Nike, Inc. (NYSE:NKE) was downgraded by stock analysts at Piper Jaffray Companies from a “neutral” rating to an “underweight” rating in a research note issued to investors on Wednesday.

Several other research firms have also issued reports on NKE. Nomura reaffirmed a “buy” rating and set a $60.00 price target on shares of Nike in a research report on Friday, June 30th. J P Morgan Chase & Co lowered shares of Nike from an “overweight” rating to a “neutral” rating and dropped their price target for the stock from $61.00 to $58.00 in a research report on Friday, June 16th. Telsey Advisory Group dropped their price target on shares of Nike from $66.00 to $62.00 and set an “outperform” rating on the stock in a research report on Thursday, June 22nd. Cowen and Company upped their price target on shares of Nike from $53.00 to $54.00 and gave the stock a “market perform” rating in a research report on Friday, June 30th. Finally, Jefferies Group LLC lowered shares of Nike from a “buy” rating to a “hold” rating and dropped their price target for the stock from $75.00 to $60.00 in a research report on Monday, August 21st. Four equities research analysts have rated the stock with a sell rating, seventeen have assigned a hold rating and twenty have issued a buy rating to the company. The stock presently has an average rating of “Hold” and a consensus target price of $60.04.

Nike (NKE) traded down 0.234% on Wednesday, reaching $53.205. 4,037,592 shares of the company were exchanged. The firm has a market capitalization of $87.43 billion, a PE ratio of 21.197 and a beta of 0.61. Nike has a 12-month low of $49.01 and a 12-month high of $60.53. The stock has a 50 day moving average of $55.57 and a 200 day moving average of $55.39.

Nike (NYSE:NKE) last posted its quarterly earnings results on Thursday, June 29th. The footwear maker reported $0.60 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.50 by $0.10. Nike had a net margin of 12.34% and a return on equity of 34.18%. The firm had revenue of $8.68 billion for the quarter, compared to analyst estimates of $8.63 billion. During the same period in the prior year, the firm posted $0.49 earnings per share. The company’s quarterly revenue was up 5.3% compared to the same quarter last year. Equities analysts anticipate that Nike will post $2.41 EPS for the current year.

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In other news, Director Johnathan A. Rodgers sold 16,000 shares of the firm’s stock in a transaction that occurred on Thursday, September 14th. The shares were sold at an average price of $53.45, for a total transaction of $855,200.00. Following the completion of the sale, the director now owns 25,660 shares of the company’s stock, valued at approximately $1,371,527. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CFO Andrew Campion sold 96,243 shares of the firm’s stock in a transaction that occurred on Friday, June 30th. The stock was sold at an average price of $56.68, for a total transaction of $5,455,053.24. Following the sale, the chief financial officer now directly owns 50,246 shares of the company’s stock, valued at approximately $2,847,943.28. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 508,360 shares of company stock valued at $29,340,374. Company insiders own 3.90% of the company’s stock.

Several hedge funds have recently made changes to their positions in NKE. Waldron LP grew its position in shares of Nike by 90.8% during the 1st quarter. Waldron LP now owns 8,922 shares of the footwear maker’s stock worth $496,000 after buying an additional 4,246 shares during the period. Crossvault Capital Management LLC grew its position in shares of Nike by 4.6% during the 1st quarter. Crossvault Capital Management LLC now owns 104,854 shares of the footwear maker’s stock worth $5,844,000 after buying an additional 4,585 shares during the period. Janney Montgomery Scott LLC grew its position in shares of Nike by 7.3% during the 1st quarter. Janney Montgomery Scott LLC now owns 177,789 shares of the footwear maker’s stock worth $9,908,000 after buying an additional 12,047 shares during the period. Sumitomo Life Insurance Co. grew its position in shares of Nike by 19.0% during the 1st quarter. Sumitomo Life Insurance Co. now owns 59,426 shares of the footwear maker’s stock worth $3,312,000 after buying an additional 9,487 shares during the period. Finally, 1ST Source Bank grew its position in shares of Nike by 6.5% during the 1st quarter. 1ST Source Bank now owns 51,714 shares of the footwear maker’s stock worth $2,882,000 after buying an additional 3,163 shares during the period. 62.63% of the stock is owned by institutional investors.

About Nike

NIKE, Inc is engaged in the design, development, marketing and selling of athletic footwear, apparel, equipment, accessories and services. The Company’s operating segments include North America, Western Europe, Central & Eastern Europe, Greater China, Japan and Emerging Markets. Its portfolio brands include the NIKE Brand, Jordan Brand, Hurley and Converse.

Analyst Recommendations for Nike (NYSE:NKE)

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