Royal Bank of Canada Cuts NIKE (NYSE:NKE) Price Target to $80.00

NIKE (NYSE:NKE) had its target price trimmed by Royal Bank of Canada from $82.00 to $80.00 in a research report sent to investors on Thursday morning,Benzinga reports. The firm currently has a sector perform rating on the footwear maker’s stock.

A number of other brokerages have also recently issued reports on NKE. UBS Group lifted their price objective on NIKE from $78.00 to $82.00 and gave the company a “neutral” rating in a research note on Wednesday, October 2nd. Piper Sandler reissued a “neutral” rating and set a $80.00 price objective on shares of NIKE in a research report on Friday, September 20th. Daiwa America cut shares of NIKE from a “moderate buy” rating to a “hold” rating in a report on Wednesday, September 11th. Williams Trading raised shares of NIKE from a “sell” rating to a “buy” rating and raised their price target for the company from $67.00 to $93.00 in a research report on Friday, August 16th. Finally, Jefferies Financial Group lifted their target price on NIKE from $80.00 to $85.00 and gave the stock a “hold” rating in a report on Monday, September 30th. Fourteen investment analysts have rated the stock with a hold rating and sixteen have issued a buy rating to the company. According to MarketBeat, NIKE has an average rating of “Moderate Buy” and a consensus target price of $96.48.

NIKE Stock Down 0.1 %

NKE stock traded down $0.04 during midday trading on Thursday, hitting $75.88. The stock had a trading volume of 8,140,788 shares, compared to its average volume of 9,333,267. The company has a debt-to-equity ratio of 0.57, a current ratio of 2.36 and a quick ratio of 1.58. The firm has a market cap of $113.77 billion, a price-to-earnings ratio of 21.74, a price-to-earnings-growth ratio of 1.83 and a beta of 1.03. The business has a 50-day moving average of $81.39 and a two-hundred day moving average of $83.81. NIKE has a 52-week low of $70.75 and a 52-week high of $123.39.

NIKE (NYSE:NKE) last issued its quarterly earnings results on Tuesday, October 1st. The footwear maker reported $0.70 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.52 by $0.18. NIKE had a net margin of 10.60% and a return on equity of 39.84%. The company had revenue of $11.59 billion during the quarter, compared to analysts’ expectations of $11.64 billion. During the same period last year, the company posted $0.94 EPS. NIKE’s revenue was down 10.4% on a year-over-year basis. As a group, equities research analysts forecast that NIKE will post 2.74 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, Chairman Mark G. Parker sold 52,487 shares of the company’s stock in a transaction dated Wednesday, August 14th. The stock was sold at an average price of $78.00, for a total value of $4,093,986.00. Following the completion of the transaction, the chairman now owns 1,031,226 shares of the company’s stock, valued at $80,435,628. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. 1.10% of the stock is currently owned by insiders.

Institutional Investors Weigh In On NIKE

A number of hedge funds have recently made changes to their positions in NKE. Transcendent Capital Group LLC grew its stake in shares of NIKE by 97.6% in the 1st quarter. Transcendent Capital Group LLC now owns 405 shares of the footwear maker’s stock worth $38,000 after buying an additional 200 shares in the last quarter. VitalStone Financial LLC grew its position in NIKE by 52.6% in the third quarter. VitalStone Financial LLC now owns 435 shares of the footwear maker’s stock worth $38,000 after acquiring an additional 150 shares in the last quarter. Bruce G. Allen Investments LLC increased its stake in NIKE by 272.5% during the second quarter. Bruce G. Allen Investments LLC now owns 514 shares of the footwear maker’s stock worth $39,000 after acquiring an additional 376 shares during the last quarter. Triad Wealth Partners LLC purchased a new stake in NIKE during the second quarter valued at approximately $44,000. Finally, MFA Wealth Advisors LLC bought a new stake in shares of NIKE in the 2nd quarter valued at approximately $46,000. 64.25% of the stock is currently owned by hedge funds and other institutional investors.

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.