Morgan Stanley Reiterates Equal Weight Rating for NIKE (NYSE:NKE)

NIKE (NYSE:NKE)‘s stock had its “equal weight” rating reiterated by stock analysts at Morgan Stanley in a research report issued to clients and investors on Friday, Marketbeat.com reports. They currently have a $79.00 target price on the footwear maker’s stock, down from their previous target price of $114.00. Morgan Stanley’s price target indicates a potential upside of 4.82% from the company’s current price.

A number of other analysts have also recently commented on the company. UBS Group dropped their price target on NIKE from $138.00 to $125.00 and set a “buy” rating on the stock in a research report on Friday, March 22nd. Truist Financial reissued a “hold” rating and issued a $99.00 price target on shares of NIKE in a research report on Thursday, June 20th. Oppenheimer restated an “outperform” rating and issued a $120.00 price objective on shares of NIKE in a report on Friday. Wedbush restated an “outperform” rating and issued a $115.00 price objective on shares of NIKE in a report on Tuesday, April 30th. Finally, Barclays decreased their price objective on shares of NIKE from $142.00 to $114.00 and set an “overweight” rating for the company in a report on Monday, March 25th. Two research analysts have rated the stock with a sell rating, fifteen have assigned a hold rating and fourteen have given a buy rating to the stock. According to data from MarketBeat, NIKE currently has a consensus rating of “Hold” and an average price target of $98.96.

NIKE Stock Performance

NIKE stock opened at $75.37 on Friday. The stock’s 50 day simple moving average is $93.28 and its two-hundred day simple moving average is $99.00. The company has a debt-to-equity ratio of 0.63, a quick ratio of 1.89 and a current ratio of 2.74. The stock has a market cap of $113.76 billion, a price-to-earnings ratio of 20.21, a PEG ratio of 1.79 and a beta of 1.05. NIKE has a fifty-two week low of $74.55 and a fifty-two week high of $123.39.

NIKE (NYSE:NKE) last issued its quarterly earnings results on Thursday, June 27th. The footwear maker reported $1.01 EPS for the quarter, topping analysts’ consensus estimates of $0.85 by $0.16. NIKE had a return on equity of 42.87% and a net margin of 11.10%. The firm had revenue of $12.60 billion for the quarter, compared to analysts’ expectations of $12.86 billion. During the same period in the previous year, the firm posted $0.66 EPS. The business’s revenue for the quarter was down 1.6% compared to the same quarter last year. As a group, analysts expect that NIKE will post 3.9 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, Chairman Mark G. Parker sold 168,378 shares of the company’s stock in a transaction on Tuesday, May 14th. The shares were sold at an average price of $93.14, for a total value of $15,682,726.92. Following the completion of the transaction, the chairman now owns 1,102,090 shares of the company’s stock, valued at approximately $102,648,662.60. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. In related news, Chairman Mark G. Parker sold 168,378 shares of the company’s stock in a transaction on Tuesday, May 14th. The shares were sold at an average price of $93.14, for a total value of $15,682,726.92. Following the completion of the transaction, the chairman now owns 1,102,090 shares of the company’s stock, valued at approximately $102,648,662.60. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, EVP Monique S. Matheson sold 45,000 shares of the company’s stock in a transaction on Tuesday, May 7th. The stock was sold at an average price of $94.16, for a total transaction of $4,237,200.00. Following the completion of the transaction, the executive vice president now directly owns 44,997 shares of the company’s stock, valued at approximately $4,236,917.52. The disclosure for this sale can be found here. In the last quarter, insiders sold 213,660 shares of company stock valued at $19,946,333. Company insiders own 0.50% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in NKE. Sherbrooke Park Advisers LLC bought a new position in shares of NIKE during the 3rd quarter valued at about $432,000. United Services Automobile Association boosted its holdings in shares of NIKE by 18.1% during the 3rd quarter. United Services Automobile Association now owns 33,626 shares of the footwear maker’s stock valued at $3,215,000 after purchasing an additional 5,165 shares during the last quarter. Kidder Stephen W raised its position in shares of NIKE by 5.3% during the 3rd quarter. Kidder Stephen W now owns 36,552 shares of the footwear maker’s stock valued at $3,495,000 after buying an additional 1,850 shares in the last quarter. Gateway Advisory LLC purchased a new stake in shares of NIKE during the 3rd quarter valued at about $583,000. Finally, Quadrature Capital Ltd raised its position in shares of NIKE by 80.9% during the 3rd quarter. Quadrature Capital Ltd now owns 1,066,172 shares of the footwear maker’s stock valued at $101,969,000 after buying an additional 476,837 shares in the last quarter. 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.