Morgan Stanley Has Lowered Expectations for NIKE (NYSE:NKE) Stock Price

NIKE (NYSE:NKE) had its target price dropped by equities researchers at Morgan Stanley from $72.00 to $70.00 in a research report issued on Friday,Benzinga reports. The brokerage currently has an “equal weight” rating on the footwear maker’s stock. Morgan Stanley’s target price points to a potential upside of 2.92% from the stock’s current price.

A number of other research firms have also weighed in on NKE. Piper Sandler raised shares of NIKE from a “neutral” rating to an “overweight” rating and raised their price target for the company from $72.00 to $90.00 in a report on Friday, January 10th. Telsey Advisory Group reaffirmed a “market perform” rating and set a $80.00 price target on shares of NIKE in a report on Monday, March 17th. Needham & Company LLC reduced their price objective on shares of NIKE from $84.00 to $80.00 and set a “buy” rating on the stock in a research note on Monday, March 17th. UBS Group reiterated a “neutral” rating and set a $73.00 price objective on shares of NIKE in a research note on Thursday, December 26th. Finally, JPMorgan Chase & Co. reduced their price objective on shares of NIKE from $77.00 to $73.00 and set a “neutral” rating on the stock in a research note on Monday, December 2nd. Fifteen investment analysts have rated the stock with a hold rating, sixteen have issued a buy rating and two have assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $87.38.

NIKE Price Performance

NIKE stock opened at $68.02 on Friday. NIKE has a 52-week low of $65.17 and a 52-week high of $98.04. The firm has a fifty day moving average of $74.70 and a 200-day moving average of $77.43. The firm has a market capitalization of $100.60 billion, a P/E ratio of 20.99, a PEG ratio of 2.52 and a beta of 1.02. The company has a quick ratio of 1.51, a current ratio of 2.22 and a debt-to-equity ratio of 0.57.

NIKE (NYSE:NKE) last released its quarterly earnings data on Thursday, March 20th. The footwear maker reported $0.54 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.28 by $0.26. The company had revenue of $11.27 billion during the quarter, compared to analyst estimates of $11.02 billion. NIKE had a net margin of 9.98% and a return on equity of 36.99%. The business’s quarterly revenue was down 9.1% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.98 earnings per share. As a group, analysts predict that NIKE will post 2.05 EPS for the current year.

Insider Activity

In other news, Chairman Mark G. Parker sold 169,732 shares of the business’s stock in a transaction that occurred on Friday, February 14th. The shares were sold at an average price of $72.83, for a total transaction of $12,361,581.56. Following the sale, the chairman now owns 896,632 shares in the company, valued at $65,301,708.56. The trade was a 15.92 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director John W. Rogers, Jr. purchased 2,500 shares of the business’s stock in a transaction dated Friday, December 27th. The shares were purchased at an average price of $76.65 per share, for a total transaction of $191,625.00. Following the acquisition, the director now directly owns 34,403 shares of the company’s stock, valued at $2,636,989.95. This trade represents a 7.84 % increase in their ownership of the stock. The disclosure for this purchase can be found here. 1.10% of the stock is owned by company insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in NKE. Heck Capital Advisors LLC purchased a new position in NIKE during the fourth quarter valued at approximately $28,000. Caitlin John LLC grew its position in NIKE by 117.0% during the fourth quarter. Caitlin John LLC now owns 371 shares of the footwear maker’s stock valued at $28,000 after purchasing an additional 200 shares in the last quarter. Teachers Insurance & Annuity Association of America purchased a new position in NIKE during the third quarter valued at approximately $30,000. Roxbury Financial LLC purchased a new position in NIKE during the fourth quarter valued at approximately $30,000. Finally, LFA Lugano Financial Advisors SA grew its position in NIKE by 110.5% during the fourth quarter. LFA Lugano Financial Advisors SA now owns 400 shares of the footwear maker’s stock valued at $30,000 after purchasing an additional 210 shares in the last quarter. 64.25% of the stock is owned by hedge funds and other 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.