NIKE (NYSE:NKE) Price Target Cut to $80.00

NIKE (NYSE:NKE) had its price target cut by equities research analysts at JPMorgan Chase & Co. from $83.00 to $80.00 in a research report issued to clients and investors on Monday, Benzinga reports. The firm presently has a “neutral” rating on the footwear maker’s stock. JPMorgan Chase & Co.‘s price objective points to a potential downside of 6.74% from the stock’s previous close.

Other analysts have also issued research reports about the stock. Robert W. Baird raised their price objective on shares of NIKE from $100.00 to $110.00 and gave the stock an “outperform” rating in a report on Friday. Sanford C. Bernstein dropped their price target on NIKE from $112.00 to $109.00 and set an “outperform” rating for the company in a report on Thursday. StockNews.com cut NIKE from a “buy” rating to a “hold” rating in a report on Friday, June 21st. Royal Bank of Canada cut their price target on NIKE from $100.00 to $75.00 and set a “sector perform” rating for the company in a report on Tuesday, July 2nd. Finally, Stifel Nicolaus decreased their price objective on shares of NIKE from $88.00 to $79.00 and set a “hold” rating on the stock in a report on Monday, August 26th. Fifteen equities research analysts have rated the stock with a hold rating and fifteen have issued a buy rating to the stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $96.04.

NIKE Price Performance

NKE stock traded down $0.74 during trading on Monday, hitting $85.78. The company had a trading volume of 6,426,843 shares, compared to its average volume of 11,475,634. The company has a fifty day moving average price of $78.11 and a two-hundred day moving average price of $86.99. NIKE has a fifty-two week low of $70.75 and a fifty-two week high of $123.39. The company has a market cap of $129.47 billion, a P/E ratio of 22.95, a P/E/G ratio of 2.08 and a beta of 1.02. The company has a current ratio of 2.40, a quick ratio of 1.69 and a debt-to-equity ratio of 0.55.

NIKE (NYSE:NKE) last issued its earnings results on Thursday, June 27th. The footwear maker reported $1.01 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 42.63%. The company had revenue of $12.60 billion for the quarter, compared to the consensus estimate of $12.86 billion. During the same quarter in the previous year, the company earned $0.66 EPS. The firm’s revenue for the quarter was down 1.6% compared to the same quarter last year. Equities research analysts expect that NIKE will post 3.06 earnings per share for the current fiscal year.

Insider Transactions at NIKE

In related news, Director Robert Holmes Swan bought 2,941 shares of the company’s stock in a transaction on Friday, June 28th. The shares were purchased at an average cost of $77.02 per share, for a total transaction of $226,515.82. Following the acquisition, the director now owns 20,946 shares of the company’s stock, valued at approximately $1,613,260.92. The purchase was disclosed in a filing with the SEC, which is available at this link. In other news, Chairman Mark G. Parker sold 52,487 shares of the firm’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 in the company, valued at approximately $80,435,628. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Robert Holmes Swan bought 2,941 shares of the company’s stock in a transaction that occurred on Friday, June 28th. The shares were bought at an average price of $77.02 per share, for a total transaction of $226,515.82. Following the acquisition, the director now directly owns 20,946 shares of the company’s stock, valued at approximately $1,613,260.92. The disclosure for this purchase can be found here. 0.50% of the stock is currently owned by insiders.

Institutional Trading of NIKE

Several hedge funds and other institutional investors have recently modified their holdings of the stock. Vanguard Group Inc. boosted its holdings in shares of NIKE by 0.5% during the first quarter. Vanguard Group Inc. now owns 110,044,821 shares of the footwear maker’s stock worth $10,342,012,000 after acquiring an additional 501,792 shares during the period. Capital International Investors increased its position in NIKE by 34.9% during the 4th quarter. Capital International Investors now owns 27,609,613 shares of the footwear maker’s stock worth $2,997,628,000 after buying an additional 7,143,775 shares during the period. Price T Rowe Associates Inc. MD lifted its holdings 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 worth $1,860,395,000 after buying an additional 7,996,434 shares in the last quarter. Legal & General Group Plc boosted its position in shares of NIKE by 5.5% in the second quarter. Legal & General Group Plc now owns 11,049,294 shares of the footwear maker’s stock valued at $832,785,000 after acquiring an additional 571,544 shares during the period. Finally, Fisher Asset Management LLC raised its stake in NIKE by 2.2% in the 4th quarter. Fisher Asset Management LLC now owns 9,880,038 shares of the footwear maker’s stock worth $1,072,676,000 after purchasing an additional 211,360 shares in the last quarter. Institutional investors own 64.25% of the company’s stock.

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.