Apple Inc. (AAPL) Earns Overweight Rating from Pacific Crest
Apple Inc. (NASDAQ:AAPL)‘s stock had its “overweight” rating reaffirmed by equities researchers at Pacific Crest in a research report issued on Wednesday. They currently have a $121.00 price objective on the iPhone maker’s stock. Pacific Crest’s price objective points to a potential upside of 6.08% from the company’s previous close.
A number of other analysts have also commented on the stock. Piper Jaffray Cos. reaffirmed an “overweight” rating and set a $151.00 target price on shares of Apple in a report on Tuesday. Rosenblatt Securities reaffirmed a “neutral” rating and set a $102.00 target price on shares of Apple in a report on Monday, October 3rd. Wells Fargo & Co. reaffirmed a “market perform” rating and set a $112.50 target price on shares of Apple in a report on Friday, September 30th. Citigroup Inc. lifted their target price on shares of Apple from $120.00 to $130.00 and gave the stock a “buy” rating in a report on Friday, September 30th. Finally, Barclays PLC reaffirmed an “overweight” rating and set a $114.00 target price (down previously from $115.00) on shares of Apple in a report on Thursday, September 29th. Four investment analysts have rated the stock with a sell rating, nine have given a hold rating, forty-one have assigned a buy rating and two have assigned a strong buy rating to the stock. The stock currently has an average rating of “Buy” and an average price target of $126.13.
Apple (NASDAQ:AAPL) traded up 0.15% during trading on Wednesday, hitting $114.06. 24,358,443 shares of the stock were exchanged. Apple has a 12-month low of $89.47 and a 12-month high of $123.82. The stock has a 50 day moving average price of $110.36 and a 200-day moving average price of $103.24. The firm has a market capitalization of $614.61 billion, a PE ratio of 13.30 and a beta of 1.22.
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Apple (NASDAQ:AAPL) last released its earnings results on Tuesday, July 26th. The iPhone maker reported $1.42 EPS 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 earned $42.36 billion during the quarter, compared to analyst estimates of $42.35 billion. During the same quarter in the previous year, the business earned $1.85 EPS. The business’s quarterly revenue was down 14.6% compared to the same quarter last year. On average, equities research analysts anticipate that Apple will post $8.26 earnings per share for the current fiscal year.
In other Apple news, CEO Timothy D. Cook sold 334,000 shares of the business’s stock in a transaction dated Friday, August 26th. The stock was sold at an average price of $107.23, for a total transaction of $35,814,820.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, COO Jeffrey E. Williams sold 43,769 shares of the business’s stock in a transaction dated Monday, October 3rd. The shares were sold at an average price of $112.59, for a total value of $4,927,951.71. Following the sale, the chief operating officer now directly owns 90,657 shares of the company’s stock, valued at approximately $10,207,071.63. The disclosure for this sale can be found here. Company insiders own 0.08% of the company’s stock.
A number of large investors have recently bought and sold shares of AAPL. Vanguard Group Inc. boosted its position in shares of Apple by 0.4% in the second quarter. Vanguard Group Inc. now owns 331,395,817 shares of the iPhone maker’s stock worth $31,681,440,000 after buying an additional 1,408,642 shares in the last quarter. BlackRock Group LTD boosted its position in shares of Apple by 1.6% in the second quarter. BlackRock Group LTD now owns 48,083,386 shares of the iPhone maker’s stock worth $4,596,772,000 after buying an additional 759,339 shares in the last quarter. TIAA CREF Investment Management LLC boosted its position in shares of Apple by 0.8% in the first quarter. TIAA CREF Investment Management LLC now owns 36,623,863 shares of the iPhone maker’s stock worth $3,991,635,000 after buying an additional 301,502 shares in the last quarter. Legal & General Group Plc boosted its position in shares of Apple by 2.6% in the second quarter. Legal & General Group Plc now owns 24,474,691 shares of the iPhone maker’s stock worth $2,339,700,000 after buying an additional 625,760 shares in the last quarter. Finally, Cohen & Steers Inc. boosted its position in shares of 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 in the last quarter. 56.46% 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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