Oppenheimer Initiates Coverage on Apple (AAPL)
Shares of Apple (NASDAQ:AAPL) opened at 103.30 on Wednesday. Apple has a one year low of $63.8886 and a one year high of $103.74. The stock’s 50-day moving average is $97.70 and its 200-day moving average is $86.98. The company has a market cap of $618.5 billion and a P/E ratio of 16.53. Apple also saw a significant decrease in short interest in 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. Currently, 1.6% of the company’s stock are sold short. Based on an average daily trading volume, of 41,052,838 shares, the short-interest ratio is presently 2.3 days.
Apple (NASDAQ:AAPL) last released its earnings data 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.
A number of other analysts have also recently weighed in on AAPL. Analysts at Nomura raised their price target on shares of Apple from $95.00 to $104.00 in a research note on Tuesday. They now have a “neutral” rating on the stock. Separately, analysts at Piper Jaffray raised their price target on shares of Apple from $105.00 to $120.00 in a research note on Tuesday. They now have an “overweight” rating on the stock. Finally, analysts at Zacks reiterated a “neutral” rating on shares of Apple in a research note on Friday, August 29th. They now have a $107.00 price target on the stock. Two research analysts have rated the stock with a sell rating, ten have given a hold rating and thirty-three have issued a buy rating to the stock. The company currently has an average rating of “Buy” and a consensus price target of $102.63.
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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