NIKE (NYSE:NKE) Given New $83.00 Price Target at Truist Financial

NIKE (NYSE:NKE) had its price objective cut by analysts at Truist Financial from $85.00 to $83.00 in a research note issued to investors on Wednesday, Benzinga reports. The firm currently has a “hold” rating on the footwear maker’s stock. Truist Financial’s price target points to a potential upside of 1.09% from the company’s previous close.

NKE has been the subject of a number of other research reports. Guggenheim decreased their price objective on shares of NIKE from $130.00 to $115.00 and set a “buy” rating for the company in a report on Friday, June 28th. Daiwa America downgraded shares of NIKE from a “moderate buy” rating to a “hold” rating in a report on Wednesday, September 11th. Piper Sandler reissued a “neutral” rating and set a $80.00 price target on shares of NIKE in a report on Friday, September 20th. Robert W. Baird boosted their price target on shares of NIKE from $100.00 to $110.00 and gave the company an “outperform” rating in a report on Friday, September 20th. Finally, StockNews.com cut shares of NIKE from a “buy” rating to a “hold” rating in a research note on Friday, June 21st. Fifteen investment analysts have rated the stock with a hold rating and fifteen have issued a buy rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $96.04.

NIKE Stock Down 1.2 %

NKE stock opened at $82.11 on Wednesday. NIKE has a twelve month low of $70.75 and a twelve month high of $123.39. 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 company has a market capitalization of $123.93 billion, a P/E ratio of 22.01, a PEG ratio of 2.30 and a beta of 1.02. The firm has a 50 day simple moving average of $80.71 and a 200-day simple moving average of $86.36.

NIKE (NYSE:NKE) last released its quarterly earnings results on Tuesday, October 1st. The footwear maker reported $0.70 earnings per share for the quarter, topping analysts’ consensus estimates of $0.52 by $0.18. NIKE had a net margin of 11.10% and a return on equity of 42.63%. The business had revenue of $11.59 billion during the quarter, compared to the consensus estimate of $11.64 billion. During the same quarter last year, the company earned $0.94 earnings per share. The business’s quarterly revenue was down 10.4% compared to the same quarter last year. On average, equities research analysts predict that NIKE will post 3.04 earnings per share for the current fiscal year.

Insider Buying and Selling at NIKE

In other news, Chairman Mark G. Parker sold 110,000 shares of the stock in a transaction that occurred on 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 completion of the sale, the chairman now directly owns 1,102,090 shares of the company’s stock, valued at $80,419,507.30. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In other news, Chairman Mark G. Parker sold 52,487 shares of the stock in a transaction that occurred on Wednesday, August 14th. The shares were sold at an average price of $78.00, for a total value 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 $80,435,628. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Chairman Mark G. Parker sold 110,000 shares of the firm’s stock in a transaction that occurred on Thursday, July 18th. The shares were sold at an average price of $72.97, for a total transaction of $8,026,700.00. Following the transaction, the chairman now directly owns 1,102,090 shares in the company, valued at approximately $80,419,507.30. The disclosure for this sale can be found here. Insiders own 0.50% of the company’s stock.

Hedge Funds Weigh In On NIKE

Several hedge funds and other institutional investors have recently added to or reduced their stakes in NKE. Annapolis Financial Services LLC raised its position in NIKE by 440.0% during the first quarter. Annapolis Financial Services LLC now owns 270 shares of the footwear maker’s stock valued at $25,000 after acquiring an additional 220 shares in the last quarter. True Wealth Design LLC grew its holdings in NIKE by 106.4% during the fourth quarter. True Wealth Design LLC now owns 291 shares of the footwear maker’s stock valued at $32,000 after purchasing an additional 150 shares during the last quarter. Frank Rimerman Advisors LLC acquired a new position in NIKE during the fourth quarter valued at approximately $33,000. Core Wealth Advisors Inc. grew its holdings in NIKE by 408.5% during the fourth quarter. Core Wealth Advisors Inc. now owns 300 shares of the footwear maker’s stock valued at $33,000 after purchasing an additional 241 shares during the last quarter. Finally, Pineridge Advisors LLC acquired a new position in NIKE during the fourth quarter valued at approximately $38,000. 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.