RBC Capital Markets Boosts Apple Inc. (AAPL) Price Target to $125.00
Apple Inc. (NASDAQ:AAPL) had its target price hoisted by investment analysts at RBC Capital Markets to $125.00 in a note issued to investors on Thursday. RBC Capital Markets’ target price would suggest a potential upside of 10.08% from the company’s previous close.
Several other equities research analysts have also recently issued reports on AAPL. Drexel Hamilton reissued a “buy” rating and issued a $185.00 price objective on shares of Apple in a research report on Wednesday, September 14th. Piper Jaffray Cos. raised shares of Apple to an “overweight” rating and set a $151.00 price objective for the company in a research report on Friday, September 16th. Canaccord Genuity reissued a “buy” rating and issued a $140.00 price objective (up from $120.00) on shares of Apple in a research report on Monday, September 12th. Mizuho reissued a “buy” rating and issued a $120.00 price objective on shares of Apple in a research report on Thursday, September 1st. Finally, Wells Fargo & Co. reissued a “market perform” rating on shares of Apple in a research report on Friday, September 9th. Four research analysts have rated the stock with a sell rating, ten have assigned a hold rating, forty-two have assigned a buy rating and two have assigned a strong buy rating to the company’s stock. The company presently has an average rating of “Buy” and a consensus target price of $126.60.
Apple (NASDAQ:AAPL) opened at 113.55 on Thursday. The company has a market cap of $611.86 billion, a P/E ratio of 13.24 and a beta of 1.14. Apple has a 52 week low of $89.47 and a 52 week high of $123.82. The firm’s 50 day moving average is $108.61 and its 200-day moving average is $102.39.
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Apple (NASDAQ:AAPL) last posted its earnings results on Tuesday, July 26th. The iPhone maker reported $1.42 earnings per share for the quarter, topping analysts’ consensus estimates of $1.38 by $0.04. Apple had a net margin of 21.70% and a return on equity of 37.89%. The firm had revenue of $42.36 billion for the quarter, compared to the consensus estimate of $42.35 billion. During the same period in the previous year, the firm posted $1.85 EPS. The business’s quarterly revenue was down 14.6% on a year-over-year basis. On average, analysts predict that Apple will post $8.26 earnings per share for the current fiscal year.
In related news, SVP Angela J. Ahrendts sold 25,000 shares of the stock in a transaction on Monday, July 18th. The stock was sold at an average price of $100.00, for a total value of $2,500,000.00. Following the completion of the transaction, the senior vice president now owns 105,839 shares in the company, valued at approximately $10,583,900. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Timothy D. Cook sold 334,000 shares of the stock in a transaction on Friday, August 26th. The shares were sold at an average price of $107.23, for a total value of $35,814,820.00. The disclosure for this sale can be found here. Corporate insiders own 0.08% of the company’s stock.
Several institutional investors have recently added to or reduced their stakes in AAPL. Cohen & Steers Inc. raised its position in Apple by 6,771.0% in the second quarter. Cohen & Steers Inc. now owns 22,633,195 shares of the iPhone maker’s stock worth $999,482,000 after buying an additional 22,303,795 shares during the period. Magellan Asset Management Ltd raised its position in Apple by 56.9% in the second quarter. Magellan Asset Management Ltd now owns 15,294,140 shares of the iPhone maker’s stock worth $1,462,120,000 after buying an additional 5,543,465 shares during the period. Nordea Investment Management AB raised its position in Apple by 87.4% in the second quarter. Nordea Investment Management AB now owns 10,195,750 shares of the iPhone maker’s stock worth $974,714,000 after buying an additional 4,755,361 shares during the period. NN Investment Partners Holdings N.V. bought a new position in Apple during the first quarter worth $325,287,000. Finally, Franklin Resources Inc. raised its position in Apple by 20.2% in the second quarter. Franklin Resources Inc. now owns 17,027,764 shares of the iPhone maker’s stock worth $1,627,849,000 after buying an additional 2,857,040 shares during the period. Institutional investors and hedge funds own 56.45% of the company’s stock.
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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