NIKE, Inc. $NKE Shares Newly Purchased by Provenance Wealth Advisors LLC

Provenance Wealth Advisors LLC bought a new position in shares of NIKE, Inc. (NYSE:NKE) in the 3rd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund bought 16,236 shares of the footwear maker’s stock, valued at approximately $575,000.

A number of other institutional investors and hedge funds also recently made changes to their positions in the business. Scarborough Advisors LLC acquired a new position in NIKE during the 1st quarter valued at about $25,000. Reyes Financial Architecture Inc. purchased a new stake in shares of NIKE in the third quarter worth approximately $26,000. Meeder Asset Management Inc. lifted 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 valued at $29,000 after purchasing an additional 285 shares in the last quarter. Atlas Wealth LLC bought a new position in shares of NIKE in the first quarter valued at approximately $31,000. Finally, University of Texas Texas AM Investment Management Co. bought a new position in shares of NIKE in the second quarter valued at approximately $33,000. Institutional investors and hedge funds own 64.25% of the company’s stock.

Analysts Set New Price Targets

NKE has been the topic of several analyst reports. Wall Street Zen cut NIKE from a “hold” rating to a “sell” rating in a research report on Saturday, October 3rd. Zacks Research lowered NIKE from a “hold” rating to a “strong sell” rating in a research report on Thursday, October 1st. Morgan Stanley set a $27.00 price objective on NIKE and gave the company an “underweight” rating in a research note on Friday, October 2nd. Truist Financial cut NIKE from a “hold” rating to a “sell” rating and set a $29.00 price objective on the stock. in a research note on Thursday. Finally, Oppenheimer set a $52.00 price objective on shares of NIKE and gave the stock an “outperform” rating in a report on Wednesday, September 23rd. One research analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating, twenty have given a Hold rating and twelve have given a Sell rating to the company’s stock. According to MarketBeat.com, NIKE presently has a consensus rating of “Reduce” and an average target price of $40.93.

NIKE News Summary

Here are the key news stories impacting NIKE this week:

• Positive Sentiment: Nike’s product reset is focused on performance innovation and fresh launches, while tighter control of Jordan releases and digital distribution may help protect full-price sales. Will Product Reset Change Nike’s Narrative
• Positive Sentiment: Some coverage sees evidence of progress: gross margin expanded despite falling sales, and Nike recently beat quarterly EPS estimates. Nike vs. Lululemon
• Neutral Sentiment: Nike’s first fully electric container barge in Vietnam supports its sustainability efforts, but the report does not indicate a near-term financial impact. Nike Put Vietnam’s First Fully Electric Container Barge Into Service
• Negative Sentiment: CEO commentary about a “blind spot” comes as Jordan and Dunk sales shrink, raising concern that Nike has misjudged shifts in demand for major franchises. Nike CEO admits blind spot as Jordan and Dunk sales shrink
• Negative Sentiment: Truist downgraded NKE to Sell and set a $29 target, citing risks across the business and valuation. That contrasts with more optimistic views and adds pressure after the stock’s recent rally. NKE Downgraded To Sell At Truist
• Negative Sentiment: The turnaround still faces weak demand: one report says sales in China fell 25% year over year and Nike expects sales to decline this year. Is Now a Good Time to Buy Nike Stock?

NIKE Price Performance

NIKE stock opened at $39.59 on Friday. NIKE, Inc. has a 52 week low of $31.97 and a 52 week high of $69.14. The company’s 50 day moving average price is $36.90 and its two-hundred day moving average price is $45.76. The company has a quick ratio of 1.39, a current ratio of 2.07 and a debt-to-equity ratio of 0.39. The stock has a market cap of $58.80 billion, a P/E ratio of 19.03, a P/E/G ratio of 4.73 and a beta of 1.01.

NIKE (NYSE:NKE) last released its earnings results on Thursday, October 1st. The footwear maker reported $0.48 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.43 by $0.05. The company had revenue of $11.21 billion during the quarter, compared to analyst estimates of $11.32 billion. NIKE had a return on equity of 15.94% and a net margin of 6.74%. NIKE’s quarterly revenue was down 4.3% on a year-over-year basis. During the same period in the prior year, the company posted $0.49 earnings per share. NIKE has set its FY 2027 guidance at 1.150-1.350 EPS. On average, equities analysts predict that NIKE, Inc. will post 1.22 earnings per share for the current year.

Insiders Place Their Bets

In other NIKE news, COO Venkatesh Alagirisamy sold 3,671 shares of the business’s stock in a transaction on Wednesday, September 9th. The stock was sold at an average price of $37.59, for a total value of $137,992.89. Following the transaction, the chief operating officer owned 104,862 shares of the company’s stock, valued at approximately $3,941,762.58. The trade was a 3.38% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Philip McCartney sold 2,559 shares of the company’s stock in a transaction on Wednesday, September 9th. The shares were sold at an average price of $37.59, for a total value of $96,192.81. Following the completion of the transaction, the executive vice president owned 78,121 shares of the company’s stock, valued at $2,936,568.39. This trade represents a 3.17% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Company insiders own 1.10% of the company’s stock.

About NIKE

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

NIKE’s product portfolio includes athletic and casual footwear, performance and lifestyle apparel, sports equipment, accessories and digital fitness-related offerings. The company distributes its products through company-owned retail stores, digital platforms and wholesale partners, while also operating direct-to-consumer and membership programs.

The company traces its origins to 1964, when Phil Knight and Bill Bowerman founded Blue Ribbon Sports.