NIKE (NYSE:NKE) Price Target Cut to $85.00 by Analysts at Wells Fargo & Company

NIKE (NYSE:NKE) had its price target lowered by investment analysts at Wells Fargo & Company from $90.00 to $85.00 in a research note issued to investors on Friday,Benzinga reports. The brokerage presently has an “overweight” rating on the footwear maker’s stock. Wells Fargo & Company‘s price target suggests a potential upside of 18.70% from the company’s previous close.

A number of other research firms have also recently commented on NKE. Truist Financial cut their target price on NIKE from $97.00 to $90.00 and set a “buy” rating on the stock in a research note on Friday, December 20th. China Renaissance assumed coverage on NIKE in a research note on Wednesday. They issued a “hold” rating on the stock. JPMorgan Chase & Co. cut their target price on NIKE from $77.00 to $73.00 and set a “neutral” rating on the stock in a research note on Monday, December 2nd. Dbs Bank raised NIKE from a “hold” rating to a “strong-buy” rating in a research note on Wednesday, March 5th. Finally, Guggenheim reissued a “buy” rating and issued a $110.00 target price on shares of NIKE in a research note on Wednesday, February 12th. Fifteen equities research analysts have rated the stock with a hold rating, sixteen have given a buy rating and two have given a strong buy rating to the company. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $88.96.

NIKE Price Performance

Shares of NKE stock opened at $71.61 on Friday. The stock has a market cap 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 business’s fifty day moving average is $74.77 and its 200 day moving average is $77.56. NIKE has a twelve month low of $65.80 and a twelve month high of $101.92. The company has a quick ratio of 1.51, a current ratio of 2.22 and a debt-to-equity ratio of 0.57.

NIKE (NYSE:NKE) last issued its quarterly earnings results on Thursday, March 20th. The footwear maker reported $0.54 earnings per share for the quarter, topping the consensus estimate of $0.28 by $0.26. The company had revenue of $11.27 billion for the quarter, compared to analysts’ expectations of $11.02 billion. NIKE had a return on equity of 36.99% and a net margin of 9.98%. The firm’s revenue for the quarter was down 9.1% on a year-over-year basis. During the same period in the prior year, the firm earned $0.98 earnings per share. Research analysts expect that NIKE will post 2.05 EPS for the current fiscal year.

Insider Buying and Selling at NIKE

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

Hedge Funds Weigh In On NIKE

A number of institutional investors and hedge funds have recently modified their holdings of the stock. State Street Corp boosted its holdings in shares of NIKE by 3.3% in the 3rd quarter. State Street Corp now owns 57,916,789 shares of the footwear maker’s stock worth $5,140,796,000 after purchasing an additional 1,862,021 shares during the period. Wellington Management Group LLP boosted its holdings in shares of NIKE by 32.4% in the 4th quarter. Wellington Management Group LLP now owns 36,340,736 shares of the footwear maker’s stock worth $2,749,903,000 after purchasing an additional 8,898,591 shares during the period. Geode Capital Management LLC boosted its holdings in shares of NIKE by 1.4% in the 4th quarter. Geode Capital Management LLC now owns 25,376,558 shares of the footwear maker’s stock worth $1,915,110,000 after purchasing an additional 347,178 shares during the period. Capital World Investors boosted its holdings in shares of NIKE by 10.3% in the 4th quarter. Capital World Investors now owns 24,545,937 shares of the footwear maker’s stock worth $1,857,389,000 after purchasing an additional 2,288,627 shares during the period. Finally, Bank of New York Mellon Corp boosted its holdings in shares of NIKE by 18.1% in the 4th quarter. Bank of New York Mellon Corp now owns 20,367,993 shares of the footwear maker’s stock worth $1,541,246,000 after purchasing an additional 3,121,929 shares during the period. 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.