Apple’s (AAPL) “Buy” Rating Reaffirmed at Nomura
Apple Inc. (NASDAQ:AAPL)‘s stock had its “buy” rating reissued by Nomura in a report issued on Tuesday. They presently have a $135.00 target price on the iPhone maker’s stock. Nomura’s price objective would indicate a potential upside of 14.84% from the company’s current price.
Several other equities research analysts have also recently weighed in on AAPL. Vetr raised Apple from a “buy” rating to a “strong-buy” rating and set a $107.09 price target for the company in a research note on Monday, June 20th. Mizuho reissued a “buy” rating and issued a $120.00 price target on shares of Apple in a research note on Tuesday, June 21st. Cowen and Company reissued an “outperform” rating and issued a $125.00 price target on shares of Apple in a research note on Wednesday, June 22nd. Canaccord Genuity cut their target price on Apple from $130.00 to $120.00 and set a “buy” rating on the stock in a research report on Thursday, June 23rd. Finally, Morgan Stanley restated a “buy” rating and set a $120.00 target price on shares of Apple in a research report on Monday, June 27th. Three investment analysts have rated the stock with a sell rating, seven have given a hold rating, forty-four have assigned a buy rating and two have assigned a strong buy rating to the company. Apple has an average rating of “Buy” and a consensus price target of $127.11.
Apple (NASDAQ:AAPL) traded up 0.3528% on Tuesday, hitting $117.9647. The company’s stock had a trading volume of 14,043,248 shares. The firm has a 50 day moving average of $111.87 and a 200-day moving average of $103.64. Apple has a 12 month low of $89.47 and a 12 month high of $123.82. The stock has a market cap of $635.65 billion, a PE ratio of 13.7552 and a beta of 1.22.
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Apple (NASDAQ:AAPL) last issued its quarterly earnings results on Tuesday, July 26th. The iPhone maker reported $1.42 earnings per share for the quarter, beating the consensus estimate of $1.38 by $0.04. The company 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 business’s quarterly revenue was down 14.6% on a year-over-year basis. During the same quarter in the prior year, the firm posted $1.85 earnings per share. On average, analysts expect that Apple will post $8.26 earnings per share for the current fiscal year.
In other Apple news, insider Johny Srouji sold 9,827 shares of the firm’s stock in a transaction dated Monday, August 15th. The shares were sold at an average price of $108.44, for a total value 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 sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, SVP D Bruce Sewell sold 23,305 shares of the firm’s stock in a transaction dated Friday, August 5th. The stock was sold at an average price of $107.49, for a total transaction 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 disclosure for this sale can be found here. 0.08% of the stock is currently owned by company insiders.
Hedge funds have recently made changes to their positions in the company. Vanguard Group Inc. increased its stake in shares of Apple by 0.4% in the second quarter. Vanguard Group Inc. now owns 331,395,817 shares of the iPhone maker’s stock valued at $31,681,440,000 after buying an additional 1,408,642 shares during the last quarter. BlackRock Group LTD increased its stake in shares of Apple by 1.6% in the second quarter. BlackRock Group LTD now owns 48,083,386 shares of the iPhone maker’s stock valued at $4,596,772,000 after buying an additional 759,339 shares during the last quarter. TIAA CREF Investment Management LLC increased its stake in shares of Apple by 0.8% in the first quarter. TIAA CREF Investment Management LLC now owns 36,623,863 shares of the iPhone maker’s stock valued at $3,991,635,000 after buying an additional 301,502 shares during the last quarter. Legal & General Group Plc increased its stake in shares of Apple by 2.6% in the second quarter. Legal & General Group Plc now owns 24,474,691 shares of the iPhone maker’s stock valued at $2,339,700,000 after buying an additional 625,760 shares during the last quarter. Finally, Cohen & Steers Inc. increased its stake in shares of Apple by 6,771.0% in the second quarter. Cohen & Steers Inc. now owns 22,633,195 shares of the iPhone maker’s stock valued at $999,482,000 after buying an additional 22,303,795 shares during the last quarter. 56.41% 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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