Canaccord Genuity Reaffirms Buy Rating for Apple Inc. (AAPL)
Apple Inc. (NASDAQ:AAPL)‘s stock had its “buy” rating reaffirmed by investment analysts at Canaccord Genuity in a research report issued to clients and investors on Saturday. They currently have a $140.00 price objective on the iPhone maker’s stock. Canaccord Genuity’s price target would suggest a potential upside of 22.74% from the company’s previous close.
A number of other equities analysts have also recently commented on the company. Piper Jaffray Cos. reissued an “overweight” rating and set a $153.00 price target on shares of Apple in a report on Tuesday, July 26th. Credit Suisse Group AG reissued an “outperform” rating and set a $150.00 price target on shares of Apple in a report on Thursday, September 15th. Citigroup Inc. boosted their price target on Apple from $120.00 to $130.00 and gave the stock a “buy” rating in a report on Friday, September 30th. Needham & Company LLC reissued a “buy” rating and set a $150.00 price target on shares of Apple in a report on Wednesday, July 20th. Finally, Vetr cut Apple from a “hold” rating to a “sell” rating and set a $105.47 price target for the company. in a report on Monday, August 15th. Four equities research analysts have rated the stock with a sell rating, nine have assigned a hold rating, forty-one have assigned a buy rating and two have given a strong buy rating to the stock. The stock presently has a consensus rating of “Buy” and an average price target of $126.13.
Apple (NASDAQ:AAPL) opened at 114.06 on Friday. The firm has a 50-day moving average price of $110.36 and a 200 day moving average price of $103.24. Apple has a 1-year low of $89.47 and a 1-year high of $123.82. The firm has a market cap of $614.61 billion, a price-to-earnings ratio of 13.30 and a beta of 1.22.
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Apple (NASDAQ:AAPL) last announced its quarterly earnings data on Tuesday, July 26th. The iPhone maker reported $1.42 earnings per share for the quarter, beating the Thomson Reuters’ 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 return on equity of 37.89% and a net margin of 21.70%. The company’s quarterly revenue was down 14.6% compared to the same quarter last year. During the same period in the previous year, the firm earned $1.85 EPS. Equities analysts predict that Apple will post $8.26 earnings per share for the current year.
In other Apple news, SVP Angela J. Ahrendts sold 25,000 shares of the stock in a transaction dated Monday, July 18th. The shares were sold at an average price of $100.00, for a total transaction of $2,500,000.00. Following the completion of the transaction, the senior vice president now owns 105,839 shares of the company’s stock, valued at approximately $10,583,900. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, SVP Angela J. Ahrendts sold 35,797 shares of the stock in a transaction dated Tuesday, July 19th. The shares were sold at an average price of $100.00, for a total transaction of $3,579,700.00. Following the transaction, the senior vice president now directly owns 105,839 shares of the company’s stock, valued at approximately $10,583,900. The disclosure for this sale can be found here. Company insiders own 0.08% of the company’s stock.
Several hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Zurich Insurance Group Ltd FI boosted its stake in shares of Apple by 1.4% in the first quarter. Zurich Insurance Group Ltd FI now owns 869,381 shares of the iPhone maker’s stock valued at $94,754,000 after buying an additional 11,582 shares in the last quarter. BNP Paribas Arbitrage SA boosted its stake in shares of Apple by 34.8% in the second quarter. BNP Paribas Arbitrage SA now owns 5,887,600 shares of the iPhone maker’s stock valued at $562,855,000 after buying an additional 1,521,440 shares in the last quarter. Roffman Miller Associates Inc. PA boosted its stake in shares of Apple by 25.0% in the second quarter. Roffman Miller Associates Inc. PA now owns 139,953 shares of the iPhone maker’s stock valued at $13,380,000 after buying an additional 28,020 shares in the last quarter. Capstone Asset Management Co. boosted its stake in shares of Apple by 19.1% in the second quarter. Capstone Asset Management Co. now owns 550,349 shares of the iPhone maker’s stock valued at $52,613,000 after buying an additional 88,106 shares in the last quarter. Finally, Prudential Financial Inc. boosted its stake in shares of Apple by 1.0% in the first quarter. Prudential Financial Inc. now owns 12,655,593 shares of the iPhone maker’s stock valued at $1,379,333,000 after buying an additional 127,360 shares in the last quarter. 56.46% of the stock is owned by institutional investors and hedge funds.
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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