NIKE (NYSE:NKE) Price Target Cut to $115.00 by Analysts at Guggenheim

NIKE (NYSE:NKE) had its price target reduced by equities researchers at Guggenheim from $130.00 to $115.00 in a research note issued on Friday, Benzinga reports. The brokerage currently has a “buy” rating on the footwear maker’s stock. Guggenheim’s price target suggests a potential upside of 52.40% from the stock’s current price.

Other research analysts have also issued research reports about the company. Barclays lowered NIKE from an “overweight” rating to an “equal weight” rating and lowered their price target for the company from $109.00 to $80.00 in a research report on Friday. Telsey Advisory Group cut their price target on NIKE from $115.00 to $100.00 and set an “outperform” rating on the stock in a research note on Friday. Wedbush cut their price target on NIKE from $115.00 to $97.00 and set an “outperform” rating on the stock in a research note on Friday. Royal Bank of Canada reiterated a “sector perform” rating and set a $100.00 target price (down from $110.00) on shares of NIKE in a research note on Friday, March 22nd. Finally, StockNews.com downgraded NIKE from a “buy” rating to a “hold” rating in a research note on Friday, June 21st. Two equities research analysts have rated the stock with a sell rating, fifteen have given a hold rating and fourteen have given a buy rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Hold” and a consensus price target of $100.67.

NIKE Stock Performance

NKE traded down $18.73 during trading hours on Friday, reaching $75.46. The company’s stock had a trading volume of 85,959,413 shares, compared to its average volume of 9,890,534. NIKE has a 52 week low of $74.76 and a 52 week high of $123.39. The company’s 50-day moving average is $93.70 and its 200-day moving average is $99.48. 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 firm has a market cap of $113.90 billion, a PE ratio of 22.13, a price-to-earnings-growth ratio of 1.79 and a beta of 1.05.

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

Insider Activity at NIKE

In other NIKE news, VP Johanna Nielsen sold 282 shares of NIKE stock in a transaction 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 sale, the vice president now owns 730 shares of the company’s stock, valued at approximately $68,357.20. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. In related news, VP Johanna Nielsen sold 282 shares of NIKE stock in a transaction 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 transaction, the vice president now directly owns 730 shares in the company, valued at $68,357.20. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Monique S. Matheson sold 45,000 shares of NIKE stock in a transaction dated 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 completion of the sale, the executive vice president now directly owns 44,997 shares in the company, valued at $4,236,917.52. The disclosure for this sale can be found here. Insiders sold a total of 213,660 shares of company stock valued at $19,946,333 in the last 90 days. Corporate insiders own 0.50% of the company’s stock.

Institutional Investors Weigh In On NIKE

A number of institutional investors have recently modified their holdings of the business. Vanguard Group Inc. raised its position in shares of NIKE by 0.5% during the 1st quarter. Vanguard Group Inc. now owns 110,044,821 shares of the footwear maker’s stock valued at $10,342,012,000 after buying an additional 501,792 shares during the period. Capital International Investors raised its holdings in shares of NIKE by 34.9% in the fourth quarter. Capital International Investors now owns 27,609,613 shares of the footwear maker’s stock valued at $2,997,628,000 after buying an additional 7,143,775 shares during the last quarter. Price T Rowe Associates Inc. MD raised its holdings in NIKE by 87.5% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 17,135,431 shares of the footwear maker’s stock worth $1,860,395,000 after purchasing an additional 7,996,434 shares in the last quarter. Norges Bank acquired a new stake in shares of NIKE in the fourth quarter valued at approximately $1,315,097,000. Finally, Fisher Asset Management LLC boosted its position in NIKE by 2.3% during the fourth quarter. Fisher Asset Management LLC now owns 9,887,769 shares of the footwear maker’s stock worth $1,073,515,000 after acquiring an additional 219,091 shares during the last quarter. 64.25% of the stock is currently owned by institutional investors and hedge funds.

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.