NIKE (NYSE:NKE) Given New $66.00 Price Target at Royal Bank of Canada

NIKE (NYSE:NKE) had its price objective decreased by investment analysts at Royal Bank of Canada from $67.00 to $66.00 in a research note issued to investors on Friday,Benzinga reports. The firm currently has a “sector perform” rating on the footwear maker’s stock. Royal Bank of Canada’s price objective would suggest a potential downside of 2.96% from the stock’s previous close.

Several other research analysts have also recently commented on the company. UBS Group reduced their target price on NIKE from $73.00 to $66.00 and set a “neutral” rating for the company in a research report on Friday. JPMorgan Chase & Co. reduced their target price on NIKE from $77.00 to $73.00 and set a “neutral” rating for the company in a research report on Monday, December 2nd. Guggenheim reaffirmed a “buy” rating and issued a $110.00 target price on shares of NIKE in a research report on Wednesday, February 12th. Needham & Company LLC reduced their target price on NIKE from $84.00 to $80.00 and set a “buy” rating for the company in a research report on Monday, March 17th. Finally, Evercore ISI reduced their target price on NIKE from $105.00 to $97.00 and set an “outperform” rating for the company in a research report on Monday, December 16th. Fifteen investment analysts have rated the stock with a hold rating, sixteen have assigned a buy rating and two have issued a strong buy rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $87.38.

NIKE Stock Down 5.4 %

NKE opened at $68.02 on Friday. NIKE has a 1-year low of $65.17 and a 1-year high of $98.04. The company has a current ratio of 2.22, a quick ratio of 1.51 and a debt-to-equity ratio of 0.57. The stock has a market capitalization of $100.60 billion, a price-to-earnings ratio of 20.99, a P/E/G ratio of 2.52 and a beta of 1.02. The business has a 50 day moving average of $74.70 and a 200-day moving average of $77.43.

NIKE (NYSE:NKE) last posted its quarterly earnings data on Thursday, March 20th. The footwear maker reported $0.54 earnings per share for the quarter, beating the consensus estimate of $0.28 by $0.26. NIKE had a return on equity of 36.99% and a net margin of 9.98%. The company had revenue of $11.27 billion during the quarter, compared to analysts’ expectations of $11.02 billion. During the same period in the prior year, the business earned $0.98 earnings per share. NIKE’s revenue for the quarter was down 9.1% compared to the same quarter last year. As a group, sell-side analysts anticipate that NIKE will post 2.05 earnings per share for the current year.

Insider Activity at NIKE

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

Hedge Funds Weigh In On NIKE

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Range Financial Group LLC bought a new position in shares of NIKE during the 4th quarter valued at about $642,000. Cacti Asset Management LLC bought a new position in shares of NIKE during the 4th quarter valued at about $9,987,000. Capricorn Fund Managers Ltd bought a new position in shares of NIKE during the 4th quarter valued at about $5,384,000. Klein Pavlis & Peasley Financial Inc. lifted its holdings in shares of NIKE by 31.1% during the 4th quarter. Klein Pavlis & Peasley Financial Inc. now owns 25,835 shares of the footwear maker’s stock valued at $1,955,000 after purchasing an additional 6,124 shares in the last quarter. Finally, FNY Investment Advisers LLC lifted its holdings in shares of NIKE by 5,745.9% during the 4th quarter. FNY Investment Advisers LLC now owns 8,652 shares of the footwear maker’s stock valued at $654,000 after purchasing an additional 8,504 shares in the last quarter. 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.