Morgan Stanley Lowers NIKE (NYSE:NKE) Price Target to $80.00

NIKE (NYSE:NKE) had its price objective decreased by equities research analysts at Morgan Stanley from $82.00 to $80.00 in a research note issued to investors on Friday,Benzinga reports. The firm currently has an “equal weight” rating on the footwear maker’s stock. Morgan Stanley’s price objective points to a potential upside of 3.56% from the stock’s previous close.

Several other research firms also recently weighed in on NKE. Royal Bank of Canada cut their price target on NIKE from $82.00 to $80.00 and set a “sector perform” rating on the stock in a research note on Thursday, November 7th. Truist Financial upgraded NIKE from a “hold” rating to a “buy” rating and raised their price target for the company from $83.00 to $97.00 in a report on Thursday, October 10th. UBS Group dropped their price target on shares of NIKE from $82.00 to $80.00 and set a “neutral” rating on the stock in a research note on Monday, December 9th. TD Cowen reduced their price objective on shares of NIKE from $78.00 to $73.00 and set a “hold” rating for the company in a research note on Monday, November 18th. Finally, Williams Trading upgraded shares of NIKE from a “sell” rating to a “buy” rating and upped their target price for the stock from $67.00 to $93.00 in a research note on Friday, August 16th. Fourteen equities research analysts have rated the stock with a hold rating and sixteen have issued a buy rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $94.04.

NIKE Stock Performance

Shares of NKE stock opened at $77.25 on Friday. The company’s fifty day moving average price is $78.52 and its 200-day moving average price is $81.13. The stock has a market cap of $115.83 billion, a PE ratio of 22.13, a price-to-earnings-growth ratio of 1.93 and a beta of 1.02. The company has a current ratio of 2.36, a quick ratio of 1.58 and a debt-to-equity ratio of 0.57. NIKE has a 12 month low of $70.75 and a 12 month 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. The company had revenue of $11.59 billion during the quarter, compared to analysts’ expectations of $11.64 billion. NIKE had a net margin of 10.60% and a return on equity of 39.84%. NIKE’s revenue was down 10.4% on a year-over-year basis. During the same period last year, the company posted $0.94 EPS. On average, equities analysts expect that NIKE will post 2.73 EPS for the current fiscal year.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in NKE. ING Groep NV bought a new position in shares of NIKE in the third quarter worth approximately $29,628,000. Cordatus Wealth Management LLC lifted its stake in shares of NIKE by 19.5% during the 3rd quarter. Cordatus Wealth Management LLC now owns 41,510 shares of the footwear maker’s stock valued at $3,669,000 after buying an additional 6,778 shares in the last quarter. Bristlecone Advisors LLC boosted its holdings in NIKE by 14.3% in the 3rd quarter. Bristlecone Advisors LLC now owns 93,521 shares of the footwear maker’s stock worth $8,267,000 after buying an additional 11,665 shares during the period. Coldstream Capital Management Inc. increased its stake in NIKE by 62.3% in the 3rd quarter. Coldstream Capital Management Inc. now owns 121,279 shares of the footwear maker’s stock worth $10,347,000 after buying an additional 46,567 shares in the last quarter. Finally, Investment Management Corp of Ontario raised its holdings in NIKE by 49.4% during the third quarter. Investment Management Corp of Ontario now owns 40,238 shares of the footwear maker’s stock valued at $3,557,000 after acquiring an additional 13,300 shares during the period. 64.25% of the stock is currently owned by 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.