JPMorgan Chase & Co. Issues Pessimistic Forecast for NIKE (NYSE:NKE) Stock Price

NIKE (NYSE:NKE) had its target price lowered by stock analysts at JPMorgan Chase & Co. from $73.00 to $64.00 in a research note issued on Friday,Benzinga reports. The firm currently has a “neutral” rating on the footwear maker’s stock. JPMorgan Chase & Co.‘s price objective would suggest a potential downside of 6.27% from the stock’s previous close.

Other equities analysts have also recently issued research reports about the stock. Jefferies Financial Group raised shares of NIKE from a “hold” rating to a “buy” rating and lifted their target price for the stock from $75.00 to $115.00 in a research report on Monday, February 24th. Morgan Stanley dropped their price target on NIKE from $72.00 to $70.00 and set an “equal weight” rating on the stock in a report on Friday. Piper Sandler upgraded NIKE from a “neutral” rating to an “overweight” rating and upped their price objective for the company from $72.00 to $90.00 in a research note on Friday, January 10th. DA Davidson upgraded NIKE to a “strong-buy” rating in a research note on Monday, December 23rd. Finally, Telsey Advisory Group restated a “market perform” rating and set a $80.00 price target on shares of NIKE in a research report on Monday. Fifteen analysts have rated the stock with a hold rating, sixteen have issued a buy rating and two have given a strong buy rating to the stock. Based on data from MarketBeat, NIKE has an average rating of “Moderate Buy” and a consensus price target of $87.38.

NIKE Stock Down 5.0 %

NIKE stock traded down $3.58 during trading on Friday, hitting $68.28. 41,814,176 shares of the company were exchanged, compared to its average volume of 12,367,750. The company has a market capitalization of $100.99 billion, a P/E ratio of 21.02, a PEG ratio of 2.52 and a beta of 1.02. The business’s 50 day moving average is $74.77 and its 200 day moving average is $77.56. NIKE has a 52 week low of $65.25 and a 52 week high of $101.92. The company has a current ratio of 2.22, a quick ratio of 1.51 and a debt-to-equity ratio of 0.57.

NIKE (NYSE:NKE) last posted its earnings results on Thursday, March 20th. The footwear maker reported $0.54 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.28 by $0.26. NIKE had a net margin of 9.98% and a return on equity of 36.99%. The firm had revenue of $11.27 billion during the quarter, compared to analyst estimates of $11.02 billion. During the same quarter in the prior year, the business posted $0.98 EPS. The business’s revenue was down 9.1% compared to the same quarter last year. Analysts predict that NIKE will post 2.05 earnings per share for the current year.

Insider Buying and Selling at NIKE

In other news, Director John W. Rogers, Jr. purchased 2,500 shares of the company’s stock in a transaction on Friday, December 27th. The stock was purchased at an average price of $76.65 per share, with a total value of $191,625.00. Following the completion of the purchase, the director now directly owns 34,403 shares in the company, valued at approximately $2,636,989.95. This trade represents a 7.84 % increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, Chairman Mark G. Parker sold 169,732 shares of the stock in a transaction dated Friday, February 14th. The shares were sold at an average price of $72.83, for a total value of $12,361,581.56. Following the transaction, the chairman now owns 896,632 shares in the company, valued at $65,301,708.56. This trade represents a 15.92 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 1.10% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On NIKE

Institutional investors have recently made changes to their positions in the business. Teachers Insurance & Annuity Association of America bought a new stake in NIKE in the third quarter worth $30,000. Caitlin John LLC increased its position in shares of NIKE by 117.0% in the fourth quarter. Caitlin John LLC now owns 371 shares of the footwear maker’s stock valued at $28,000 after acquiring an additional 200 shares during the period. Heck Capital Advisors LLC bought a new position in shares of NIKE during the fourth quarter valued at about $28,000. Roxbury Financial LLC purchased a new stake in shares of NIKE during the fourth quarter worth about $30,000. Finally, LFA Lugano Financial Advisors SA grew its stake in shares of NIKE by 110.5% in the fourth quarter. LFA Lugano Financial Advisors SA now owns 400 shares of the footwear maker’s stock worth $30,000 after purchasing an additional 210 shares during the last quarter. Hedge funds and other 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.