Apple Inc. (AAPL) Given “Outperform” Rating at Sanford C. Bernstein
Apple Inc. (NASDAQ:AAPL)‘s stock had its “outperform” rating reissued by research analysts at Sanford C. Bernstein in a research note issued on Thursday. They currently have a $135.00 target price on the iPhone maker’s stock, up from their prior target price of $125.00. Sanford C. Bernstein’s price objective would suggest a potential upside of 14.77% from the company’s current price.
AAPL has been the topic of a number of other research reports. Drexel Hamilton reissued a “buy” rating and set a $185.00 price objective on shares of Apple in a research note on Wednesday, September 14th. Piper Jaffray Cos. raised Apple to an “overweight” rating and set a $151.00 price objective on the stock in a research note on Friday, September 16th. Canaccord Genuity reissued a “buy” rating and set a $140.00 price objective (up previously from $120.00) on shares of Apple in a research note on Monday, September 12th. Pacific Crest boosted their price objective on Apple from $121.00 to $129.00 and gave the stock an “overweight” rating in a research note on Thursday. Finally, Nomura boosted their price objective on Apple from $120.00 to $135.00 and gave the stock a “buy” rating in a research note on Thursday, September 22nd. Three analysts have rated the stock with a sell rating, eight have assigned a hold rating, forty-three have given a buy rating and two have given a strong buy rating to the company’s stock. Apple has an average rating of “Buy” and an average price target of $126.74.
Shares of Apple (NASDAQ:AAPL) traded down 0.4219% during trading on Thursday, hitting $117.1337. The stock had a trading volume of 10,142,217 shares. Apple has a 12 month low of $89.47 and a 12 month high of $123.82. The stock has a market cap of $631.17 billion, a price-to-earnings ratio of 13.6583 and a beta of 1.22. The company’s 50 day moving average price is $111.56 and its 200 day moving average price is $103.65.
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Apple (NASDAQ:AAPL) last released its quarterly earnings data on Tuesday, July 26th. The iPhone maker reported $1.42 earnings per share for the quarter, topping the Zacks’ consensus estimate of $1.38 by $0.04. The company had revenue of $42.36 billion for the quarter, compared to analyst estimates of $42.35 billion. Apple had a return on equity of 37.89% and a net margin of 21.70%. The firm’s revenue for the quarter was down 14.6% compared to the same quarter last year. During the same quarter in the previous year, the company posted $1.85 earnings per share. Equities research analysts expect that Apple will post $8.26 earnings per share for the current fiscal year.
In other news, insider Johny Srouji sold 9,827 shares of the firm’s stock in a transaction that occurred on Monday, August 15th. The shares were sold at an average price of $108.44, for a total transaction of $1,065,639.88. Following the completion of the sale, the insider now owns 116,369 shares of the company’s stock, valued at $12,619,054.36. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, CEO Timothy D. Cook sold 334,000 shares of the firm’s stock in a transaction that occurred 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 disclosure for this sale can be found here. Insiders own 0.08% of the company’s stock.
Several hedge funds have recently bought and sold shares of AAPL. CrestPoint Capital Management LLC raised its stake in Apple by 13.0% in the third quarter. CrestPoint Capital Management LLC now owns 33,000 shares of the iPhone maker’s stock valued at $3,731,000 after buying an additional 3,800 shares during the last quarter. BTIM Corp. raised its stake in Apple by 1.6% in the third quarter. BTIM Corp. now owns 956,353 shares of the iPhone maker’s stock valued at $108,116,000 after buying an additional 14,844 shares during the last quarter. Jolley Asset Management LLC raised its stake in Apple by 0.3% in the third quarter. Jolley Asset Management LLC now owns 29,409 shares of the iPhone maker’s stock valued at $3,325,000 after buying an additional 100 shares during the last quarter. Koshinski Asset Management Inc. raised its stake in Apple by 3.8% in the third quarter. Koshinski Asset Management Inc. now owns 36,480 shares of the iPhone maker’s stock valued at $4,124,000 after buying an additional 1,349 shares during the last quarter. Finally, St. Johns Investment Management Company LLC raised its stake in Apple by 2.9% in the third quarter. St. Johns Investment Management Company LLC now owns 27,601 shares of the iPhone maker’s stock valued at $3,120,000 after buying an additional 785 shares during the last quarter. 56.41% 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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