NIKE (NYSE:NKE) Price Target Cut to $70.00 by Analysts at Barclays

NIKE (NYSE:NKE) had its price objective reduced by Barclays from $79.00 to $70.00 in a research note issued on Friday,Benzinga reports. The firm presently has an “equal weight” rating on the footwear maker’s stock. Barclays‘s price objective points to a potential downside of 9.02% from the company’s previous close.

Several other brokerages also recently commented on NKE. Truist Financial raised shares of NIKE from a “hold” rating to a “buy” rating and upped their target price for the company from $83.00 to $97.00 in a research note on Thursday, October 10th. Guggenheim dropped their price objective on NIKE from $115.00 to $110.00 and set a “buy” rating on the stock in a research note on Wednesday, October 2nd. Needham & Company LLC reissued a “buy” rating and issued a $84.00 target price on shares of NIKE in a research note on Friday. Daiwa America lowered NIKE from a “moderate buy” rating to a “hold” rating in a research report on Wednesday, September 11th. Finally, TD Cowen decreased their price objective on NIKE from $78.00 to $73.00 and set a “hold” rating for the company in a research report on Monday, November 18th. Fifteen research analysts have rated the stock with a hold rating and fifteen have given a buy rating to the company’s stock. According to MarketBeat.com, NIKE has an average rating of “Moderate Buy” and a consensus target price of $89.77.

NIKE Price Performance

Shares of NKE stock opened at $76.94 on Friday. The company has a current ratio of 2.36, a quick ratio of 1.58 and a debt-to-equity ratio of 0.57. The firm has a market capitalization of $115.36 billion, a price-to-earnings ratio of 22.05, a PEG ratio of 1.89 and a beta of 1.02. The firm’s 50 day moving average is $78.07 and its 200-day moving average is $80.55. NIKE has a 1 year low of $70.75 and a 1 year high of $123.30.

NIKE (NYSE:NKE) last issued its earnings results on Thursday, December 19th. The footwear maker reported $0.78 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.63 by $0.15. NIKE had a net margin of 10.60% and a return on equity of 39.84%. The company had revenue of $12.35 billion for the quarter, compared to analyst estimates of $12.11 billion. During the same quarter last year, the firm earned $1.03 EPS. The company’s revenue for the quarter was down 7.7% on a year-over-year basis. Sell-side analysts forecast that NIKE will post 2.72 EPS for the current fiscal year.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in NKE. Teachers Insurance & Annuity Association of America purchased a new position in shares of NIKE in the 3rd quarter worth about $30,000. VitalStone Financial LLC lifted its position in NIKE by 52.6% in the 3rd quarter. VitalStone Financial LLC now owns 435 shares of the footwear maker’s stock worth $38,000 after buying an additional 150 shares during the last quarter. Dunhill Financial LLC boosted its stake in NIKE by 52.2% in the third quarter. Dunhill Financial LLC now owns 493 shares of the footwear maker’s stock worth $44,000 after buying an additional 169 shares in the last quarter. Strategic Financial Concepts LLC bought a new position in NIKE during the second quarter valued at approximately $48,000. Finally, Ecofi Investissements SA purchased a new position in shares of NIKE during the second quarter worth approximately $49,000. Institutional investors 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.