Telsey Advisory Group Issues Pessimistic Forecast for NIKE (NYSE:NKE) Stock Price

NIKE (NYSE:NKE) had its price objective lowered by analysts at Telsey Advisory Group from $72.00 to $65.00 in a research report issued on Wednesday, MarketBeat Ratings reports. The brokerage currently has a “market perform” rating on the footwear maker’s stock. Telsey Advisory Group’s price objective would indicate a potential upside of 21.47% from the company’s current price.

A number of other equities research analysts have also issued reports on NKE. BNP Paribas Exane decreased their target price on shares of NIKE from $38.00 to $35.00 and set an “underperform” rating for the company in a research note on Friday, December 19th. Daiwa Securities Group dropped their price target on shares of NIKE from $75.00 to $61.00 in a research note on Tuesday, December 23rd. KeyCorp reduced their price objective on NIKE from $90.00 to $75.00 and set an “overweight” rating for the company in a research report on Thursday, January 22nd. Jefferies Financial Group restated a “buy” rating on shares of NIKE in a research note on Thursday, March 12th. Finally, Bank of America dropped their target price on NIKE from $84.00 to $73.00 and set a “buy” rating on the stock in a research report on Friday, December 19th. Twenty-two research analysts have rated the stock with a Buy rating, ten have issued a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, NIKE has an average rating of “Moderate Buy” and a consensus price target of $73.20.

NIKE Stock Performance

NKE stock opened at $53.51 on Wednesday. The firm has a 50 day simple moving average of $60.92 and a 200 day simple moving average of $64.43. NIKE has a 52 week low of $52.17 and a 52 week high of $80.17. The stock has a market cap of $79.21 billion, a P/E ratio of 31.48, a P/E/G ratio of 2.70 and a beta of 1.27. The company has a debt-to-equity ratio of 0.50, a quick ratio of 1.40 and a current ratio of 2.06.

Insider Transactions at NIKE

In other NIKE news, CEO Elliott Hill bought 16,388 shares of the stock in a transaction on Monday, December 29th. The shares were purchased at an average cost of $61.10 per share, with a total value of $1,001,306.80. Following the completion of the transaction, the chief executive officer directly owned 241,587 shares of the company’s stock, valued at $14,760,965.70. This represents a 7.28% increase in their position. The purchase was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Corporate insiders own 0.80% of the company’s stock.

Institutional Trading of NIKE

Several large investors have recently made changes to their positions in NKE. Mizuho Markets Cayman LP bought a new stake in shares of NIKE in the third quarter valued at approximately $34,200,000. Exchange Traded Concepts LLC grew its stake in shares of NIKE by 697.5% in the third quarter. Exchange Traded Concepts LLC now owns 228,889 shares of the footwear maker’s stock worth $15,960,000 after acquiring an additional 200,187 shares during the last quarter. Strive Asset Management LLC bought a new position in NIKE during the third quarter worth $1,743,000. Soros Fund Management LLC raised its stake in NIKE by 33.0% during the 2nd quarter. Soros Fund Management LLC now owns 302,320 shares of the footwear maker’s stock valued at $21,477,000 after purchasing an additional 75,000 shares during the last quarter. Finally, Brighton Jones LLC raised its stake in NIKE by 54.6% during the 3rd quarter. Brighton Jones LLC now owns 104,791 shares of the footwear maker’s stock valued at $7,307,000 after purchasing an additional 37,019 shares during the last quarter. Institutional investors own 64.25% of the company’s stock.

About NIKE

Nike, Inc (NYSE: NKE) is a global designer, marketer and distributor of athletic footwear, apparel, equipment and accessories. Founded in 1964 as Blue Ribbon Sports by Phil Knight and Bill Bowerman and renamed Nike in 1971, the company is headquartered near Beaverton, Oregon. Nike develops and commercializes products across performance and lifestyle categories for sports including running, basketball, soccer and training, and is known for signature technologies and design-driven product lines.

The company markets products under several primary brands, including Nike, Jordan and Converse, and sells through a combination of wholesale relationships, branded retail stores and direct-to-consumer channels such as company-operated stores and digital platforms (e.g., Nike.com and mobile apps).