The Goldman Sachs Group Lowers NIKE (NYSE:NKE) Price Target to $105.00

NIKE (NYSE:NKE) had its price target dropped by The Goldman Sachs Group from $118.00 to $105.00 in a research note issued on Friday, Benzinga reports. The brokerage presently has a “buy” rating on the footwear maker’s stock. The Goldman Sachs Group’s price target would suggest a potential upside of 39.31% from the stock’s previous close.

Several other equities research analysts have also issued reports on the company. Barclays lowered NIKE from an “overweight” rating to an “equal weight” rating and reduced their price target for the company from $109.00 to $80.00 in a report on Friday. Truist Financial reduced their price target on NIKE from $99.00 to $81.00 and set a “hold” rating for the company in a report on Friday. Robert W. Baird reduced their price target on NIKE from $125.00 to $100.00 and set an “outperform” rating for the company in a report on Friday. Sanford C. Bernstein reduced their price target on NIKE from $134.00 to $120.00 and set an “outperform” rating for the company in a report on Friday, March 22nd. Finally, Evercore ISI reduced their price target on NIKE from $110.00 to $105.00 and set an “outperform” rating for the company in a report on Friday. Two equities research analysts have rated the stock with a sell rating, fifteen have assigned a hold rating and fourteen have assigned a buy rating to the company’s stock. According to MarketBeat.com, the stock currently 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 one year low of $74.55 and a one year high of $123.39. The firm has a market capitalization of $113.76 billion, a PE ratio of 20.21, a PEG ratio of 1.79 and a beta of 1.05. The company has a current ratio of 2.74, a quick ratio of 1.89 and a debt-to-equity ratio of 0.63. The business has a 50-day moving average price of $93.28 and a two-hundred day moving average price of $99.00.

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

Insider Activity

In other NIKE news, Chairman Mark G. Parker sold 168,378 shares of the business’s stock in a transaction on Tuesday, May 14th. The stock was sold at an average price of $93.14, for a total value of $15,682,726.92. Following the transaction, the chairman now owns 1,102,090 shares of the company’s stock, valued at $102,648,662.60. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. In other NIKE news, Chairman Mark G. Parker sold 168,378 shares of the business’s stock in a transaction on Tuesday, May 14th. The stock was sold at an average price of $93.14, for a total value of $15,682,726.92. Following the transaction, the chairman now owns 1,102,090 shares of the company’s stock, valued at $102,648,662.60. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, EVP Monique S. Matheson sold 45,000 shares of the business’s stock in a transaction on Tuesday, May 7th. The stock was sold at an average price of $94.16, for a total value of $4,237,200.00. Following the completion of the transaction, the executive vice president now directly owns 44,997 shares in the company, valued at approximately $4,236,917.52. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 213,660 shares of company stock worth $19,946,333. Company insiders own 0.50% of the company’s stock.

Hedge Funds Weigh In On NIKE

Several large investors have recently made changes to their positions in NKE. Norges Bank acquired a new position in shares of NIKE during the fourth quarter valued at $1,315,097,000. Price T Rowe Associates Inc. MD lifted its stake in shares of NIKE by 87.5% during 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 acquiring an additional 7,996,434 shares during the period. Capital International Investors lifted its stake in shares of NIKE by 34.9% during 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 acquiring an additional 7,143,775 shares during the period. Longview Partners Guernsey LTD acquired a new position in shares of NIKE during the first quarter valued at $533,533,000. Finally, Capital World Investors lifted its stake in shares of NIKE by 612.2% during the first quarter. Capital World Investors now owns 5,185,432 shares of the footwear maker’s stock valued at $487,327,000 after acquiring an additional 4,457,376 shares during the period. Institutional investors and hedge funds 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.