Truist Financial Has Lowered Expectations for NIKE (NYSE:NKE) Stock Price

NIKE (NYSE:NKE - Get Free Report) had its price objective reduced by analysts at Truist Financial from $82.00 to $73.00 in a research note issued to investors on Tuesday,Benzinga reports. The brokerage presently has a "buy" rating on the footwear maker's stock. Truist Financial's target price indicates a potential upside of 18.82% from the company's current price.

A number of other analysts also recently issued reports on the company. Dbs Bank upgraded NIKE from a "hold" rating to a "strong-buy" rating in a research report on Wednesday, March 5th. Evercore ISI dropped their target price on shares of NIKE from $97.00 to $75.00 and set an "outperform" rating for the company in a research report on Tuesday. Bank of America dropped their target price on shares of NIKE from $90.00 to $80.00 and set a "buy" rating for the company in a research report on Friday, April 25th. Telsey Advisory Group reiterated a "market perform" rating and set a $70.00 target price on shares of NIKE in a research report on Tuesday, June 17th. Finally, Morgan Stanley dropped their price objective on shares of NIKE from $70.00 to $61.00 and set an "equal weight" rating for the company in a report on Tuesday, June 17th. Sixteen analysts have rated the stock with a hold rating, fifteen have given a buy rating and two have assigned a strong buy rating to the company's stock. According to MarketBeat.com, NIKE has an average rating of "Moderate Buy" and an average target price of $77.59.

NIKE Price Performance

NYSE:NKE traded up $0.66 during trading hours on Tuesday, hitting $61.44. 12,549,406 shares of the company's stock traded hands, compared to its average volume of 15,306,193. The firm has a market cap of $90.88 billion, a P/E ratio of 20.41, a P/E/G ratio of 2.16 and a beta of 1.21. NIKE has a 52 week low of $52.28 and a 52 week high of $97.64. The business's fifty day simple moving average is $59.89 and its two-hundred day simple moving average is $67.82. The company has a quick ratio of 1.52, a current ratio of 2.19 and a debt-to-equity ratio of 0.57.

Insiders Place Their Bets

In other news, Director Robert Holmes Swan bought 8,600 shares of the firm's stock in a transaction dated Friday, April 4th. The stock was purchased at an average price of $58.46 per share, with a total value of $502,756.00. Following the transaction, the director now owns 31,983 shares of the company's stock, valued at approximately $1,869,726.18. The trade was a 36.78% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Company insiders own 1.10% of the company's stock.

Hedge Funds Weigh In On NIKE

A number of institutional investors have recently added to or reduced their stakes in NKE. Elgethun Capital Management increased its stake in shares of NIKE by 13.7% in the 4th quarter. Elgethun Capital Management now owns 1,236 shares of the footwear maker's stock worth $94,000 after acquiring an additional 149 shares in the last quarter. AlTi Global Inc. increased its position in NIKE by 0.4% during the 4th quarter. AlTi Global Inc. now owns 36,996 shares of the footwear maker's stock valued at $2,813,000 after buying an additional 150 shares in the last quarter. Staley Capital Advisers Inc. increased its position in NIKE by 4.4% during the 4th quarter. Staley Capital Advisers Inc. now owns 3,773 shares of the footwear maker's stock valued at $286,000 after buying an additional 160 shares in the last quarter. Cohen & Steers Inc. increased its position in NIKE by 5.3% during the 4th quarter. Cohen & Steers Inc. now owns 3,171 shares of the footwear maker's stock valued at $240,000 after buying an additional 160 shares in the last quarter. Finally, Nwam LLC increased its position in NIKE by 2.9% during the 4th quarter. Nwam LLC now owns 6,318 shares of the footwear maker's stock valued at $478,000 after buying an additional 176 shares in the last quarter. Institutional investors own 64.25% of the company's stock.

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.