Apple Inc. (NASDAQ:AAPL)‘s stock had its “buy” rating reissued by equities researchers at Guggenheim in a report issued on Friday, July 21st. They currently have a $180.00 target price on the iPhone maker’s stock. Guggenheim’s target price indicates a potential upside of 14.29% from the company’s current price.
A number of other research firms have also commented on AAPL. Drexel Hamilton reissued a “buy” rating and issued a $202.00 target price on shares of Apple in a report on Thursday, July 6th. Instinet reaffirmed a “buy” rating and issued a $165.00 price objective on shares of Apple in a report on Wednesday, July 5th. Royal Bank Of Canada reaffirmed an “outperform” rating and issued a $168.00 price objective on shares of Apple in a report on Tuesday, June 6th. Citigroup Inc. reaffirmed a “buy” rating and issued a $160.00 price objective on shares of Apple in a report on Thursday, April 6th. Finally, BMO Capital Markets reaffirmed an “outperform” rating and issued a $170.00 price objective (up previously from $160.00) on shares of Apple in a report on Wednesday, May 17th. Eleven investment analysts have rated the stock with a hold rating, forty-three have assigned a buy rating and one has given a strong buy rating to the company’s stock. The company currently has a consensus rating of “Buy” and an average price target of $167.38.
Shares of Apple (AAPL) traded down 0.23% during mid-day trading on Friday, hitting $157.50. The stock had a trading volume of 27,428,069 shares. The stock’s 50-day moving average is $151.99 and its 200-day moving average is $145.63. Apple has a 1-year low of $102.53 and a 1-year high of $162.51. The firm has a market capitalization of $813.52 billion, a PE ratio of 17.88 and a beta of 1.31.
Apple (NASDAQ:AAPL) last posted its earnings results on Tuesday, August 1st. The iPhone maker reported $1.67 EPS for the quarter, topping the Zacks’ consensus estimate of $1.57 by $0.10. The business had revenue of $45.41 billion during the quarter, compared to analyst estimates of $44.94 billion. Apple had a return on equity of 35.40% and a net margin of 20.87%. The company’s quarterly revenue was up 7.2% compared to the same quarter last year. During the same quarter last year, the company earned $1.42 EPS. Equities analysts expect that Apple will post $9.02 earnings per share for the current year.
Apple announced that its board has initiated a share buyback plan on Tuesday, May 2nd that allows the company to repurchase $50.00 billion in shares. This repurchase authorization allows the iPhone maker to purchase up to 6.5% of its stock through open market purchases. Stock repurchase plans are usually a sign that the company’s leadership believes its shares are undervalued.
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In other news, SVP Johny Srouji sold 10,469 shares of the business’s stock in a transaction on Wednesday, August 16th. The shares were sold at an average price of $162.20, for a total value of $1,698,071.80. Following the completion of the sale, the senior vice president now directly owns 76,250 shares in the company, valued at $12,367,750. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, insider Chris Kondo sold 6,209 shares of the business’s 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 disclosure for this sale can be found here. Insiders sold 304,640 shares of company stock valued at $47,405,994 over the last quarter. Corporate insiders own 0.08% of the company’s stock.
A number of large investors have recently made changes to their positions in AAPL. Blue Sky Asset Management LLC acquired a new stake in shares of Apple during the second quarter valued at about $108,000. Hefty Wealth Partners increased its stake in shares of Apple by 27.6% in the second quarter. Hefty Wealth Partners now owns 804 shares of the iPhone maker’s stock valued at $115,000 after buying an additional 174 shares in the last quarter. FNY Managed Accounts LLC increased its stake in shares of Apple by 852.4% in the second quarter. FNY Managed Accounts LLC now owns 800 shares of the iPhone maker’s stock valued at $115,000 after buying an additional 716 shares in the last quarter. American Beacon Advisors Inc. purchased a new stake in shares of Apple during the first quarter valued at approximately $117,000. Finally, Private Vista LLC purchased a new stake in shares of Apple during the second quarter valued at approximately $122,000. 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.
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