NIKE (NYSE:NKE) Given New $80.00 Price Target at Royal Bank of Canada

NIKE (NYSE:NKE) had its price target lowered by Royal Bank of Canada from $82.00 to $80.00 in a report issued on Thursday,Benzinga reports. The firm currently has a sector perform rating on the footwear maker’s stock.

Several other research firms also recently weighed in on NKE. Jefferies Financial Group raised their target price on NIKE from $80.00 to $85.00 and gave the company a “hold” rating in a research report on Monday, September 30th. Stifel Nicolaus decreased their target price on NIKE from $88.00 to $79.00 and set a “hold” rating on the stock in a research report on Monday, August 26th. Wells Fargo & Company raised their target price on NIKE from $86.00 to $95.00 and gave the company an “overweight” rating in a research report on Friday, September 20th. Truist Financial upgraded NIKE from a “hold” rating to a “buy” rating and raised their target price for the company from $83.00 to $97.00 in a research report on Thursday, October 10th. Finally, JPMorgan Chase & Co. decreased their target price on NIKE from $80.00 to $77.00 and set a “neutral” rating on the stock in a research report on Wednesday, October 2nd. Fourteen equities research analysts have rated the stock with a hold rating and sixteen have issued a buy rating to the stock. According to data from MarketBeat.com, NIKE currently has an average rating of “Moderate Buy” and an average target price of $96.48.

NIKE Price Performance

NKE stock traded down $0.04 during mid-day trading on Thursday, reaching $75.88. 8,134,295 shares of the company’s stock were exchanged, compared to its average volume of 11,540,352. The company has a market cap of $113.77 billion, a price-to-earnings ratio of 21.74, a price-to-earnings-growth ratio of 1.88 and a beta of 1.03. The stock’s 50 day moving average is $81.68 and its 200 day moving average is $84.07. The company has a debt-to-equity ratio of 0.57, a current ratio of 2.36 and a quick ratio of 1.58. NIKE has a 12-month low of $70.75 and a 12-month high of $123.39.

NIKE (NYSE:NKE) last issued its quarterly earnings results on Tuesday, October 1st. The footwear maker reported $0.70 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.52 by $0.18. The company had revenue of $11.59 billion for the quarter, compared to the consensus estimate of $11.64 billion. NIKE had a return on equity of 39.84% and a net margin of 10.60%. NIKE’s revenue for the quarter was down 10.4% on a year-over-year basis. During the same quarter in the prior year, the business posted $0.94 earnings per share. On average, research analysts expect that NIKE will post 2.74 EPS for the current year.

Insider Activity at NIKE

In related news, Chairman Mark G. Parker sold 52,487 shares of NIKE stock in a transaction on 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 directly owns 1,031,226 shares in the company, valued at approximately $80,435,628. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. 1.10% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of NKE. Strategy Asset Managers LLC lifted its holdings in NIKE by 30.1% during the 3rd quarter. Strategy Asset Managers LLC now owns 4,005 shares of the footwear maker’s stock worth $354,000 after buying an additional 927 shares during the last quarter. Prospera Private Wealth LLC purchased a new stake in NIKE during the 3rd quarter worth about $401,000. Avior Wealth Management LLC lifted its holdings in NIKE by 18.1% during the 3rd quarter. Avior Wealth Management LLC now owns 34,037 shares of the footwear maker’s stock worth $3,009,000 after buying an additional 5,220 shares during the last quarter. West Family Investments Inc. purchased a new stake in NIKE during the 3rd quarter worth about $342,000. Finally, B. Metzler seel. Sohn & Co. Holding AG purchased a new stake in NIKE during the 3rd quarter worth about $144,927,000. 64.25% of the stock is currently 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.