Needham & Company LLC Issues Pessimistic Forecast for NIKE (NYSE:NKE) Stock Price

NIKE (NYSE:NKE) had its price target cut by equities research analysts at Needham & Company LLC from $75.00 to $66.00 in a research report issued to clients and investors on Wednesday, Marketbeat Ratings reports. The brokerage presently has a “buy” rating on the footwear maker’s stock. Needham & Company LLC’s price objective indicates a potential upside of 10.99% from the stock’s previous close.

NKE has been the subject of several other reports. UBS Group reduced their target price on NIKE from $73.00 to $66.00 and set a “neutral” rating for the company in a research note on Friday, March 21st. Truist Financial reduced their target price on NIKE from $90.00 to $82.00 and set a “buy” rating for the company in a research note on Friday, March 21st. BMO Capital Markets reduced their target price on NIKE from $95.00 to $92.00 and set an “outperform” rating for the company in a research note on Friday, March 21st. Barclays reduced their target price on NIKE from $70.00 to $60.00 and set an “equal weight” rating for the company in a research note on Monday, May 12th. Finally, Wells Fargo & Company boosted their price target on NIKE from $55.00 to $60.00 and gave the company an “equal weight” rating in a research note on Wednesday, May 14th. Seventeen investment 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 company’s stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $79.15.

NIKE Stock Down 0.9%

NYSE:NKE opened at $59.47 on Wednesday. The firm has a market capitalization of $87.96 billion, a price-to-earnings ratio of 19.76, a price-to-earnings-growth ratio of 2.10 and a beta of 1.21. NIKE has a twelve month low of $52.28 and a twelve month high of $98.04. The stock’s 50 day moving average price is $59.67 and its two-hundred day moving average price is $68.23. The company has a quick ratio of 1.52, a current ratio of 2.19 and a debt-to-equity ratio of 0.57.

NIKE (NYSE:NKE) last posted its quarterly 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. The firm had revenue of $11.27 billion for the quarter, compared to analyst estimates of $11.02 billion. NIKE had a return on equity of 32.18% and a net margin of 9.43%. The business’s quarterly revenue was down 9.1% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.98 EPS. Equities research analysts expect that NIKE will post 2.05 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, Director Robert Holmes Swan acquired 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, with a total value of $502,756.00. Following the completion of the purchase, the director now directly owns 31,983 shares in the company, valued at $1,869,726.18. This trade represents a 36.78% increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Corporate insiders own 1.10% of the company’s stock.

Institutional Trading of NIKE

Institutional investors and hedge funds have recently modified their holdings of the stock. Goldman Sachs Group Inc. increased its position in shares of NIKE by 344.2% during the first quarter. Goldman Sachs Group Inc. now owns 26,698,835 shares of the footwear maker’s stock valued at $1,694,842,000 after acquiring an additional 20,688,013 shares during the last quarter. Norges Bank purchased a new stake in shares of NIKE during the fourth quarter valued at approximately $1,126,288,000. Wellington Management Group LLP increased its position in shares of NIKE by 24.9% during the first quarter. Wellington Management Group LLP now owns 45,383,916 shares of the footwear maker’s stock valued at $2,880,971,000 after acquiring an additional 9,043,180 shares during the last quarter. Jennison Associates LLC purchased a new stake in shares of NIKE during the first quarter valued at approximately $509,051,000. Finally, Nuveen LLC purchased a new stake in shares of NIKE during the first quarter valued at approximately $502,285,000. 64.25% of the stock is owned by hedge funds and other institutional investors.

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.