NIKE (NYSE:NKE) Price Target Lowered to $39.00 at Citigroup

NIKE (NYSE:NKE) had its price objective lowered by analysts at Citigroup from $45.00 to $39.00 in a report issued on Monday, Benzinga reports. The brokerage currently has a “neutral” rating on the footwear maker’s stock. Citigroup’s target price indicates a potential upside of 5.45% from the company’s previous close.

A number of other research analysts also recently issued reports on the stock. DZ Bank restated a “buy” rating on shares of NIKE in a research report on Tuesday, June 30th. Berenberg Bank set a $49.00 target price on shares of NIKE and gave the stock a “hold” rating in a report on Friday, July 3rd. Piper Sandler cut their price target on shares of NIKE from $50.00 to $45.00 and set a “neutral” rating for the company in a report on Wednesday, July 1st. Sanford C. Bernstein reissued an “outperform” rating and issued a $68.00 price target (down from $72.00) on shares of NIKE in a research note on Wednesday, July 29th. Finally, UBS Group reiterated a “neutral” rating on shares of NIKE in a research note on Wednesday. One analyst has rated the stock with a Strong Buy rating, ten have assigned a Buy rating, twenty have given a Hold rating and six have assigned a Sell rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Hold” and an average price target of $49.94.

NIKE Stock Up 0.5%

NYSE NKE opened at $36.98 on Monday. The company has a market capitalization of $54.87 billion, a P/E ratio of 17.72, a P/E/G ratio of 1.80 and a beta of 1.10. NIKE has a one year low of $36.55 and a one year high of $76.97. The company has a debt-to-equity ratio of 0.40, a quick ratio of 1.36 and a current ratio of 1.96. The stock has a 50 day moving average price of $41.04 and a 200-day moving average price of $45.19.

NIKE (NYSE:NKE) last announced its quarterly earnings data on Tuesday, June 30th. The footwear maker reported $0.20 EPS for the quarter, beating the consensus estimate of $0.11 by $0.09. NIKE had a return on equity of 16.54% and a net margin of 6.70%.The company had revenue of $10.97 billion for the quarter, compared to the consensus estimate of $10.85 billion. During the same quarter in the prior year, the company posted $0.14 EPS. NIKE’s quarterly revenue was down 1.1% on a year-over-year basis. As a group, equities analysts predict that NIKE will post 1.74 EPS for the current fiscal year.

Insider Buying and Selling at NIKE

In other news, CFO Matthew Friend sold 2,463 shares of the stock in a transaction dated Wednesday, August 5th. The stock was sold at an average price of $41.60, for a total value of $102,460.80. Following the completion of the sale, the chief financial officer owned 82,165 shares in the company, valued at approximately $3,418,064. This trade represents a 2.91% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, COO Venkatesh Alagirisamy sold 3,671 shares of the business’s stock in a transaction on Wednesday, September 9th. The stock was sold at an average price of $37.59, for a total transaction of $137,992.89. Following the completion of the transaction, the chief operating officer owned 104,862 shares in the company, valued at $3,941,762.58. This represents a 3.38% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last 90 days, insiders have sold 14,974 shares of company stock worth $600,126. Insiders own 1.10% of the company’s stock.

Hedge Funds Weigh In On NIKE

Several hedge funds and other institutional investors have recently made changes to their positions in the business. Brighton Jones LLC lifted its holdings in shares of NIKE by 388.5% during the fourth quarter. Brighton Jones LLC now owns 202,411 shares of the footwear maker’s stock valued at $15,316,000 after purchasing an additional 160,980 shares during the last quarter. Caxton Associates LLP bought a new stake in NIKE during the first quarter worth approximately $311,000. United Bank grew its position in shares of NIKE by 11.3% in the second quarter. United Bank now owns 17,067 shares of the footwear maker’s stock valued at $1,212,000 after purchasing an additional 1,736 shares during the last quarter. NewEdge Advisors LLC increased its position in NIKE by 0.3% during the second quarter. NewEdge Advisors LLC now owns 64,161 shares of the footwear maker’s stock worth $4,558,000 after acquiring an additional 197 shares during the period. Finally, CIBC Asset Management Inc grew its holdings in shares of NIKE by 6.5% during the 2nd quarter. CIBC Asset Management Inc now owns 191,268 shares of the footwear maker’s stock worth $13,588,000 after purchasing an additional 11,646 shares in the last quarter. 64.25% of the stock is currently owned by institutional investors and hedge funds.

NIKE Company Profile

NIKE, Inc is a global athletic footwear, apparel and equipment company headquartered near Beaverton, Oregon. The company designs, develops and markets products under the NIKE, Jordan and Converse brands, serving athletes and consumers across a broad range of sports and lifestyle categories.

NIKE’s offerings include athletic and casual footwear, sportswear, apparel, accessories and athletic equipment. The company distributes its products through company-owned retail stores, digital platforms, wholesale partners and independent distributors.