NIKE (NYSE:NKE) Price Target Cut to $80.00 by Analysts at Bank of America

NIKE (NYSE:NKE - Get Free Report) had its price objective reduced by equities researchers at Bank of America from $90.00 to $80.00 in a report released on Friday,Benzinga reports. The firm presently has a "buy" rating on the footwear maker's stock. Bank of America's price objective indicates a potential upside of 39.62% from the stock's previous close.

NKE has been the topic of several other research reports. Royal Bank of Canada cut their target price on NIKE from $67.00 to $66.00 and set a "sector perform" rating on the stock in a research note on Friday, March 21st. Guggenheim reiterated a "buy" rating and issued a $110.00 price objective on shares of NIKE in a report on Wednesday, February 12th. BMO Capital Markets dropped their target price on NIKE from $95.00 to $92.00 and set an "outperform" rating on the stock in a report on Friday, March 21st. Berenberg Bank started coverage on NIKE in a research note on Tuesday, April 15th. They set a "hold" rating and a $58.00 price target for the company. Finally, Cfra Research raised NIKE to a "moderate buy" rating in a research note on Friday, March 21st. Sixteen research analysts have rated the stock with a hold rating, sixteen have assigned a buy rating and two have assigned a strong buy rating to the stock. Based on data from MarketBeat.com, NIKE currently has an average rating of "Moderate Buy" and an average price target of $82.26.

NIKE Stock Performance

Shares of NIKE stock traded down $0.01 on Friday, reaching $57.30. 7,219,819 shares of the company were exchanged, compared to its average volume of 14,395,621. NIKE has a 1-year low of $52.28 and a 1-year high of $98.04. The firm has a market cap of $84.75 billion, a price-to-earnings ratio of 17.70, a P/E/G ratio of 2.52 and a beta of 1.15. The company has a debt-to-equity ratio of 0.57, a quick ratio of 1.51 and a current ratio of 2.22. The company's 50-day moving average is $66.36 and its two-hundred day moving average is $72.71.

NIKE (NYSE:NKE - Get Free Report) last released its quarterly earnings data on Thursday, March 20th. The footwear maker reported $0.54 earnings per share for the quarter, topping analysts' consensus estimates of $0.28 by $0.26. NIKE had a net margin of 9.98% and a return on equity of 36.99%. The business had revenue of $11.27 billion for the quarter, compared to analysts' expectations of $11.02 billion. During the same quarter last year, the company earned $0.98 EPS. The company's revenue for the quarter was down 9.1% compared to the same quarter last year. As a group, research analysts expect that NIKE will post 2.05 earnings per share for the current fiscal year.

Insider Activity

In other NIKE news, Chairman Mark G. Parker sold 169,732 shares of NIKE 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 transaction, the chairman now directly owns 896,632 shares of the company's stock, valued at approximately $65,301,708.56. This trade represents a 15.92 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Robert Holmes Swan bought 8,600 shares of the stock in a transaction dated Friday, April 4th. The stock was purchased at an average cost of $58.46 per share, for a total transaction of $502,756.00. Following the acquisition, the director now owns 31,983 shares in the company, valued at $1,869,726.18. The trade was a 36.78 % increase in their position. The disclosure for this purchase can be found here. 1.10% of the stock is owned by company insiders.

Institutional Investors Weigh In On NIKE

Large investors have recently bought and sold shares of the business. Tidal Investments LLC increased its position in NIKE by 65.4% in the 3rd quarter. Tidal Investments LLC now owns 105,571 shares of the footwear maker's stock valued at $9,332,000 after acquiring an additional 41,752 shares in the last quarter. Denver PWM LLC increased its holdings in shares of NIKE by 9.7% in the third quarter. Denver PWM LLC now owns 2,574 shares of the footwear maker's stock valued at $228,000 after purchasing an additional 227 shares in the last quarter. Confluence Investment Management LLC raised its position in NIKE by 6.3% in the 4th quarter. Confluence Investment Management LLC now owns 246,080 shares of the footwear maker's stock worth $18,621,000 after purchasing an additional 14,592 shares during the last quarter. Cacti Asset Management LLC acquired a new position in NIKE during the 4th quarter worth $9,987,000. Finally, GAMMA Investing LLC boosted its position in NIKE by 1.0% in the 4th quarter. GAMMA Investing LLC now owns 15,014 shares of the footwear maker's stock valued at $1,136,000 after buying an additional 150 shares during the last quarter. 64.25% of the stock is currently owned by 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.