Sanford C. Bernstein Lowers NIKE (NYSE:NKE) Price Target to $109.00

NIKE (NYSE:NKE) had its price objective reduced by equities researchers at Sanford C. Bernstein from $112.00 to $109.00 in a research note issued on Thursday, Benzinga reports. The brokerage currently has an “outperform” rating on the footwear maker’s stock. Sanford C. Bernstein’s price target would suggest a potential upside of 25.94% from the stock’s previous close.

Several other equities analysts have also recently issued reports on NKE. Stifel Nicolaus reduced their price objective on NIKE from $88.00 to $79.00 and set a “hold” rating on the stock in a research note on Monday, August 26th. Evercore ISI decreased their price target on shares of NIKE from $110.00 to $105.00 and set an “outperform” rating for the company in a report on Friday, June 28th. Daiwa America lowered shares of NIKE from a “moderate buy” rating to a “hold” rating in a research note on Wednesday, September 11th. Oppenheimer reissued an “outperform” rating and issued a $120.00 target price on shares of NIKE in a report on Friday, June 28th. Finally, KeyCorp reiterated a “sector weight” rating on shares of NIKE in a research report on Friday, June 28th. Fifteen equities research analysts have rated the stock with a hold rating and fifteen have given a buy rating to the company’s stock. Based on data from MarketBeat, NIKE has a consensus rating of “Moderate Buy” and a consensus target price of $96.15.

NIKE Stock Up 6.9 %

NKE stock opened at $86.55 on Thursday. The company has a current ratio of 2.40, a quick ratio of 1.69 and a debt-to-equity ratio of 0.55. The firm has a 50 day simple moving average of $78.11 and a 200-day simple moving average of $87.14. The company has a market capitalization of $130.64 billion, a P/E ratio of 23.20, a PEG ratio of 2.08 and a beta of 1.02. NIKE has a twelve month low of $70.75 and a twelve month high of $123.39.

NIKE (NYSE:NKE) last announced its quarterly earnings data on Thursday, June 27th. The footwear maker reported $1.01 earnings per share for the quarter, beating the consensus estimate of $0.85 by $0.16. NIKE had a return on equity of 42.63% and a net margin of 11.10%. The firm had revenue of $12.60 billion during the quarter, compared to analyst estimates of $12.86 billion. During the same period in the previous year, the company earned $0.66 earnings per share. NIKE’s quarterly revenue was down 1.6% on a year-over-year basis. On average, equities research analysts predict that NIKE will post 3.06 earnings per share for the current fiscal year.

Insider Activity at NIKE

In other NIKE news, Chairman Mark G. Parker sold 110,000 shares of the business’s stock in a transaction dated Thursday, July 18th. The shares were sold at an average price of $72.97, for a total value of $8,026,700.00. Following the sale, the chairman now directly owns 1,102,090 shares in the company, valued at $80,419,507.30. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. In other news, Chairman Mark G. Parker sold 52,487 shares of the firm’s stock in a transaction on Wednesday, August 14th. The stock was sold at an average price of $78.00, for a total transaction of $4,093,986.00. Following the completion of the sale, the chairman now directly owns 1,031,226 shares of the company’s stock, valued at approximately $80,435,628. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, Chairman Mark G. Parker sold 110,000 shares of the business’s stock in a transaction on Thursday, July 18th. The stock was sold at an average price of $72.97, for a total value of $8,026,700.00. Following the sale, the chairman now directly owns 1,102,090 shares in the company, valued at $80,419,507.30. The disclosure for this sale can be found here. Company insiders own 0.50% of the company’s stock.

Hedge Funds Weigh In On NIKE

A number of institutional investors have recently bought and sold shares of the stock. Price T Rowe Associates Inc. MD boosted its holdings in shares of NIKE by 87.5% in 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 buying an additional 7,996,434 shares during the period. Capital International Investors boosted its stake in NIKE by 34.9% in the 4th quarter. Capital International Investors now owns 27,609,613 shares of the footwear maker’s stock worth $2,997,628,000 after purchasing an additional 7,143,775 shares during the period. Longview Partners Guernsey LTD purchased a new position in NIKE during the 1st quarter worth approximately $533,533,000. Capital World Investors raised its stake in NIKE by 612.2% during the 1st quarter. Capital World Investors now owns 5,185,432 shares of the footwear maker’s stock valued at $487,327,000 after purchasing an additional 4,457,376 shares during the period. Finally, Jennison Associates LLC lifted its holdings in shares of NIKE by 45.6% in the first quarter. Jennison Associates LLC now owns 8,859,580 shares of the footwear maker’s stock valued at $832,623,000 after purchasing an additional 2,775,510 shares in the last quarter. Hedge funds and other institutional investors own 64.25% of the company’s stock.

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.