NIKE (NYSE:NKE) Given New $73.00 Price Target at Truist Financial

NIKE (NYSE:NKE) had its price objective reduced by equities research analysts at Truist Financial from $82.00 to $73.00 in a research report issued on Tuesday,Benzinga reports. The brokerage currently has a “buy” rating on the footwear maker’s stock. Truist Financial’s price target would indicate a potential upside of 19.99% from the stock’s current price.

A number of other brokerages have also commented on NKE. Royal Bank Of Canada lowered their price objective on NIKE from $66.00 to $65.00 and set a “sector perform” rating on the stock in a report on Tuesday, May 20th. Deutsche Bank Aktiengesellschaft lowered their price target on NIKE from $77.00 to $71.00 and set a “buy” rating on the stock in a report on Friday, June 20th. China Renaissance started coverage on shares of NIKE in a research note on Wednesday, March 19th. They issued a “hold” rating for the company. Wells Fargo & Company upped their price objective on shares of NIKE from $55.00 to $60.00 and gave the stock an “equal weight” rating in a report on Wednesday, May 14th. Finally, Dbs Bank upgraded shares of NIKE from a “hold” rating to a “strong-buy” rating in a report on Wednesday, March 5th. Sixteen analysts have rated the stock with a hold rating, fifteen have given a buy rating and two have issued a strong buy rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $77.59.

NIKE Trading Down 0.9%

NIKE stock opened at $60.84 on Tuesday. NIKE has a one year low of $52.28 and a one year high of $94.74. The company’s fifty day moving average price is $60.17 and its two-hundred day moving average price is $67.73. The company has a debt-to-equity ratio of 0.57, a current ratio of 2.19 and a quick ratio of 1.52. The company has a market capitalization of $89.99 billion, a price-to-earnings ratio of 20.21, a PEG ratio of 2.21 and a beta of 1.21.

Insider Activity

In related news, Director Robert Holmes Swan acquired 8,600 shares of the firm’s stock in a transaction on Friday, April 4th. The shares were bought at an average cost of $58.46 per share, with a total value of $502,756.00. Following the completion of the acquisition, the director now owns 31,983 shares of the company’s stock, valued at $1,869,726.18. This trade represents a 36.78% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which is available through this hyperlink. Corporate insiders own 1.10% of the company’s stock.

Hedge Funds Weigh In On NIKE

A number of hedge funds have recently modified their holdings of the stock. Swedbank AB grew its position in NIKE by 2.8% in the first quarter. Swedbank AB now owns 953,011 shares of the footwear maker’s stock valued at $60,497,000 after acquiring an additional 26,026 shares during the period. Voya Investment Management LLC increased its position in shares of NIKE by 1.8% during the 1st quarter. Voya Investment Management LLC now owns 1,453,473 shares of the footwear maker’s stock worth $92,266,000 after purchasing an additional 25,481 shares in the last quarter. BROOKFIELD Corp ON lifted its holdings in NIKE by 36.2% during the 1st quarter. BROOKFIELD Corp ON now owns 658,598 shares of the footwear maker’s stock valued at $41,808,000 after purchasing an additional 175,000 shares during the last quarter. eCIO Inc. acquired a new position in NIKE in the first quarter valued at about $52,000. Finally, Invst LLC acquired a new position in NIKE in the first quarter valued at about $1,038,000. 64.25% of the stock is owned by institutional investors and hedge funds.

NIKE Company Profile

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.