NIKE (NYSE:NKE) Price Target Cut to $70.00 by Analysts at Morgan Stanley

NIKE (NYSE:NKE) had its target price dropped by stock analysts at Morgan Stanley from $72.00 to $70.00 in a research note issued on Friday,Benzinga reports. The firm presently has an “equal weight” rating on the footwear maker’s stock. Morgan Stanley’s price objective indicates a potential downside of 2.24% from the stock’s current price.

Other analysts also recently issued research reports about the stock. Robert W. Baird cut their price objective on shares of NIKE from $105.00 to $99.00 and set an “outperform” rating for the company in a report on Friday. Stifel Nicolaus cut their price objective on shares of NIKE from $79.00 to $75.00 and set a “hold” rating for the company in a report on Friday, December 20th. UBS Group restated a “neutral” rating and issued a $73.00 target price on shares of NIKE in a research report on Thursday, December 26th. Telsey Advisory Group restated a “market perform” rating and issued a $80.00 price target on shares of NIKE in a research report on Monday. Finally, Truist Financial decreased their price target on shares of NIKE from $97.00 to $90.00 and set a “buy” rating for the company in a research report on Friday, December 20th. Fifteen research analysts have rated the stock with a hold rating, sixteen have issued a buy rating and two have assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, NIKE currently has an average rating of “Moderate Buy” and a consensus target price of $89.23.

NIKE Stock Performance

Shares of NKE stock opened at $71.61 on Friday. The company 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 company has a debt-to-equity ratio of 0.57, a quick ratio of 1.51 and a current ratio of 2.22. The company has a 50-day simple moving average of $74.77 and a 200 day simple moving average of $77.56. NIKE has a 52 week low of $66.48 and a 52 week high of $101.92.

NIKE (NYSE:NKE) last posted its quarterly earnings data on Thursday, March 20th. The footwear maker reported $0.54 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.28 by $0.26. The firm had revenue of $11.27 billion during the quarter, compared to the consensus estimate of $11.02 billion. NIKE had a net margin of 9.98% and a return on equity of 36.99%. The business’s revenue for the quarter 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. On average, sell-side analysts predict that NIKE will post 2.05 earnings per share for the current year.

Insider Activity

In other news, Director John W. Rogers, Jr. bought 2,500 shares of the stock in a transaction dated Friday, December 27th. The stock was bought at an average price of $76.65 per share, for a total transaction of $191,625.00. Following the completion of the acquisition, the director now directly owns 34,403 shares in the company, valued at approximately $2,636,989.95. This trade represents a 7.84 % increase in their position. The purchase was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, Chairman Mark G. Parker sold 169,732 shares of the stock in a transaction dated Friday, February 14th. The shares were sold at an average price of $72.83, for a total transaction of $12,361,581.56. Following the completion of the sale, the chairman now owns 896,632 shares of the company’s stock, valued at approximately $65,301,708.56. This represents a 15.92 % decrease in their position. The disclosure for this sale can be found here. 1.10% of the stock is currently owned by corporate insiders.

Institutional Trading of NIKE

A number of large investors have recently added to or reduced their stakes in the stock. JNBA Financial Advisors boosted its position in NIKE by 1.3% during the fourth quarter. JNBA Financial Advisors now owns 10,045 shares of the footwear maker’s stock worth $760,000 after purchasing an additional 131 shares during the period. Frisch Financial Group Inc. boosted its position in NIKE by 4.7% during the third quarter. Frisch Financial Group Inc. now owns 3,036 shares of the footwear maker’s stock worth $269,000 after purchasing an additional 136 shares during the period. Nations Financial Group Inc. IA ADV boosted its position in NIKE by 0.7% during the fourth quarter. Nations Financial Group Inc. IA ADV now owns 20,446 shares of the footwear maker’s stock worth $1,547,000 after purchasing an additional 136 shares during the period. Elgethun Capital Management boosted its position in NIKE by 13.7% during the fourth quarter. Elgethun Capital Management now owns 1,236 shares of the footwear maker’s stock worth $94,000 after purchasing an additional 149 shares during the period. Finally, GAMMA Investing LLC boosted its position in NIKE by 1.0% during the fourth quarter. GAMMA Investing LLC now owns 15,014 shares of the footwear maker’s stock worth $1,136,000 after purchasing an additional 150 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.