Apple Inc. (NASDAQ:AAPL) Rating Reiterated by Rosenblatt Securities

Apple Inc. (NASDAQ:AAPL)‘s stock had its “neutral” rating reiterated by equities research analysts at Rosenblatt Securities in a report released on Tuesday, August 8th. They presently have a $150.00 price target on the iPhone maker’s stock, up from their prior price target of $120.00. Rosenblatt Securities’ price target suggests a potential downside of 4.76% from the stock’s previous close.

A number of other equities research analysts have also weighed in on the stock. Royal Bank Of Canada lifted their price objective on shares of Apple from $157.00 to $168.00 and gave the company an “outperform” rating in a report on Monday, May 22nd. Morgan Stanley raised their target price on shares of Apple from $177.00 to $182.00 and gave the company an “overweight” rating in a research report on Monday, July 17th. Needham & Company LLC reissued a “buy” rating and set a $175.00 target price (up previously from $165.00) on shares of Apple in a research report on Wednesday, August 2nd. They noted that the move was a valuation call. Bank of America Corporation reissued a “buy” rating and set a $180.00 target price (up previously from $175.00) on shares of Apple in a research report on Wednesday, August 2nd. Finally, Canaccord Genuity reissued a “buy” rating and set a $180.00 target price on shares of Apple in a research report on Monday, July 10th. Eleven research analysts have rated the stock with a hold rating, forty-three have given a buy rating and one has issued a strong buy rating to the company’s stock. The stock currently has a consensus rating of “Buy” and an average target price of $167.38.

Apple (NASDAQ:AAPL) opened at 157.50 on Tuesday. Apple has a 12 month low of $102.53 and a 12 month high of $162.51. The company’s 50 day moving average is $151.99 and its 200 day moving average is $145.63. The stock has a market cap of $813.52 billion, a PE ratio of 17.88 and a beta of 1.31.

Apple (NASDAQ:AAPL) last announced its quarterly earnings data on Tuesday, August 1st. The iPhone maker reported $1.67 earnings per share for the quarter, beating analysts’ consensus estimates of $1.57 by $0.10. Apple had a net margin of 20.87% and a return on equity of 35.40%. The company had revenue of $45.41 billion during the quarter, compared to analyst estimates of $44.94 billion. During the same quarter last year, the business posted $1.42 EPS. The firm’s revenue for the quarter was up 7.2% on a year-over-year basis. On average, analysts anticipate that Apple will post $9.02 EPS for the current fiscal year.

Apple declared that its board has initiated a stock repurchase program on Tuesday, May 2nd that permits the company to buyback $50.00 billion in shares. This buyback authorization permits the iPhone maker to reacquire up to 6.5% of its shares through open market purchases. Shares buyback programs are often a sign that the company’s leadership believes its stock is undervalued.

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In other news, insider Chris Kondo sold 6,209 shares of Apple stock in a transaction on Wednesday, August 16th. The stock was sold at an average price of $161.96, for a total transaction of $1,005,609.64. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Arthur D. Levinson sold 35,000 shares of Apple stock in a transaction on Monday, August 7th. The stock was sold at an average price of $157.58, for a total value of $5,515,300.00. Following the transaction, the director now directly owns 1,168,283 shares of the company’s stock, valued at approximately $184,098,035.14. The disclosure for this sale can be found here. Insiders have sold a total of 304,640 shares of company stock valued at $47,405,994 in the last ninety days. Corporate insiders own 0.08% of the company’s stock.

Several hedge funds and other institutional investors have recently added to or reduced their stakes in AAPL. Blue Sky Asset Management LLC bought a new stake in Apple during the second quarter worth approximately $108,000. Hefty Wealth Partners boosted its stake in Apple by 27.6% in the second quarter. Hefty Wealth Partners now owns 804 shares of the iPhone maker’s stock worth $115,000 after buying an additional 174 shares in the last quarter. FNY Managed Accounts LLC boosted its stake in Apple by 852.4% in the second quarter. FNY Managed Accounts LLC now owns 800 shares of the iPhone maker’s stock worth $115,000 after buying an additional 716 shares in the last quarter. American Beacon Advisors Inc. bought a new stake in Apple during the first quarter worth approximately $117,000. Finally, Private Vista LLC bought a new stake in Apple during the second quarter worth approximately $122,000. 61.50% of the stock is owned by institutional investors and hedge funds.

About Apple

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.

Analyst Recommendations for Apple (NASDAQ:AAPL)

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