Apple Inc. (AAPL) Rating Reiterated by Wells Fargo & Co.
Apple Inc. (NASDAQ:AAPL)‘s stock had its “market perform” rating reissued by analysts at Wells Fargo & Co. in a research note issued on Tuesday. They presently have a $112.50 price objective on the iPhone maker’s stock. Wells Fargo & Co.’s price target indicates a potential downside of 0.95% from the company’s previous close.
Several other brokerages also recently issued reports on AAPL. Canaccord Genuity lifted their price target on shares of Apple from $120.00 to $140.00 and gave the company a “buy” rating in a report on Friday. Stifel Nicolaus reaffirmed a “buy” rating and issued a $120.00 target price on shares of Apple in a research note on Friday. Piper Jaffray Cos. raised shares of Apple to an “overweight” rating and set a $151.00 target price for the company in a research note on Friday. Credit Agricole SA boosted their target price on shares of Apple from $120.00 to $130.00 and gave the stock a “buy” rating in a research note on Friday. Finally, RBC Capital Markets reaffirmed an “outperform” rating and issued a $120.00 target price (up from $117.00) on shares of Apple in a research note on Friday. Four 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 stock. The stock currently has a consensus rating of “Buy” and an average price target of $126.34.
Shares of Apple (NASDAQ:AAPL) traded down 0.01% during midday trading on Tuesday, hitting $113.57. 34,412,796 shares of the company traded hands. The stock’s 50-day moving average is $108.13 and its 200 day moving average is $102.24. The stock has a market capitalization of $611.97 billion, a P/E ratio of 13.24 and a beta of 1.14. Apple has a 12-month low of $89.47 and a 12-month high of $123.82.
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Apple (NASDAQ:AAPL) last announced its quarterly earnings results on Tuesday, July 26th. The iPhone maker reported $1.42 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.38 by $0.04. Apple had a net margin of 21.70% and a return on equity of 37.89%. The firm earned $42.36 billion during the quarter, compared to the consensus estimate of $42.35 billion. During the same period last year, the firm posted $1.85 EPS. The firm’s quarterly revenue was down 14.6% on a year-over-year basis. On average, analysts expect that Apple will post $8.26 earnings per share for the current year.
In other news, SVP Daniel J. Riccio sold 49,996 shares of the stock in a transaction dated Tuesday, August 30th. The shares were sold at an average price of $105.95, for a total value of $5,297,076.20. Following the completion of the transaction, the senior vice president now owns 67,143 shares of the company’s stock, valued at $7,113,800.85. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, SVP D Bruce Sewell sold 24,000 shares of the stock in a transaction dated Tuesday, August 16th. The stock was sold at an average price of $110.11, for a total transaction of $2,642,640.00. Following the completion of the transaction, the senior vice president now directly owns 192,024 shares of the company’s stock, valued at approximately $21,143,762.64. The disclosure for this sale can be found here. 0.08% of the stock is currently owned by insiders.
Several hedge funds and other institutional investors have recently bought and sold shares of the company. Carnick & Kubik Group LLC acquired a new position in shares of Apple during the second quarter worth about $1,471,000. Williams Jones & Associates LLC raised its position in shares of Apple by 14.4% in the second quarter. Williams Jones & Associates LLC now owns 768,506 shares of the iPhone maker’s stock worth $73,469,000 after buying an additional 96,464 shares during the period. Springowl Associates LLC acquired a new position in shares of Apple during the second quarter worth about $860,000. Kentucky Retirement Systems Insurance Trust Fund acquired a new position in shares of Apple during the second quarter worth about $21,143,000. Finally, Kentucky Retirement Systems acquired a new position in shares of Apple during the second quarter worth about $44,529,000. 56.52% of the stock is owned by hedge funds and other institutional investors.
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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