Excluding currency changes, futures orders rose 17 percent, versus average expectations of 16.4 percent growth, according to StreetAccount. Russell Frank Co now owns 4,339,056 shares of the footwear maker’s stock valued at $274,462,000 after buying an additional 2,643,812 shares in the last quarter. This could indicate that retailers bought less during the quarter. Nike noted at the time that the futures growth was higher than its third quarter revenue guidance, saying “it is important to remember that revenue expectations in any given fiscal period can be impacted by several factors, including, for example, the weighting of futures by month, the flow of product into the market within a season, the timing of shipments to our wholesale customers as well as the timing of sell-through to our consumers in our DTC [Direct to Consumer] business”.
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Nike’s main rival is Under Armour, after Adidas fell to third place previous year in terms of sales of athletic sportswear. It has projected that revenue from apparel targeting amateur female athletes to increase from $5.7 billion to over $11 billion in the next five years. For the quarter, the Company estimates the year-over-year change in foreign currency related gains and losses included in other income, net, combined with the impact of changes in currency exchange rates on the translation of foreign currency-denominated profits, decreased pretax income by approximately $97 million. In a report released yesterday, J.P. Morgan also maintained a Buy rating on the stock with a $72 price target. A total of 13.19 million shares of the company’s stock traded hands.
NKE has been the topic of several research reports. The heightened volatility saw the trading volume jump to 1,36,35,416 shares. The Insider information was disclosed with the Securities and Exchange Commission in a Form 4 filing.
Many analysts have stated their opinion on the company shares.
In other Nike news, Director Timothy D. Cook sold 16,000 shares of the business’s stock in a transaction that occurred on Tuesday, December 29th.
The stock price of Nike Inc. has dropped 38.4% over the last 200 days, and is in strong down trend. Deutsche Bank raised their price target on shares of Nike to $75.00 in a research note on Wednesday, December 23rd. The Insider selling transaction had a total value worth of $1,285,884. NKE shares have rebounded by almost 18% since February and are nearing a fresh 52-week highChart source: theTD Ameritrade thinkorswim® platform.
In a different news, on Feb 1, 2016, Mark G Parker (PRESIDENT & CEO) sold 20,700 shares at $62.12 per share price.
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Nike Inc designs, develops and markets footwear, apparel, equipment, and accessory products. The Company sells its products to retail accounts, through NIKE-owned retail stores and Internet Websites (NYSE:NKE), and through a mix of independent distributors and licensees throughout the world.
