday, August 14th. The shares were sold at an average price of $78.00, for a total transaction of $4,093,986.00. Following the completion of the transaction, the chairman now directly owns 1,031,226 shares in the company, valued at $80,435,628. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Corporate insiders own 1.10% of the company’s stock.

Institutional Investors Weigh In On NIKE

Hedge funds have recently bought and sold shares of the stock. LPL Financial LLC grew its position in shares of NIKE by 19.3% during the 3rd quarter. LPL Financial LLC now owns 1,028,131 shares of the footwear maker’s stock valued at $90,887,000 after acquiring an additional 166,127 shares during the period. Tradewinds LLC. purchased a new stake in shares of NIKE in the third quarter valued at approximately $250,000. German American Bancorp Inc. lifted its position in shares of NIKE by 8.1% during the 3rd quarter. German American Bancorp Inc. now owns 69,517 shares of the footwear maker’s stock valued at $6,145,000 after buying an additional 5,235 shares in the last quarter. Intech Investment Management LLC lifted its position in shares of NIKE by 3.2% during the 3rd quarter. Intech Investment Management LLC now owns 51,478 shares of the footwear maker’s stock valued at $4,551,000 after buying an additional 1,580 shares in the last quarter. Finally, Moors & Cabot Inc. grew its stake in NIKE by 18.7% in the 3rd quarter. Moors & Cabot Inc. now owns 18,151 shares of the footwear maker’s stock valued at $1,605,000 after acquiring an additional 2,854 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.