Apple Inc. (AAPL) Given “Buy” Rating at Canaccord Genuity
Apple Inc. (NASDAQ:AAPL)‘s stock had its “buy” rating reiterated by research analysts at Canaccord Genuity in a note issued to investors on Saturday. They currently have a $140.00 target price on the iPhone maker’s stock. Canaccord Genuity’s target price would suggest a potential upside of 22.74% from the stock’s previous close.
A number of other research analysts have also recently issued reports on AAPL. Raymond James Financial Inc. reiterated a “hold” rating on shares of Apple in a research report on Saturday, July 9th. Barclays PLC reiterated a “buy” rating on shares of Apple in a research report on Sunday, July 17th. Credit Suisse Group AG reiterated a “buy” rating and issued a $150.00 target price on shares of Apple in a research report on Sunday, July 17th. Brean Capital reiterated a “buy” rating and issued a $125.00 target price on shares of Apple in a research report on Wednesday, June 15th. Finally, RBC Capital Markets reiterated an “outperform” rating and issued a $117.00 target price (up previously from $115.00) on shares of Apple in a research report on Thursday, August 11th. Four investment analysts have rated the stock with a sell rating, nine have issued a hold rating, forty-one have given a buy rating and two have issued a strong buy rating to the company. Apple presently has an average rating of “Buy” and an average target price of $126.13.
Shares of Apple (NASDAQ:AAPL) opened at 114.06 on Friday. Apple has a 12 month low of $89.47 and a 12 month high of $123.82. The firm has a market capitalization of $614.61 billion, a P/E ratio of 13.30 and a beta of 1.22. The company has a 50 day moving average of $110.36 and a 200-day moving average of $103.24.
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Apple (NASDAQ:AAPL) last issued its quarterly earnings results on Tuesday, July 26th. The iPhone maker reported $1.42 EPS for the quarter, topping the Zacks’ consensus estimate of $1.38 by $0.04. Apple had a return on equity of 37.89% and a net margin of 21.70%. The company had revenue of $42.36 billion for the quarter, compared to analysts’ expectations of $42.35 billion. During the same quarter last year, the business earned $1.85 earnings per share. Apple’s revenue was down 14.6% on a year-over-year basis. Analysts predict that Apple will post $8.26 EPS for the current year.
In related news, COO Jeffrey E. Williams sold 43,769 shares of Apple stock in a transaction on Monday, October 3rd. The stock was sold at an average price of $112.59, for a total value of $4,927,951.71. Following the completion of the sale, the chief operating officer now owns 90,657 shares of the company’s stock, valued at $10,207,071.63. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Daniel J. Riccio sold 22,381 shares of Apple stock in a transaction on Wednesday, September 21st. The stock was sold at an average price of $113.06, for a total value of $2,530,395.86. Following the completion of the sale, the insider now directly owns 47,043 shares of the company’s stock, valued at approximately $5,318,681.58. The disclosure for this sale can be found here. 0.08% of the stock is owned by company insiders.
Several hedge funds have recently modified their holdings of AAPL. Penserra Capital Management LLC raised its stake in shares of Apple by 39.2% in the second quarter. Penserra Capital Management LLC now owns 1,080 shares of the iPhone maker’s stock valued at $103,000 after buying an additional 304 shares during the last quarter. Delphi Private Advisors LLC raised its stake in shares of Apple by 5.0% in the second quarter. Delphi Private Advisors LLC now owns 1,462 shares of the iPhone maker’s stock valued at $140,000 after buying an additional 69 shares during the last quarter. Hussman Strategic Advisors Inc. purchased a new stake in shares of Apple during the second quarter valued at approximately $143,000. River & Mercantile Asset Management LLP raised its stake in shares of Apple by 22.8% in the second quarter. River & Mercantile Asset Management LLP now owns 1,800 shares of the iPhone maker’s stock valued at $172,000 after buying an additional 334 shares during the last quarter. Finally, Roble Belko & Company Inc raised its stake in shares of Apple by 60.6% in the second quarter. Roble Belko & Company Inc now owns 1,803 shares of the iPhone maker’s stock valued at $172,000 after buying an additional 680 shares during the last quarter. 56.46% of the stock is owned by 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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