Apple Inc. (AAPL) Upgraded to Buy at Zacks Investment Research
Apple Inc. (NASDAQ:AAPL) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a report issued on Tuesday. The brokerage presently has a $132.00 target price on the iPhone maker’s stock. Zacks Investment Research’s price objective indicates a potential upside of 12.29% from the company’s previous close.
According to Zacks, “Apple has been taking initiatives to strengthen its foothold in China. The company recently announced plans to set up another R&D facility in the country. Last month, Apple unveiled the much-awaited iPhone 7 and iPhone 7 Plus and a newer version of Apple Watch. The company also provided updates on Apple Music, App Store and Apple Watch in addition to the software upgrades. Apple remains optimistic about growth in regions like India and a decent rebound in China. A loyal customer base and a strong ecosystem are the other positives. However, in the near term, macroeconomic headwinds in some key regions amid increasing competition remain a concern. Also, the company is embroiled in tax issues for its Ireland operations, which remains an overhang on its financials. Estimates have largely remained stable ahead of the company's fourth quarter fiscal 2016 earnings release.”
Other equities analysts also recently issued reports about the stock. Raymond James Financial Inc. restated a “hold” rating on shares of Apple in a report on Saturday, July 9th. Barclays PLC reaffirmed a “buy” rating on shares of Apple in a research report on Sunday, July 17th. Credit Suisse Group AG reaffirmed a “buy” rating and set a $150.00 price objective on shares of Apple in a research report on Sunday, July 17th. Brean Capital reaffirmed a “buy” rating and set a $125.00 price objective on shares of Apple in a research report on Wednesday, July 27th. Finally, Oppenheimer Holdings Inc. reaffirmed a “market perform” rating on shares of Apple in a research report on Thursday, August 11th. Three investment analysts have rated the stock with a sell rating, seven have assigned a hold rating, forty-four have given a buy rating and two have given a strong buy rating to the company’s stock. The stock currently has an average rating of “Buy” and a consensus price target of $127.11.
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Shares of Apple (NASDAQ:AAPL) traded up 0.430% during midday trading on Tuesday, hitting $118.055. 11,924,458 shares of the company were exchanged. The company has a 50-day moving average of $111.87 and a 200 day moving average of $103.64. The company has a market capitalization of $636.13 billion, a P/E ratio of 13.766 and a beta of 1.22. Apple has a one year low of $89.47 and a one year high of $123.82.
Apple (NASDAQ:AAPL) last issued its earnings results 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 business had revenue of $42.36 billion for the quarter, compared to the consensus estimate of $42.35 billion. Apple had a net margin of 21.70% and a return on equity of 37.89%. The firm’s revenue for the quarter was down 14.6% on a year-over-year basis. During the same period in the previous year, the company earned $1.85 earnings per share. On average, 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 stock in a transaction that occurred on Monday, August 15th. The stock was sold at an average price of $108.44, for a total value of $1,065,639.88. Following the sale, the insider now directly owns 116,369 shares in the company, valued at $12,619,054.36. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, Director Arthur D. Levinson sold 70,000 shares of the stock in a transaction that occurred on Tuesday, August 9th. The stock was sold at an average price of $108.68, for a total value of $7,607,600.00. Following the completion of the sale, the director now owns 1,203,283 shares in the company, valued at $130,772,796.44. The disclosure for this sale can be found here. 0.08% of the stock is owned by insiders.
Several large investors have recently modified their holdings of the company. Levy Harkins & Co. Inc. increased its stake in shares of Apple by 0.8% in the third quarter. Levy Harkins & Co. Inc. now owns 178,199 shares of the iPhone maker’s stock valued at $20,145,000 after buying an additional 1,384 shares during the last quarter. Capital Investment Advisors LLC increased its stake in shares of Apple by 5.3% in the third quarter. Capital Investment Advisors LLC now owns 63,301 shares of the iPhone maker’s stock valued at $7,156,000 after buying an additional 3,214 shares during the last quarter. Hengehold Capital Management LLC increased its stake in shares of Apple by 21.1% in the third quarter. Hengehold Capital Management LLC now owns 4,377 shares of the iPhone maker’s stock valued at $495,000 after buying an additional 762 shares during the last quarter. WESPAC Advisors LLC acquired a new stake in shares of Apple during the third quarter valued at $359,000. Finally, Cim LLC increased its stake in shares of Apple by 4.9% in the third quarter. Cim LLC now owns 83,410 shares of the iPhone maker’s stock valued at $9,430,000 after buying an additional 3,868 shares during the last quarter. Hedge funds and other institutional investors own 56.41% of the company’s stock.
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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