Wedbush Lowers NIKE (NYSE:NKE) Price Target to $97.00

NIKE (NYSE:NKE) had its price objective lowered by research analysts at Wedbush from $115.00 to $97.00 in a research note issued to investors on Friday, Benzinga reports. The brokerage currently has an “outperform” rating on the footwear maker’s stock. Wedbush’s price objective points to a potential upside of 28.70% from the company’s previous close.

Other analysts also recently issued research reports about the stock. Morgan Stanley reaffirmed an “equal weight” rating and issued a $79.00 price objective (down previously from $114.00) on shares of NIKE in a research report on Friday. JPMorgan Chase & Co. lowered their price objective on shares of NIKE from $122.00 to $116.00 and set an “overweight” rating for the company in a research report on Thursday, June 20th. The Goldman Sachs Group lowered their price objective on shares of NIKE from $135.00 to $120.00 and set a “buy” rating for the company in a research report on Friday, March 22nd. Bank of America raised shares of NIKE from a “neutral” rating to a “buy” rating and increased their price objective for the company from $110.00 to $113.00 in a research report on Thursday, April 11th. Finally, Telsey Advisory Group reaffirmed an “outperform” rating and issued a $115.00 price objective on shares of NIKE in a research report on Friday, June 21st. Two investment 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 MarketBeat.com, the stock currently has an average rating of “Hold” and an average target price of $98.96.

NIKE Trading Down 20.0 %

NYSE:NKE opened at $75.37 on Friday. The company has a market capitalization of $113.76 billion, a PE ratio of 20.21, a price-to-earnings-growth ratio of 1.79 and a beta of 1.05. The company has a quick ratio of 1.89, a current ratio of 2.74 and a debt-to-equity ratio of 0.63. NIKE has a 52-week low of $74.55 and a 52-week high of $123.39. The stock has a fifty day simple moving average of $93.28 and a 200-day simple moving average of $99.00.

NIKE (NYSE:NKE) last released its earnings results on Thursday, June 27th. The footwear maker reported $1.01 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.85 by $0.16. The company had revenue of $12.60 billion for the quarter, compared to analyst estimates of $12.86 billion. NIKE had a net margin of 11.10% and a return on equity of 42.87%. The firm’s quarterly revenue was down 1.6% on a year-over-year basis. During the same period in the prior year, the firm earned $0.66 EPS. On average, equities research analysts expect that NIKE will post 3.9 earnings per share for the current fiscal year.

Insider Activity at NIKE

In other NIKE news, Chairman Mark G. Parker sold 168,378 shares of the firm’s stock in a transaction dated Tuesday, May 14th. The stock was sold at an average price of $93.14, for a total transaction of $15,682,726.92. Following the sale, the chairman now owns 1,102,090 shares in the company, valued at $102,648,662.60. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In other news, EVP Monique S. Matheson sold 45,000 shares of the business’s stock in a transaction that occurred on Tuesday, May 7th. The stock was sold at an average price of $94.16, for a total value of $4,237,200.00. Following the sale, the executive vice president now directly owns 44,997 shares of the company’s stock, valued at approximately $4,236,917.52. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, Chairman Mark G. Parker sold 168,378 shares of the company’s stock in a transaction that occurred 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 directly owns 1,102,090 shares in the company, valued at $102,648,662.60. The disclosure for this sale can be found here. Over 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 Investors Weigh In On NIKE

Several hedge funds and other institutional investors have recently modified their holdings of NKE. Annapolis Financial Services LLC boosted its holdings in shares of NIKE by 440.0% during the 1st quarter. Annapolis Financial Services LLC now owns 270 shares of the footwear maker’s stock valued at $25,000 after purchasing an additional 220 shares during the last quarter. Iron Horse Wealth Management LLC increased its position in shares of NIKE by 120.7% during the fourth quarter. Iron Horse Wealth Management LLC now owns 256 shares of the footwear maker’s stock worth $28,000 after acquiring an additional 140 shares during the period. Planned Solutions Inc. purchased a new position in shares of NIKE during the fourth quarter worth approximately $29,000. True Wealth Design LLC increased its position in shares of NIKE by 106.4% during the fourth quarter. True Wealth Design LLC now owns 291 shares of the footwear maker’s stock worth $32,000 after acquiring an additional 150 shares during the period. Finally, Frank Rimerman Advisors LLC purchased a new position in NIKE during the fourth quarter valued at approximately $33,000. 64.25% of the stock is currently owned by hedge funds and other institutional investors.

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.