Barclays Downgrades NIKE (NYSE:NKE) to Equal Weight

NIKE (NYSE:NKE) was downgraded by Barclays from an “overweight” rating to an “equal weight” rating in a note issued to investors on Friday, Marketbeat.com reports. They presently have a $80.00 price objective on the footwear maker’s stock, down from their previous price objective of $109.00. Barclays‘s price objective would indicate a potential upside of 6.14% from the stock’s previous close.

Several other research firms have also weighed in on NKE. Williams Trading restated a “sell” rating and set a $85.00 price objective (down from $92.00) on shares of NIKE in a research note on Monday, March 18th. The Goldman Sachs Group cut their price objective on shares of NIKE from $135.00 to $120.00 and set a “buy” rating for the company in a report on Friday, March 22nd. Truist Financial restated a “hold” rating and issued a $99.00 target price on shares of NIKE in a research report on Thursday, June 20th. Wedbush lowered their price objective on shares of NIKE from $115.00 to $97.00 and set an “outperform” rating for the company in a research report on Friday. Finally, Citigroup lowered their price objective on shares of NIKE from $135.00 to $125.00 and set a “buy” rating for the company in a research report on Thursday, March 14th. Two analysts have rated the stock with a sell rating, fifteen have given a hold rating and fourteen have issued a buy rating to the company. According to data from MarketBeat, the company has an average rating of “Hold” and an average target price of $98.96.

NIKE Trading Down 20.0 %

Shares of NYSE:NKE opened at $75.37 on Friday. NIKE has a 12 month low of $74.55 and a 12 month high of $123.39. The company has a quick ratio of 1.89, a current ratio of 2.74 and a debt-to-equity ratio of 0.63. The company’s fifty day simple moving average is $93.28 and its 200 day simple moving average is $99.00. The firm has a market cap of $113.76 billion, a price-to-earnings ratio of 20.21, a PEG ratio of 1.79 and a beta of 1.05.

NIKE (NYSE:NKE) last issued its quarterly earnings results on Thursday, June 27th. The footwear maker reported $1.01 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.85 by $0.16. NIKE had a net margin of 11.10% and a return on equity of 42.87%. The firm had revenue of $12.60 billion for the quarter, compared to analyst estimates of $12.86 billion. During the same period in the previous year, the business earned $0.66 EPS. The company’s revenue was down 1.6% compared to the same quarter last year. As a group, research analysts forecast that NIKE will post 3.9 EPS for the current fiscal year.

Insider Buying and Selling at NIKE

In related news, Chairman Mark G. Parker sold 168,378 shares of the stock in a transaction dated Tuesday, May 14th. The shares were sold at an average price of $93.14, for a total transaction of $15,682,726.92. Following the completion of the transaction, the chairman now owns 1,102,090 shares in the company, valued at $102,648,662.60. The transaction was disclosed in a document filed with the SEC, which is available through this link. In related news, Chairman Mark G. Parker sold 168,378 shares of the stock in a transaction dated Tuesday, May 14th. The shares were sold at an average price of $93.14, for a total transaction of $15,682,726.92. Following the completion of the transaction, the chairman now owns 1,102,090 shares in the company, valued at $102,648,662.60. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, VP Johanna Nielsen sold 282 shares of the stock in a transaction dated Thursday, May 9th. The stock was sold at an average price of $93.64, for a total transaction of $26,406.48. Following the transaction, the vice president now owns 730 shares of the company’s stock, valued at approximately $68,357.20. The disclosure for this sale can be found here. Insiders sold 213,660 shares of company stock worth $19,946,333 in the last quarter. 0.50% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On NIKE

A number of large investors have recently modified their holdings of NKE. Norges Bank bought a new position in shares of NIKE in the fourth quarter valued at approximately $1,315,097,000. Price T Rowe Associates Inc. MD raised its stake in NIKE by 87.5% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 17,135,431 shares of the footwear maker’s stock valued at $1,860,395,000 after purchasing an additional 7,996,434 shares in the last quarter. Capital International Investors raised its stake in NIKE by 34.9% in the fourth quarter. Capital International Investors now owns 27,609,613 shares of the footwear maker’s stock valued at $2,997,628,000 after purchasing an additional 7,143,775 shares in the last quarter. Longview Partners Guernsey LTD purchased a new stake in NIKE in the first quarter valued at approximately $533,533,000. Finally, Capital World Investors raised its stake in NIKE by 612.2% in the first quarter. Capital World Investors now owns 5,185,432 shares of the footwear maker’s stock valued at $487,327,000 after purchasing an additional 4,457,376 shares in the last quarter. 64.25% of the stock is currently owned by institutional investors.

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.