Citigroup Lowers NIKE (NYSE:NKE) Price Target to $102.00

NIKE (NYSE:NKE) had its price target dropped by research analysts at Citigroup from $115.00 to $102.00 in a report issued on Friday, Benzinga reports. The firm currently has a “buy” rating on the footwear maker’s stock. Citigroup’s price target indicates a potential upside of 35.33% from the stock’s current price.

Several other equities research analysts also recently weighed in on the company. Stifel Nicolaus reissued a “hold” rating and set a $88.00 price objective (down previously from $117.00) on shares of NIKE in a report on Friday. Guggenheim cut their price objective on NIKE from $130.00 to $115.00 and set a “buy” rating on the stock in a report on Friday. The Goldman Sachs Group cut their target price on NIKE from $118.00 to $105.00 and set a “buy” rating on the stock in a report on Friday. UBS Group reaffirmed a “neutral” rating and set a $78.00 target price on shares of NIKE in a report on Friday. Finally, Piper Sandler cut their target price on NIKE from $107.00 to $98.00 and set a “neutral” rating on the stock in a report on Friday, March 22nd. Two equities research analysts have rated the stock with a sell rating, fifteen have given a hold rating and fourteen have assigned a buy rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Hold” and an average price target of $98.96.

NIKE Price Performance

Shares of NKE traded down $18.82 during midday trading on Friday, hitting $75.37. The company’s stock had a trading volume of 128,860,847 shares, compared to its average volume of 10,204,721. NIKE has a one year low of $74.55 and a one year high of $123.39. The company’s fifty day simple moving average is $93.70 and its two-hundred day simple moving average is $99.48. The company has a quick ratio of 1.89, a current ratio of 2.74 and a debt-to-equity ratio of 0.63. The stock has a market capitalization of $113.76 billion, a price-to-earnings ratio of 22.17, a price-to-earnings-growth ratio of 1.79 and a beta of 1.05.

NIKE (NYSE:NKE) last issued its quarterly earnings results on Thursday, June 27th. The footwear maker reported $1.01 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.85 by $0.16. NIKE had a return on equity of 39.41% and a net margin of 10.14%. The company had revenue of $12.60 billion for the quarter, compared to analyst estimates of $12.86 billion. During the same quarter last year, the company posted $0.66 EPS. The company’s revenue for the quarter was down 1.6% compared to the same quarter last year. As a group, equities analysts expect that NIKE will post 3.81 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other NIKE news, VP Johanna Nielsen sold 282 shares of the business’s stock in a transaction that occurred on Thursday, May 9th. The stock was sold at an average price of $93.64, for a total transaction of $26,406.48. Following the completion of the sale, the vice president now directly owns 730 shares of the company’s stock, valued at approximately $68,357.20. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through 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 transaction, the executive vice president now owns 44,997 shares in the company, valued at approximately $4,236,917.52. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, VP Johanna Nielsen sold 282 shares of the business’s stock in a transaction that occurred on Thursday, May 9th. The stock was sold at an average price of $93.64, for a total value of $26,406.48. Following the completion of the transaction, the vice president now owns 730 shares in the company, valued at approximately $68,357.20. The disclosure for this sale can be found here. In the last ninety days, insiders sold 213,660 shares of company stock valued at $19,946,333. Corporate insiders own 0.50% of the company’s stock.

Hedge Funds Weigh In On NIKE

Several institutional investors have recently bought and sold shares of the company. Iron Horse Wealth Management LLC lifted 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 in the last quarter. Annapolis Financial Services LLC lifted its position in shares of NIKE by 440.0% during the first quarter. Annapolis Financial Services LLC now owns 270 shares of the footwear maker’s stock worth $25,000 after acquiring an additional 220 shares in the last quarter. Planned Solutions Inc. purchased a new stake in shares of NIKE during the fourth quarter worth $29,000. True Wealth Design LLC lifted 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 in the last quarter. Finally, Core Wealth Advisors Inc. lifted its position in shares of NIKE by 408.5% during the fourth quarter. Core Wealth Advisors Inc. now owns 300 shares of the footwear maker’s stock worth $33,000 after acquiring an additional 241 shares in the last quarter. 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.