Stifel Nicolaus Reiterates “Buy” Rating for Apple Inc. (AAPL)
Apple Inc. (NASDAQ:AAPL)‘s stock had its “buy” rating reaffirmed by Stifel Nicolaus in a report released on Saturday. They currently have a $130.00 price objective on the iPhone maker’s stock, up from their prior price objective of $120.00. Stifel Nicolaus’ target price suggests a potential upside of 10.59% from the company’s previous close.
A number of other equities analysts have also recently weighed in on the stock. JPMorgan Chase & Co. reissued an “overweight” rating on shares of Apple in a research report on Saturday. Morgan Stanley reissued an “overweight” rating and set a $124.00 price target on shares of Apple in a research report on Friday. Credit Suisse Group AG reissued an “outperform” rating and set a $150.00 price target on shares of Apple in a research report on Thursday, October 13th. Sanford C. Bernstein reissued an “outperform” rating and set a $135.00 price target (up from $125.00) on shares of Apple in a research report on Thursday, October 13th. Finally, Pacific Crest lifted their price target on shares of Apple from $121.00 to $129.00 and gave the stock an “overweight” rating in a research report on Thursday, October 13th. 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 assigned a strong buy rating to the company’s stock. The company presently has a consensus rating of “Buy” and an average target price of $126.74.
Shares of Apple (NASDAQ:AAPL) opened at 117.55 on Friday. The company has a 50-day moving average of $111.86 and a 200-day moving average of $103.64. The company has a market capitalization of $633.41 billion, a PE ratio of 13.71 and a beta of 1.22. Apple has a one year low of $89.47 and a one year high of $123.82.
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Apple (NASDAQ:AAPL) last announced its quarterly 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. The company had revenue of $42.36 billion for the quarter, compared to analysts’ expectations of $42.35 billion. Apple had a net margin of 21.70% and a return on equity of 37.89%. The business’s quarterly revenue was down 14.6% compared to the same quarter last year. During the same period last year, the firm posted $1.85 earnings per share. On average, analysts anticipate that Apple will post $8.26 earnings per share for the current year.
In related news, SVP D Bruce Sewell sold 23,305 shares of the company’s stock in a transaction dated Friday, August 5th. The stock was sold at an average price of $107.49, for a total value of $2,505,054.45. Following the completion of the sale, the senior vice president now directly owns 239,329 shares of the company’s stock, valued at approximately $25,725,474.21. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, CEO Timothy D. Cook sold 334,000 shares of the company’s stock in a transaction dated Friday, August 26th. The shares were sold at an average price of $107.23, for a total value of $35,814,820.00. The disclosure for this sale can be found here. 0.08% of the stock is owned by corporate insiders.
Several hedge funds have recently made changes to their positions in AAPL. Cohen & Steers Inc. boosted its stake in 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 during the last quarter. Magellan Asset Management Ltd boosted its stake in Apple by 56.9% in the second quarter. Magellan Asset Management Ltd now owns 15,294,140 shares of the iPhone maker’s stock worth $1,462,120,000 after buying an additional 5,543,465 shares during the last quarter. Nordea Investment Management AB boosted its stake in Apple by 87.4% in the second quarter. Nordea Investment Management AB now owns 10,195,750 shares of the iPhone maker’s stock worth $974,714,000 after buying an additional 4,755,361 shares during the last quarter. NN Investment Partners Holdings N.V. bought a new stake in Apple during the first quarter worth $325,287,000. Finally, Franklin Resources Inc. boosted its stake in Apple by 20.2% in the second quarter. Franklin Resources Inc. now owns 17,027,764 shares of the iPhone maker’s stock worth $1,627,849,000 after buying an additional 2,857,040 shares during the last quarter. 56.41% of the stock is owned by hedge funds and other institutional investors.
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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