Provenance Wealth Advisors LLC Acquires New Stake in NIKE, Inc. $NKE

Provenance Wealth Advisors LLC acquired a new stake in NIKE, Inc. (NYSE:NKE) during the 3rd quarter, HoldingsChannel reports. The firm acquired 16,236 shares of the footwear maker’s stock, valued at approximately $575,000.

Other institutional investors and hedge funds have also bought and sold shares of the company. Scarborough Advisors LLC purchased a new stake in NIKE in the first quarter worth $25,000. Meeder Asset Management Inc. raised its stake in shares of NIKE by 108.4% in the first quarter. Meeder Asset Management Inc. now owns 548 shares of the footwear maker’s stock valued at $29,000 after buying an additional 285 shares during the period. Atlas Wealth LLC bought a new stake in shares of NIKE in the first quarter valued at $31,000. Main Street Group LTD purchased a new position in shares of NIKE during the 1st quarter valued at $36,000. Finally, Reyes Financial Architecture Inc. purchased a new position in shares of NIKE during the 3rd quarter valued at $26,000. 64.25% of the stock is owned by institutional investors.

Insider Buying and Selling at NIKE

In related news, EVP Philip McCartney sold 2,559 shares of the stock in a transaction dated Wednesday, September 9th. The stock was sold at an average price of $37.59, for a total transaction of $96,192.81. Following the sale, the executive vice president owned 78,121 shares of the company’s stock, valued at approximately $2,936,568.39. This represents a 3.17% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, COO Venkatesh Alagirisamy sold 3,671 shares of the firm’s stock in a transaction dated Wednesday, September 9th. The stock was sold at an average price of $37.59, for a total value of $137,992.89. Following the completion of the transaction, the chief operating officer owned 104,862 shares of the company’s stock, valued at approximately $3,941,762.58. This represents a 3.38% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 1.10% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

Several research firms have recently weighed in on NKE. Berenberg Bank set a $27.50 price target on NIKE and gave the stock a “sell” rating in a research note on Tuesday, October 6th. Piper Sandler set a $28.00 price objective on NIKE and gave the stock a “neutral” rating in a report on Friday, October 2nd. Zacks Research cut NIKE from a “hold” rating to a “strong sell” rating in a research note on Thursday, October 1st. Robert W. Baird dropped their price objective on shares of NIKE from $44.00 to $36.00 and set a “neutral” rating on the stock in a report on Friday, October 2nd. Finally, Oppenheimer set a $52.00 price objective on shares of NIKE and gave the company an “outperform” rating in a report on Wednesday, September 23rd. One research analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating, twenty have issued a Hold rating and twelve have assigned a Sell rating to the company’s stock. According to MarketBeat, NIKE currently has a consensus rating of “Reduce” and a consensus price target of $40.93.

NIKE Trading Down 2.2%

Shares of NKE stock opened at $39.59 on Friday. The company’s fifty day simple moving average is $36.90 and its two-hundred day simple moving average is $45.76. The company has a debt-to-equity ratio of 0.39, a current ratio of 2.07 and a quick ratio of 1.39. NIKE, Inc. has a 1 year low of $31.97 and a 1 year high of $69.14. The stock has a market capitalization of $58.80 billion, a price-to-earnings ratio of 19.03, a PEG ratio of 4.73 and a beta of 1.01.

NIKE (NYSE:NKE) last posted its earnings results on Thursday, October 1st. The footwear maker reported $0.48 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.43 by $0.05. NIKE had a return on equity of 15.94% and a net margin of 6.74%. The firm had revenue of $11.21 billion for the quarter, compared to the consensus estimate of $11.32 billion. During the same quarter in the prior year, the business posted $0.49 earnings per share. The business’s quarterly revenue was down 4.3% on a year-over-year basis. NIKE has set its FY 2027 guidance at 1.150-1.350 EPS. As a group, analysts anticipate that NIKE, Inc. will post 1.22 earnings per share for the current year.

More NIKE News

Here are the key news stories impacting NIKE this week:

• Positive Sentiment: Nike’s product reset is focused on performance innovation and fresh launches, while tighter control of Jordan releases and digital distribution may help protect full-price sales. Will Product Reset Change Nike’s Narrative
• Positive Sentiment: Some coverage sees evidence of progress: gross margin expanded despite falling sales, and Nike recently beat quarterly EPS estimates. Nike vs. Lululemon
• Neutral Sentiment: Nike’s first fully electric container barge in Vietnam supports its sustainability efforts, but the report does not indicate a near-term financial impact. Nike Put Vietnam’s First Fully Electric Container Barge Into Service
• Negative Sentiment: CEO commentary about a “blind spot” comes as Jordan and Dunk sales shrink, raising concern that Nike has misjudged shifts in demand for major franchises. Nike CEO admits blind spot as Jordan and Dunk sales shrink
• Negative Sentiment: Truist downgraded NKE to Sell and set a $29 target, citing risks across the business and valuation. That contrasts with more optimistic views and adds pressure after the stock’s recent rally. NKE Downgraded To Sell At Truist
• Negative Sentiment: The turnaround still faces weak demand: one report says sales in China fell 25% year over year and Nike expects sales to decline this year. Is Now a Good Time to Buy Nike Stock?

About NIKE

NIKE, Inc is a global athletic footwear, apparel, equipment and accessories company headquartered near Beaverton, Oregon. The company designs, develops, markets and sells products under the Nike, Jordan and Converse brands, serving athletes and consumers across a broad range of sports and lifestyle categories.

NIKE’s product portfolio includes athletic and casual footwear, performance and lifestyle apparel, sports equipment, accessories and digital fitness-related offerings. The company distributes its products through company-owned retail stores, digital platforms and wholesale partners, while also operating direct-to-consumer and membership programs.

The company traces its origins to 1964, when Phil Knight and Bill Bowerman founded Blue Ribbon Sports.