Citigroup Issues Pessimistic Forecast for NIKE (NYSE:NKE) Stock Price

NIKE (NYSE:NKE) had its price target reduced by Citigroup from $45.00 to $39.00 in a research report issued to clients and investors on Monday, Benzinga reports. The firm presently has a “neutral” rating on the footwear maker’s stock. Citigroup’s target price would suggest a potential upside of 5.45% from the stock’s current price.

Other research analysts have also issued research reports about the company. Evercore set a $46.00 target price on NIKE and gave the company an “in-line” rating in a report on Tuesday, June 23rd. Piper Sandler lowered their price target on shares of NIKE from $50.00 to $45.00 and set a “neutral” rating on the stock in a report on Wednesday, July 1st. Berenberg Bank set a $49.00 price objective on shares of NIKE and gave the company a “hold” rating in a research report on Friday, July 3rd. Morgan Stanley set a $31.00 price objective on shares of NIKE and gave the company an “underweight” rating in a research note on Thursday. Finally, DZ Bank reaffirmed a “buy” rating on shares of NIKE in a report on Tuesday, June 30th. One analyst has rated the stock with a Strong Buy rating, ten have given a Buy rating, twenty have assigned a Hold rating and six have assigned a Sell rating to the company. According to MarketBeat, the company presently has a consensus rating of “Hold” and a consensus target price of $49.94.

NIKE Stock Up 0.5%

NIKE stock opened at $36.98 on Monday. The firm has a market capitalization of $54.87 billion, a price-to-earnings ratio of 17.72, a P/E/G ratio of 1.80 and a beta of 1.10. The firm has a 50 day simple moving average of $41.04 and a 200 day simple moving average of $45.19. NIKE has a 1-year low of $36.55 and a 1-year high of $76.97. The company has a current ratio of 1.96, a quick ratio of 1.36 and a debt-to-equity ratio of 0.40.

NIKE (NYSE:NKE) last posted its quarterly earnings results on Tuesday, June 30th. The footwear maker reported $0.20 EPS for the quarter, topping analysts’ consensus estimates of $0.11 by $0.09. NIKE had a return on equity of 16.54% and a net margin of 6.70%.The firm had revenue of $10.97 billion during the quarter, compared to analyst estimates of $10.85 billion. During the same period last year, the company earned $0.14 earnings per share. The business’s revenue for the quarter was down 1.1% on a year-over-year basis. On average, analysts predict that NIKE will post 1.74 earnings per share for the current year.

Insider Buying and Selling

In other news, EVP Philip McCartney sold 2,559 shares of the business’s stock in a transaction that occurred on Wednesday, September 9th. The stock was sold at an average price of $37.59, for a total transaction of $96,192.81. Following the completion of the sale, the executive vice president owned 78,121 shares in the company, valued at $2,936,568.39. The trade was a 3.17% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Matthew Friend sold 2,463 shares of the business’s stock in a transaction that occurred on Wednesday, August 5th. The shares were sold at an average price of $41.60, for a total transaction of $102,460.80. Following the completion of the transaction, the chief financial officer owned 82,165 shares of the company’s stock, valued at $3,418,064. The trade was a 2.91% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold a total of 14,974 shares of company stock worth $600,126 over the last three months. 1.10% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On NIKE

Institutional investors and hedge funds have recently made changes to their positions in the stock. Scarborough Advisors LLC purchased a new stake in NIKE during the first quarter worth about $25,000. Cornerstone Financial Management LLC bought a new position in shares of NIKE during the 4th quarter valued at about $26,000. Sankala Group LLC bought a new stake in NIKE in the fourth quarter worth $26,000. Meeder Asset Management Inc. grew its holdings in shares of NIKE by 108.4% in the first quarter. Meeder Asset Management Inc. now owns 548 shares of the footwear maker’s stock worth $29,000 after purchasing an additional 285 shares during the last quarter. Finally, J.Safra Asset Management Corp bought a new position in NIKE during the 4th quarter valued at approximately $29,000. Institutional investors own 64.25% of the company’s stock.

About NIKE

NIKE, Inc is a global athletic footwear, apparel and equipment company headquartered near Beaverton, Oregon. The company designs, develops and markets products under the NIKE, Jordan and Converse brands, serving athletes and consumers across a broad range of sports and lifestyle categories.

NIKE’s offerings include athletic and casual footwear, sportswear, apparel, accessories and athletic equipment. The company distributes its products through company-owned retail stores, digital platforms, wholesale partners and independent distributors.