Apple Inc. (AAPL) Receives “Buy” Rating from Goldman Sachs Group Inc.
Apple Inc. (NASDAQ:AAPL)‘s stock had its “buy” rating reissued by equities research analysts at Goldman Sachs Group Inc. in a research report issued on Wednesday. They presently have a $124.00 price target on the iPhone maker’s stock. Goldman Sachs Group Inc.’s price objective would suggest a potential upside of 5.42% from the company’s previous close.
A number of other research firms also recently weighed in on AAPL. Citigroup Inc. restated a “buy” rating and issued a $115.00 target price on shares of Apple in a report on Wednesday, July 6th. Piper Jaffray Cos. restated an “overweight” rating and issued a $153.00 target price on shares of Apple in a report on Tuesday, July 26th. Cowen and Company restated an “outperform” rating and issued a $125.00 target price on shares of Apple in a report on Thursday, July 28th. BMO Capital Markets restated an “outperform” rating and issued a $140.00 target price (up from $116.00) on shares of Apple in a report on Monday, September 19th. Finally, BTIG Research boosted their target price on shares of Apple from $124.00 to $133.00 and gave the stock a “buy” rating in a report on Thursday, September 15th. Three equities research analysts have rated the stock with a sell rating, eight have assigned a hold rating, forty-three have issued a buy rating and two have assigned a strong buy rating to the stock. The stock presently has a consensus rating of “Buy” and an average price target of $126.74.
Shares of Apple (NASDAQ:AAPL) traded down 0.47% during mid-day trading on Wednesday, reaching $117.08. 10,204,399 shares of the company’s stock traded hands. The stock has a 50-day moving average price of $111.56 and a 200 day moving average price of $103.65. Apple has a 12-month low of $89.47 and a 12-month high of $123.82. The firm has a market capitalization of $630.88 billion, a price-to-earnings ratio of 13.65 and a beta of 1.22.
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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. Analysts anticipate that Apple will post $8.26 EPS for the current fiscal year.
In related news, CEO Timothy D. Cook sold 334,000 shares of the firm’s stock in a transaction on Friday, August 26th. The stock was sold at an average price of $107.23, for a total transaction of $35,814,820.00. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, SVP Angela J. Ahrendts sold 35,797 shares of the firm’s stock in a transaction on Tuesday, July 19th. The stock was sold at an average price of $100.00, for a total value of $3,579,700.00. Following the transaction, the senior vice president now owns 105,839 shares in the company, valued at $10,583,900. The disclosure for this sale can be found here. Corporate insiders own 0.08% of the company’s stock.
A number of institutional investors have recently made changes to their positions in the company. Zurich Insurance Group Ltd FI boosted its position 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 during the period. BNP Paribas Arbitrage SA boosted its stake in Apple by 34.8% in the second quarter. BNP Paribas Arbitrage SA now owns 5,887,600 shares of the iPhone maker’s stock worth $562,855,000 after buying an additional 1,521,440 shares during the last quarter. Roffman Miller Associates Inc. PA boosted its stake in Apple by 25.0% in the second quarter. Roffman Miller Associates Inc. PA now owns 139,953 shares of the iPhone maker’s stock worth $13,380,000 after buying an additional 28,020 shares during the last quarter. Capstone Asset Management Co. boosted its stake in Apple by 19.1% in the second quarter. Capstone Asset Management Co. now owns 550,349 shares of the iPhone maker’s stock worth $52,613,000 after buying an additional 88,106 shares during the last quarter. Finally, Prudential Financial Inc. boosted its stake in Apple by 1.0% in the first quarter. Prudential Financial Inc. now owns 12,655,593 shares of the iPhone maker’s stock worth $1,379,333,000 after buying an additional 127,360 shares during the last quarter. Hedge funds and other institutional investors own 56.41% 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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