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

NIKE (NYSE:NKE) had its price objective cut by equities research analysts at Citigroup from $74.00 to $70.00 in a note issued to investors on Tuesday,Benzinga reports. The firm currently has a “neutral” rating on the footwear maker’s stock. Citigroup’s price target points to a potential upside of 10.28% from the company’s current price.

Several other analysts have also recently commented on the company. Truist Financial reiterated a “buy” rating and set a $85.00 price target on shares of NIKE in a research report on Wednesday, October 1st. JPMorgan Chase & Co. dropped their price objective on shares of NIKE from $100.00 to $86.00 and set a “buy” rating for the company in a research note on Monday, November 17th. Cowen raised NIKE from a “hold” rating to a “buy” rating in a research note on Wednesday, September 10th. UBS Group set a $71.00 price target on shares of NIKE and gave the company a “neutral” rating in a research report on Friday, September 19th. Finally, Wells Fargo & Company upgraded shares of NIKE from a “sector perform” rating to an “overweight” rating in a report on Tuesday, December 2nd. Three equities research analysts have rated the stock with a Strong Buy rating, twenty-five have given a Buy rating, seven have given a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, NIKE has an average rating of “Moderate Buy” and an average price target of $82.10.

NIKE Price Performance

Shares of NKE traded down $0.07 during mid-day trading on Tuesday, hitting $63.48. 5,757,632 shares of the company were exchanged, compared to its average volume of 15,880,663. The stock has a market cap of $93.83 billion, a price-to-earnings ratio of 32.56, a price-to-earnings-growth ratio of 2.31 and a beta of 1.28. NIKE has a 1-year low of $52.28 and a 1-year high of $82.44. The company has a 50 day moving average of $65.92 and a 200-day moving average of $69.23. The company has a debt-to-equity ratio of 0.59, a quick ratio of 1.45 and a current ratio of 2.19.

NIKE (NYSE:NKE) last posted its quarterly earnings data on Tuesday, September 30th. The footwear maker reported $0.49 EPS for the quarter, topping the consensus estimate of $0.27 by $0.22. NIKE had a return on equity of 21.16% and a net margin of 6.23%.The company had revenue of $11.72 billion during the quarter, compared to analyst estimates of $10.96 billion. During the same period in the previous year, the business earned $0.70 EPS. NIKE’s quarterly revenue was up 1.0% on a year-over-year basis. Analysts expect that NIKE will post 2.05 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, Chairman Mark G. Parker sold 86,078 shares of the stock in a transaction dated Friday, November 14th. The shares were sold at an average price of $64.80, for a total value of $5,577,854.40. Following the completion of the transaction, the chairman owned 647,615 shares in the company, valued at $41,965,452. This trade represents a 11.73% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Jorgen Vig Knudstorp acquired 16,150 shares of the company’s stock in a transaction that occurred on Friday, November 7th. The stock was purchased at an average cost of $62.09 per share, with a total value of $1,002,753.50. Following the completion of the purchase, the director directly owned 21,388 shares in the company, valued at $1,327,980.92. This represents a 308.32% increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. 0.80% of the stock is owned by insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in NKE. Brighton Jones LLC grew its holdings in NIKE by 388.5% in the 4th quarter. Brighton Jones LLC now owns 202,411 shares of the footwear maker’s stock valued at $15,316,000 after buying an additional 160,980 shares during the period. Zions Bancorporation National Association UT purchased a new position in shares of NIKE during the 1st quarter worth about $107,000. Connor Clark & Lunn Investment Management Ltd. acquired a new stake in shares of NIKE in the first quarter worth approximately $226,000. Covestor Ltd boosted its position in shares of NIKE by 27.2% in the first quarter. Covestor Ltd now owns 1,758 shares of the footwear maker’s stock worth $112,000 after acquiring an additional 376 shares during the last quarter. Finally, Independent Advisor Alliance grew its holdings in NIKE by 4.8% in the first quarter. Independent Advisor Alliance now owns 43,384 shares of the footwear maker’s stock valued at $2,754,000 after purchasing an additional 2,003 shares during the period. Hedge funds and other institutional investors 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.