Morgan Stanley Lowers NIKE (NYSE:NKE) Price Target to $116.00

NIKE (NYSE:NKE) had its price target dropped by equities research analysts at Morgan Stanley from $124.00 to $116.00 in a research report issued to clients and investors on Wednesday, Benzinga reports. The brokerage presently has an “overweight” rating on the footwear maker’s stock. Morgan Stanley’s price target would suggest a potential upside of 23.43% from the company’s previous close.

A number of other research analysts have also weighed in on NKE. Piper Sandler cut their target price on shares of NIKE from $107.00 to $98.00 and set a “neutral” rating for the company in a research report on Friday, March 22nd. Evercore ISI reduced their price objective on shares of NIKE from $127.00 to $117.00 and set an “outperform” rating on the stock in a research note on Friday, March 22nd. Wells Fargo & Company reduced their price target on shares of NIKE from $125.00 to $120.00 and set an “overweight” rating on the stock in a research report on Friday, March 22nd. Stifel Nicolaus dropped their price objective on shares of NIKE from $129.00 to $117.00 and set a “buy” rating on the stock in a report on Friday, March 22nd. Finally, Deutsche Bank Aktiengesellschaft lowered their price target on shares of NIKE from $132.00 to $128.00 and set a “buy” rating on the stock in a research note on Friday, December 22nd. Two equities research analysts have rated the stock with a sell rating, eleven have given a hold rating and nineteen have assigned a buy rating to the stock. Based on data from MarketBeat.com, NIKE presently has an average rating of “Moderate Buy” and a consensus price target of $116.52.

NIKE Trading Down 0.2 %

NIKE stock opened at $93.98 on Wednesday. The company has a debt-to-equity ratio of 0.63, a quick ratio of 1.89 and a current ratio of 2.74. The firm has a market cap of $143.03 billion, a price-to-earnings ratio of 27.64, a price-to-earnings-growth ratio of 1.74 and a beta of 1.10. NIKE has a 1 year low of $88.66 and a 1 year high of $128.68. The firm’s 50 day moving average price is $101.52 and its two-hundred day moving average price is $103.63.

NIKE (NYSE:NKE) last posted its quarterly earnings data on Thursday, March 21st. The footwear maker reported $0.98 earnings per share for the quarter, topping the consensus estimate of $0.69 by $0.29. NIKE had a net margin of 10.14% and a return on equity of 39.41%. The firm had revenue of $12.43 billion for the quarter, compared to analysts’ expectations of $12.28 billion. On average, research analysts predict that NIKE will post 3.7 EPS for the current fiscal year.

Hedge Funds Weigh In On NIKE

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Moneta Group Investment Advisors LLC boosted its stake in shares of NIKE by 139,649.9% in the 4th quarter. Moneta Group Investment Advisors LLC now owns 16,813,307 shares of the footwear maker’s stock valued at $1,967,325,000 after purchasing an additional 16,801,276 shares during the last quarter. Norges Bank purchased a new stake in shares of NIKE in the fourth quarter valued at about $1,315,097,000. Price T Rowe Associates Inc. MD increased its holdings in NIKE by 87.5% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 17,135,431 shares of the footwear maker’s stock worth $1,860,395,000 after buying an additional 7,996,434 shares during the last quarter. Capital International Investors increased its stake in shares of NIKE by 34.9% in the fourth quarter. Capital International Investors now owns 27,609,613 shares of the footwear maker’s stock worth $2,997,628,000 after purchasing an additional 7,143,775 shares in the last quarter. Finally, Newport Trust Company LLC bought a new position in shares of NIKE in the third quarter valued at approximately $679,775,000. 64.25% of the stock is currently owned by institutional investors and hedge funds.

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.