Robert W. Baird Issues Pessimistic Forecast for NIKE (NYSE:NKE) Stock Price

NIKE (NYSE:NKE) had its target price cut by investment analysts at Robert W. Baird from $105.00 to $99.00 in a research note issued to investors on Friday,Benzinga reports. The firm currently has an “outperform” rating on the footwear maker’s stock. Robert W. Baird’s price target indicates a potential upside of 38.25% from the stock’s previous close.

Several other brokerages have also issued reports on NKE. DA Davidson upgraded shares of NIKE to a “strong-buy” rating in a research note on Monday, December 23rd. Jefferies Financial Group raised shares of NIKE from a “hold” rating to a “buy” rating and raised their target price for the company from $75.00 to $115.00 in a research note on Monday, February 24th. Stifel Nicolaus dropped their price target on NIKE from $79.00 to $75.00 and set a “hold” rating on the stock in a research report on Friday, December 20th. Guggenheim restated a “buy” rating and issued a $110.00 price target on shares of NIKE in a research note on Wednesday, February 12th. Finally, Piper Sandler upgraded NIKE from a “neutral” rating to an “overweight” rating and lifted their price objective for the company from $72.00 to $90.00 in a research note on Friday, January 10th. 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 company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $89.23.

NIKE Trading Down 1.9 %

Shares of NKE opened at $71.61 on Friday. NIKE has a 1-year low of $66.51 and a 1-year high of $101.92. The firm has a market capitalization of $105.92 billion, a price-to-earnings ratio of 22.10, a PEG ratio of 2.52 and a beta of 1.02. The firm’s 50-day moving average price is $74.77 and its 200-day moving average price is $77.56. 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 (NYSE:NKE) last announced its earnings results on Thursday, March 20th. The footwear maker reported $0.54 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.28 by $0.26. The firm had revenue of $11.27 billion during the quarter, compared to analyst estimates of $11.02 billion. NIKE had a return on equity of 36.99% and a net margin of 9.98%. The business’s revenue was down 9.1% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.98 EPS. Sell-side analysts anticipate that NIKE will post 2.05 EPS for the current year.

Insider Buying and Selling

In other news, Chairman Mark G. Parker sold 169,732 shares of the firm’s stock in a transaction dated 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 completion of 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 ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director John W. Rogers, Jr. bought 2,500 shares of the firm’s stock in a transaction that occurred on Friday, December 27th. The stock was purchased at an average price of $76.65 per share, for a total transaction of $191,625.00. Following the completion of the transaction, the director now directly owns 34,403 shares of the company’s stock, valued at $2,636,989.95. This represents a 7.84 % increase in their position. The disclosure for this purchase can be found here. 1.10% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On NIKE

Several institutional investors have recently made changes to their positions in NKE. State Street Corp lifted its stake in NIKE by 3.3% in the third quarter. State Street Corp now owns 57,916,789 shares of the footwear maker’s stock worth $5,140,796,000 after purchasing an additional 1,862,021 shares during the last quarter. Wellington Management Group LLP raised its holdings in shares of NIKE by 32.4% in 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 buying an additional 8,898,591 shares during the period. Geode Capital Management LLC lifted its stake in shares of NIKE by 1.4% during the 4th quarter. Geode Capital Management LLC now owns 25,376,558 shares of the footwear maker’s stock worth $1,915,110,000 after acquiring an additional 347,178 shares during the last quarter. Capital World Investors boosted its holdings in NIKE by 10.3% during 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. Finally, Bank of New York Mellon Corp grew its position in NIKE by 18.1% in the 4th quarter. Bank of New York Mellon Corp now owns 20,367,993 shares of the footwear maker’s stock valued at $1,541,246,000 after acquiring an additional 3,121,929 shares during the last quarter. Institutional investors own 64.25% of the company’s stock.

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.