Apple Inc. (AAPL) Upgraded to Overweight at Piper Jaffray Cos.
Apple Inc. (NASDAQ:AAPL) was upgraded by research analysts at Piper Jaffray Cos. to an “overweight” rating in a report released on Friday. The brokerage currently has a $151.00 price objective on the iPhone maker’s stock. Piper Jaffray Cos.’s price objective indicates a potential upside of 32.95% from the company’s previous close.
AAPL has been the subject of a number of other reports. Drexel Hamilton reiterated a “buy” rating and issued a $185.00 price objective on shares of Apple in a report on Wednesday, September 14th. Canaccord Genuity reissued a “buy” rating and set a $140.00 target price (up previously from $120.00) on shares of Apple in a research report on Monday, September 12th. Mizuho reissued a “buy” rating and set a $120.00 target price on shares of Apple in a research report on Thursday, September 1st. Wells Fargo & Co. reissued a “market perform” rating on shares of Apple in a research report on Friday, September 9th. Finally, Nomura reissued a “buy” rating on shares of Apple in a research report on Thursday, August 25th. Four investment analysts have rated the stock with a sell rating, ten have assigned a hold rating, forty-two have issued a buy rating and two have given a strong buy rating to the company. The stock presently has an average rating of “Buy” and an average price target of $126.49.
Apple (NASDAQ:AAPL) traded up 0.145% during mid-day trading on Friday, reaching $113.745. The company’s stock had a trading volume of 14,565,834 shares. Apple has a 12 month low of $89.47 and a 12 month high of $123.82. The stock’s 50-day moving average is $108.13 and its 200-day moving average is $102.24. The firm has a market capitalization of $612.91 billion, a PE ratio of 13.263 and a beta of 1.14.
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Apple (NASDAQ:AAPL) last issued its quarterly earnings data on Tuesday, July 26th. The iPhone maker reported $1.42 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $1.38 by $0.04. The firm earned $42.36 billion during the quarter, compared to analysts’ expectations of $42.35 billion. Apple had a net margin of 21.70% and a return on equity of 37.89%. Apple’s revenue for the quarter was down 14.6% on a year-over-year basis. During the same period in the prior year, the company posted $1.85 earnings per share. On average, equities analysts anticipate that Apple will post $8.26 EPS for the current year.
In other news, CEO Timothy D. Cook sold 334,000 shares of the firm’s stock in a transaction dated Friday, August 26th. The stock was sold at an average price of $107.23, for a total value of $35,814,820.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, SVP D Bruce Sewell sold 24,000 shares of the firm’s stock in a transaction dated Tuesday, August 16th. The stock was sold at an average price of $110.11, for a total value of $2,642,640.00. Following the completion of the transaction, the senior vice president now owns 192,024 shares of the company’s stock, valued at $21,143,762.64. The disclosure for this sale can be found here. 0.08% of the stock is owned by company insiders.
Hedge funds and other institutional investors have recently made changes to their positions in the company. HM Payson & Co. boosted its position in shares of Apple by 2.4% in the fourth quarter. HM Payson & Co. now owns 518,935 shares of the iPhone maker’s stock valued at $54,623,000 after buying an additional 12,069 shares during the last quarter. Meyer Handelman Co. boosted its position in shares of Apple by 1.1% in the fourth quarter. Meyer Handelman Co. now owns 205,017 shares of the iPhone maker’s stock valued at $21,581,000 after buying an additional 2,200 shares during the last quarter. Cribstone Capital Management LLC purchased a new position in shares of Apple during the fourth quarter valued at about $3,596,000. Compagnie Odier SCA boosted its position in shares of Apple by 16.6% in the fourth quarter. Compagnie Odier SCA now owns 733,214 shares of the iPhone maker’s stock valued at $77,188,000 after buying an additional 104,298 shares during the last quarter. Finally, Palisade Asset Management LLC boosted its position in shares of Apple by 282.9% in the fourth quarter. Palisade Asset Management LLC now owns 75,196 shares of the iPhone maker’s stock valued at $7,915,000 after buying an additional 55,557 shares during the last quarter. Hedge funds and other institutional investors own 56.52% of the company’s stock.
Apple Company Profile
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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