Needham & Company LLC Has Lowered Expectations for NIKE (NYSE:NKE) Stock Price

NIKE (NYSE:NKE) had its price target decreased by investment analysts at Needham & Company LLC from $84.00 to $80.00 in a research report issued to clients and investors on Monday,Benzinga reports. The firm currently has a “buy” rating on the footwear maker’s stock. Needham & Company LLC’s price objective points to a potential upside of 9.18% from the stock’s current price.

A number of other equities analysts have also weighed in on the stock. JPMorgan Chase & Co. decreased their price target on shares of NIKE from $77.00 to $73.00 and set a “neutral” rating on the stock in a report on Monday, December 2nd. Telsey Advisory Group restated a “market perform” rating and set a $80.00 target price on shares of NIKE in a report on Wednesday, February 19th. Morgan Stanley reduced their target price on shares of NIKE from $74.00 to $72.00 and set an “equal weight” rating on the stock in a report on Thursday, March 13th. Truist Financial reduced their target price on shares of NIKE from $97.00 to $90.00 and set a “buy” rating on the stock in a report on Friday, December 20th. Finally, TD Cowen reduced their target price on shares of NIKE from $78.00 to $73.00 and set a “hold” rating on the stock in a report on Monday, November 18th. Fourteen investment analysts have rated the stock with a hold rating, sixteen have issued a buy rating and two have issued a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $89.54.

NIKE Stock Down 0.6 %

NKE stock opened at $73.28 on Monday. The stock has a market capitalization of $108.38 billion, a P/E ratio of 22.62, a PEG ratio of 2.52 and a beta of 1.02. The company has a debt-to-equity ratio of 0.57, a quick ratio of 1.51 and a current ratio of 2.22. NIKE has a one year low of $68.62 and a one year high of $101.92. The company has a 50 day moving average price of $74.73 and a two-hundred day moving average price of $77.64.

NIKE (NYSE:NKE) last announced its quarterly earnings results on Thursday, December 19th. The footwear maker reported $0.78 earnings per share for the quarter, beating analysts’ consensus estimates of $0.63 by $0.15. The company had revenue of $12.35 billion for the quarter, compared to analyst estimates of $12.11 billion. NIKE had a net margin of 9.98% and a return on equity of 36.99%. NIKE’s revenue for the quarter was down 7.7% on a year-over-year basis. During the same quarter last year, the business earned $1.03 EPS. As a group, sell-side analysts expect that NIKE will post 2.05 EPS for the current year.

Insider Transactions at NIKE

In other NIKE news, Director John W. Rogers, Jr. acquired 2,500 shares of the stock in a transaction that occurred on Friday, December 27th. The stock was acquired at an average price of $76.65 per share, with a total value of $191,625.00. Following the transaction, the director now directly owns 34,403 shares in the company, valued at approximately $2,636,989.95. This represents a 7.84 % increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, Chairman Mark G. Parker sold 169,732 shares of the business’s stock in a transaction dated Friday, February 14th. The shares were sold at an average price of $72.83, for a total transaction of $12,361,581.56. Following the sale, the chairman now directly owns 896,632 shares of the company’s stock, 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. Insiders own 1.10% of the company’s stock.

Institutional Investors Weigh In On NIKE

A number of institutional investors have recently modified their holdings of the business. State Street Corp grew its position in shares of NIKE by 3.3% during the 3rd quarter. State Street Corp now owns 57,916,789 shares of the footwear maker’s stock valued at $5,140,796,000 after buying an additional 1,862,021 shares during the last quarter. Wellington Management Group LLP grew its position in shares of NIKE by 32.4% during the 4th quarter. Wellington Management Group LLP now owns 36,340,736 shares of the footwear maker’s stock valued at $2,749,903,000 after buying an additional 8,898,591 shares during the last quarter. Geode Capital Management LLC grew its position in shares of NIKE by 1.4% during the 4th quarter. Geode Capital Management LLC now owns 25,376,558 shares of the footwear maker’s stock valued at $1,915,110,000 after buying an additional 347,178 shares during the last quarter. Capital World Investors grew its position in shares of NIKE by 10.3% during the 4th quarter. Capital World Investors now owns 24,545,937 shares of the footwear maker’s stock valued at $1,857,389,000 after buying an additional 2,288,627 shares during the last quarter. Finally, Bank of New York Mellon Corp grew its position in shares of NIKE by 18.1% during the 4th quarter. Bank of New York Mellon Corp now owns 20,367,993 shares of the footwear maker’s stock valued at $1,541,246,000 after buying an additional 3,121,929 shares during the last quarter. Institutional investors own 64.25% of the company’s stock.

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.