NIKE (NYSE:NKE) Price Target Cut to $80.00 by Analysts at JPMorgan Chase & Co.

NIKE (NYSE:NKE) had its target price cut by JPMorgan Chase & Co. from $83.00 to $80.00 in a report released on Monday, Benzinga reports. The brokerage presently has a “neutral” rating on the footwear maker’s stock. JPMorgan Chase & Co.‘s price target would indicate a potential downside of 8.54% from the company’s current price.

A number of other equities analysts have also weighed in on the stock. Deutsche Bank Aktiengesellschaft restated a “buy” rating and set a $92.00 target price on shares of NIKE in a research report on Friday, September 20th. HSBC cut their price objective on NIKE from $100.00 to $90.00 and set a “hold” rating for the company in a research report on Friday, June 28th. Guggenheim decreased their target price on NIKE from $130.00 to $115.00 and set a “buy” rating on the stock in a research report on Friday, June 28th. Piper Sandler restated a “neutral” rating and set a $80.00 price target on shares of NIKE in a report on Friday, September 20th. Finally, Jefferies Financial Group decreased their price objective on NIKE from $90.00 to $80.00 in a report on Friday, July 12th. Fifteen analysts have rated the stock with a hold rating and fifteen have assigned a buy rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $96.04.

NIKE Price Performance

Shares of NIKE stock opened at $87.47 on Monday. The company has a quick ratio of 1.69, a current ratio of 2.40 and a debt-to-equity ratio of 0.55. NIKE has a 52 week low of $70.75 and a 52 week high of $123.39. The stock’s 50-day simple moving average is $78.70 and its 200-day simple moving average is $86.82. The company has a market capitalization of $132.02 billion, a price-to-earnings ratio of 23.45, a PEG ratio of 2.08 and a beta of 1.02.

NIKE (NYSE:NKE) last posted its quarterly earnings results on Thursday, June 27th. The footwear maker reported $1.01 EPS for the quarter, topping analysts’ consensus estimates of $0.85 by $0.16. NIKE had a return on equity of 42.63% and a net margin of 11.10%. The company had revenue of $12.60 billion for the quarter, compared to analysts’ expectations of $12.86 billion. During the same period in the previous year, the firm earned $0.66 EPS. The firm’s revenue was down 1.6% compared to the same quarter last year. As a group, analysts expect that NIKE will post 3.06 earnings per share for the current fiscal year.

Insider Activity

In other NIKE news, Chairman Mark G. Parker sold 52,487 shares of the 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 sale, the chairman now owns 1,031,226 shares in the company, valued at $80,435,628. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. In other NIKE news, Chairman Mark G. Parker sold 52,487 shares of the business’s stock in a transaction dated Wednesday, August 14th. The shares were sold at an average price of $78.00, for a total value of $4,093,986.00. Following the completion of the sale, the chairman now directly owns 1,031,226 shares of the company’s stock, valued at approximately $80,435,628. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, Chairman Mark G. Parker sold 110,000 shares of the firm’s stock in a transaction that occurred on Thursday, July 18th. The stock was sold at an average price of $72.97, for a total transaction of $8,026,700.00. Following the transaction, the chairman now directly owns 1,102,090 shares in the company, valued at $80,419,507.30. The disclosure for this sale can be found here. Insiders own 0.50% of the company’s stock.

Institutional Investors Weigh In On NIKE

Several hedge funds have recently made changes to their positions in NKE. Kampmann Melissa S. increased its stake in shares of NIKE by 0.8% during the fourth quarter. Kampmann Melissa S. now owns 15,050 shares of the footwear maker’s stock valued at $1,634,000 after buying an additional 115 shares during the period. Ascent Wealth Partners LLC lifted its stake in NIKE by 0.4% in the first quarter. Ascent Wealth Partners LLC now owns 28,513 shares of the footwear maker’s stock worth $2,680,000 after acquiring an additional 115 shares during the period. Condor Capital Management grew its holdings in NIKE by 0.4% during the 1st quarter. Condor Capital Management now owns 26,079 shares of the footwear maker’s stock worth $2,451,000 after acquiring an additional 116 shares in the last quarter. Bell Investment Advisors Inc increased its position in NIKE by 4.7% during the 4th quarter. Bell Investment Advisors Inc now owns 2,610 shares of the footwear maker’s stock valued at $283,000 after purchasing an additional 118 shares during the period. Finally, Lodestone Wealth Management LLC raised its holdings in shares of NIKE by 5.5% in the 1st quarter. Lodestone Wealth Management LLC now owns 2,248 shares of the footwear maker’s stock valued at $211,000 after purchasing an additional 118 shares in the last quarter. 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.