Barclays Issues Pessimistic Forecast for NIKE (NYSE:NKE) Stock Price

NIKE (NYSE:NKE - Get Free Report) had its price target lowered by Barclays from $60.00 to $53.00 in a research note issued to investors on Wednesday,Benzinga reports. The brokerage currently has an "equal weight" rating on the footwear maker's stock. Barclays's price target indicates a potential downside of 11.80% from the stock's previous close.

Other analysts have also recently issued research reports about the stock. China Renaissance started coverage on shares of NIKE in a research note on Wednesday, March 19th. They issued a "hold" rating for the company. JPMorgan Chase & Co. lowered their price target on shares of NIKE from $64.00 to $56.00 and set a "neutral" rating on the stock in a research note on Monday, May 5th. Robert W. Baird reduced their price objective on shares of NIKE from $105.00 to $99.00 and set an "outperform" rating for the company in a research note on Friday, March 21st. UBS Group lowered their target price on shares of NIKE from $73.00 to $66.00 and set a "neutral" rating on the stock in a research report on Friday, March 21st. Finally, Truist Financial reduced their price target on shares of NIKE from $90.00 to $82.00 and set a "buy" rating for the company in a research report on Friday, March 21st. Seventeen equities research analysts have rated the stock with a hold rating, fifteen have assigned a buy rating and two have issued a strong buy rating to the stock. According to MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus price target of $79.15.

NIKE Price Performance

Shares of NKE opened at $60.09 on Wednesday. NIKE has a fifty-two week low of $52.28 and a fifty-two week high of $98.04. The firm's 50 day moving average price is $59.57 and its 200 day moving average price is $68.42. The company has a quick ratio of 1.52, a current ratio of 2.19 and a debt-to-equity ratio of 0.57. The company has a market cap of $88.89 billion, a P/E ratio of 19.95, a PEG ratio of 2.14 and a beta of 1.21.

NIKE (NYSE:NKE - Get Free Report) last posted its earnings results on Thursday, March 20th. The footwear maker reported $0.54 earnings per share for the quarter, topping the consensus estimate of $0.28 by $0.26. NIKE had a return on equity of 32.18% and a net margin of 9.43%. The firm had revenue of $11.27 billion during the quarter, compared to analysts' expectations of $11.02 billion. During the same quarter in the previous year, the business earned $0.98 earnings per share. The firm's revenue was down 9.1% compared to the same quarter last year. On average, research analysts forecast that NIKE will post 2.05 earnings per share for the current fiscal year.

Insider Activity

In other news, Director Robert Holmes Swan acquired 8,600 shares of the company's stock in a transaction dated Friday, April 4th. The shares were bought at an average price of $58.46 per share, with a total value of $502,756.00. Following the purchase, the director now owns 31,983 shares of the company's stock, valued at approximately $1,869,726.18. This represents a 36.78% increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Corporate insiders own 1.10% of the company's stock.

Institutional Investors Weigh In On NIKE

A number of institutional investors and hedge funds have recently modified their holdings of NKE. BROOKFIELD Corp ON increased its position in shares of NIKE by 36.2% in the first quarter. BROOKFIELD Corp ON now owns 658,598 shares of the footwear maker's stock worth $41,808,000 after acquiring an additional 175,000 shares in the last quarter. eCIO Inc. purchased a new position in NIKE during the 1st quarter worth approximately $52,000. Invst LLC acquired a new stake in NIKE during the 1st quarter valued at $1,038,000. Modern Wealth Management LLC lifted its holdings in shares of NIKE by 6.3% in the first quarter. Modern Wealth Management LLC now owns 27,212 shares of the footwear maker's stock valued at $1,727,000 after purchasing an additional 1,620 shares in the last quarter. Finally, Strs Ohio purchased a new stake in shares of NIKE in the first quarter valued at $19,329,000. Institutional investors and hedge funds 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.

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