Apple Inc. (NASDAQ:AAPL) was downgraded by stock analysts at Vetr from a “buy” rating to a “hold” rating in a research note issued to investors on Monday, August 7th. They currently have a $164.42 target price on the iPhone maker’s stock. Vetr‘s price target suggests a potential upside of 4.39% from the company’s previous close.
A number of other analysts have also recently weighed in on the stock. Royal Bank Of Canada increased their price target on shares of Apple from $157.00 to $168.00 and gave the stock an “outperform” rating in a research note on Monday, May 22nd. Morgan Stanley raised their target price on shares of Apple from $177.00 to $182.00 and gave the stock an “overweight” rating in a research note on Monday, July 17th. Needham & Company LLC restated a “buy” rating and issued a $175.00 target price (up previously from $165.00) on shares of Apple in a research note on Wednesday, August 2nd. They noted that the move was a valuation call. Rosenblatt Securities set a $120.00 target price on shares of Apple and gave the stock a “hold” rating in a research note on Wednesday, May 3rd. Finally, Bank of America Corporation restated a “buy” rating and issued a $180.00 target price (up previously from $175.00) on shares of Apple in a research note on Wednesday, August 2nd. Eleven analysts have rated the stock with a hold rating, forty-three have assigned a buy rating and one has issued a strong buy rating to the company. Apple currently has an average rating of “Buy” and an average price target of $167.38.
Apple (NASDAQ:AAPL) traded down 0.23% during midday trading on Monday, hitting $157.50. 27,428,069 shares of the stock traded hands. Apple has a one year low of $102.53 and a one year high of $162.51. The company has a 50-day moving average price of $151.99 and a 200 day moving average price of $145.63. The stock has a market cap of $813.52 billion, a price-to-earnings ratio of 17.88 and a beta of 1.31.
Apple (NASDAQ:AAPL) last issued its quarterly earnings results on Tuesday, August 1st. The iPhone maker reported $1.67 earnings per share for the quarter, topping the Zacks’ consensus estimate of $1.57 by $0.10. The firm had revenue of $45.41 billion during the quarter, compared to analysts’ expectations of $44.94 billion. Apple had a net margin of 20.87% and a return on equity of 35.40%. Apple’s quarterly revenue was up 7.2% compared to the same quarter last year. During the same quarter in the prior year, the business earned $1.42 EPS. Equities research analysts anticipate that Apple will post $9.02 earnings per share for the current year.
Apple declared that its Board of Directors has initiated a share buyback program on Tuesday, May 2nd that authorizes the company to buyback $50.00 billion in outstanding shares. This buyback authorization authorizes the iPhone maker to buy up to 6.5% of its stock through open market purchases. Stock buyback programs are typically an indication that the company’s management believes its shares are undervalued.
In related news, insider Chris Kondo sold 6,209 shares of Apple stock in a transaction that occurred on Wednesday, August 16th. The stock was sold at an average price of $161.96, for a total value of $1,005,609.64. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, insider Daniel J. Riccio sold 11,949 shares of the business’s stock in a transaction that occurred on Thursday, July 6th. The stock was sold at an average price of $142.86, for a total value of $1,707,034.14. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 304,640 shares of company stock worth $47,405,994. Company insiders own 0.08% of the company’s stock.
Hedge funds and other institutional investors have recently bought and sold shares of the company. Stone House Investment Management LLC increased its position in shares of Apple by 0.4% in the second quarter. Stone House Investment Management LLC now owns 1,570 shares of the iPhone maker’s stock valued at $226,000 after buying an additional 6 shares in the last quarter. FC Advisory LLC increased its position in shares of Apple by 0.4% in the second quarter. FC Advisory LLC now owns 2,576 shares of the iPhone maker’s stock valued at $371,000 after buying an additional 10 shares in the last quarter. Jackson Grant Investment Advisers Inc. increased its stake in Apple by 0.3% in the second quarter. Jackson Grant Investment Advisers Inc. now owns 5,431 shares of the iPhone maker’s stock valued at $782,000 after buying an additional 17 shares during the period. Stonehearth Capital Management LLC increased its stake in Apple by 0.8% in the first quarter. Stonehearth Capital Management LLC now owns 2,378 shares of the iPhone maker’s stock valued at $342,000 after buying an additional 20 shares during the period. Finally, Lenox Wealth Advisors Inc. increased its stake in Apple by 0.4% in the second quarter. Lenox Wealth Advisors Inc. now owns 4,971 shares of the iPhone maker’s stock valued at $716,000 after buying an additional 20 shares during the period. 61.50% of the stock is currently owned by hedge funds and other institutional investors.
Apple Inc (Apple) designs, manufactures and markets mobile communication and media devices, personal computers, and portable digital music players, and a variety of related software, services, peripherals, networking solutions, and third-party digital content and applications. The Company’s products and services include iPhone, iPad, Mac, iPod, Apple TV, a portfolio of consumer and professional software applications, the iOS and OS X operating systems, iCloud, and a variety of accessory, service and support offerings.
To view Vetr’s full report, visit Vetr’s official website.
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