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Equities research analysts at Needham & Company reduced their earnings per share (EPS) estimates on shares of Apple (NASDAQ:AAPL) in a research note issued to investors on Tuesday, Analyst Ratings Network reports. The firm currently has a “buy” rating on the company’s shares.

Shares of Apple (NASDAQ:AAPL) traded down 7.99% on Tuesday, hitting $506.50. The stock had a trading volume of 38,007,984 shares. Apple has a one year low of $385.10 and a one year high of $575.14. The stock’s 50-day moving average is $552.1 and its 200-day moving average is $507.2. The company has a market cap of $455.7 billion and a P/E ratio of 13.85.

Apple (NASDAQ:AAPL) last posted its quarterly earnings results on Monday, January 27th. The company reported $14.50 earnings per share (EPS) for the quarter, beating the consensus estimate of $14.05 by $0.45. The company had revenue of $57.59 billion for the quarter, compared to the consensus estimate of $57.46 billion. During the same quarter in the previous year, the company posted $13.81 earnings per share. The company’s revenue for the quarter was up 5.7% on a year-over-year basis. On average, analysts predict that Apple will post $43.81 earnings per share for the current fiscal year.

The company also recently announced a quarterly dividend, which is scheduled for Thursday, February 13th. Stockholders of record on Monday, February 10th will be paid a dividend of 3.05 per share. This represents a $12.20 annualized dividend and a dividend yield of 2.41%.

AAPL has been the subject of a number of other recent research reports. Analysts at Cowen and Company reiterated an “outperform” rating on shares of Apple in a research note to investors on Tuesday. Separately, analysts at Oppenheimer downgraded shares of Apple from an “outperform” rating to a “market perform” rating in a research note to investors on Tuesday. They now have a $560.00 price target on the stock. Finally, analysts at UBS AG cut their price target on shares of Apple from $650.00 to $625.00 in a research note to investors on Tuesday. They now have a “buy” rating on the stock. Three research analysts have rated the stock with a sell rating, ten have assigned a hold rating, twenty-nine have given a buy rating and one has issued a strong buy rating to the company. The stock presently has an average rating of “Buy” and an average target price of $600.60.

Apple Inc (NASDAQ:AAPL) 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.

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