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Investment analysts at Piper Jaffray increased their price target on shares of Apple (NASDAQ:AAPL) from $105.00 to $120.00 in a note issued to investors on Tuesday. The firm currently has an “overweight” rating on the stock. Piper Jaffray’s price objective would suggest a potential upside of 17.07% from the stock’s previous close.

Shares of Apple (NASDAQ:AAPL) opened at 102.50 on Tuesday. Apple has a one year low of $63.8886 and a one year high of $102.90. The stock has a 50-day moving average of $97.44 and a 200-day moving average of $86.58. The company has a market cap of $613.8 billion and a price-to-earnings ratio of 16.49. Apple also saw a large decrease in short interest during the month of August. As of August 15th, there was short interest totalling 95,116,846 shares, a decrease of 8.1% from the July 31st total of 103,492,685 shares. Approximately 1.6% of the company’s shares are short sold. Based on an average daily volume of 41,052,838 shares, the short-interest ratio is presently 2.3 days.

Apple (NASDAQ:AAPL) last posted its quarterly earnings results on Tuesday, July 22nd. The company reported $1.28 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.22 by $0.06. The company had revenue of $37.43 billion for the quarter, compared to the consensus estimate of $37.80 billion. During the same quarter in the previous year, the company posted $7.47 earnings per share. The company’s revenue for the quarter was up 6.0% on a year-over-year basis. On average, analysts predict that Apple will post $6.33 earnings per share for the current fiscal year.

Several other analysts have also recently commented on the stock. Analysts at Zacks reiterated a “neutral” rating on shares of Apple in a research note on Friday. They now have a $107.00 price target on the stock. Separately, analysts at Nomura reiterated a “hold” rating on shares of Apple in a research note on Wednesday, July 23rd. They now have a $95.00 price target on the stock. Finally, analysts at Raymond James raised their price target on shares of Apple from $102.00 to $104.00 in a research note on Wednesday, July 23rd. They now have an “outperform” rating on the stock. Two research analysts have rated the stock with a sell rating, ten have issued a hold rating and thirty-three have given a buy rating to the stock. The company currently has an average rating of “Buy” and an average target price of $101.95.

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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