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.
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.
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.
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