Wells Fargo & Company Lowers NIKE (NYSE:NKE) Price Target to $85.00

NIKE (NYSE:NKE) had its target price decreased by equities researchers at Wells Fargo & Company from $90.00 to $85.00 in a research note issued to investors on Friday,Benzinga reports. The firm currently has an “overweight” rating on the footwear maker’s stock. Wells Fargo & Company‘s price objective suggests a potential upside of 24.97% from the company’s previous close.

Several other equities analysts also recently weighed in on the company. Guggenheim reiterated a “buy” rating and set a $110.00 target price on shares of NIKE in a research report on Wednesday, February 12th. Deutsche Bank Aktiengesellschaft lowered their target price on NIKE from $92.00 to $82.00 and set a “buy” rating on the stock in a research report on Monday, December 16th. Truist Financial lowered their target price on NIKE from $97.00 to $90.00 and set a “buy” rating on the stock in a research report on Friday, December 20th. UBS Group reiterated a “neutral” rating and set a $73.00 target price on shares of NIKE in a research report on Thursday, December 26th. Finally, China Renaissance initiated coverage on NIKE in a research report on Wednesday. They issued a “hold” rating on the stock. Fifteen analysts have rated the stock with a hold rating, sixteen have issued a buy rating and two have issued a strong buy rating to the company. According to MarketBeat.com, NIKE has a consensus rating of “Moderate Buy” and a consensus price target of $87.38.

NIKE Stock Down 5.4 %

NIKE stock opened at $68.02 on Friday. The firm has a market cap of $100.60 billion, a price-to-earnings ratio of 20.99, a PEG ratio of 2.52 and a beta of 1.02. The stock has a fifty day simple moving average of $74.70 and a two-hundred day simple moving average of $77.43. NIKE has a 12 month low of $65.17 and a 12 month high of $98.04. The company has a current ratio of 2.22, a quick ratio of 1.51 and a debt-to-equity ratio of 0.57.

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

Insiders Place Their Bets

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

Institutional Trading of NIKE

Several hedge funds and other institutional investors have recently made changes to their positions in NKE. Prostatis Group LLC increased its position in shares of NIKE by 29.9% in the 4th quarter. Prostatis Group LLC now owns 13,705 shares of the footwear maker’s stock valued at $1,037,000 after acquiring an additional 3,153 shares during the period. Centaurus Financial Inc. increased its position in shares of NIKE by 9.6% in the 4th quarter. Centaurus Financial Inc. now owns 2,258 shares of the footwear maker’s stock valued at $171,000 after acquiring an additional 198 shares during the period. Aegis Wealth Management LLC acquired a new position in shares of NIKE in the 4th quarter valued at $295,000. Copia Wealth Management acquired a new position in shares of NIKE in the 4th quarter valued at $358,000. Finally, Wood Tarver Financial Group LLC acquired a new position in shares of NIKE in the 4th quarter valued at $57,000. Hedge funds and other 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.