Apple Inc. (NASDAQ:AAPL) has been assigned a $165.00 price target by equities research analysts at J P Morgan Chase & Co in a note issued to investors on Wednesday. The brokerage currently has a “buy” rating on the iPhone maker’s stock. J P Morgan Chase & Co’s price target points to a potential upside of 9.94% from the stock’s current price.

AAPL has been the subject of several other reports. Sanford C. Bernstein upped their price target on shares of Apple from $140.00 to $160.00 and gave the company an “outperform” rating in a research report on Tuesday, March 21st. Goldman Sachs Group, Inc. (The) set a $150.00 price target on shares of Apple and gave the company a “buy” rating in a research report on Wednesday, March 22nd. Nomura restated a “buy” rating and issued a $135.00 price target on shares of Apple in a research report on Thursday, March 23rd. Instinet upped their price target on shares of Apple from $135.00 to $165.00 and gave the company a “buy” rating in a research report on Friday, March 24th. Finally, Royal Bank Of Canada restated an “outperform” rating and issued a $155.00 price target on shares of Apple in a research report on Friday, March 24th. Eleven equities research analysts have rated the stock with a hold rating, forty-two have given a buy rating and one has issued a strong buy rating to the company. Apple currently has an average rating of “Buy” and an average target price of $160.38.

Apple (NASDAQ:AAPL) traded up 0.3362% during mid-day trading on Wednesday, hitting $150.5846. 2,676,074 shares of the stock traded hands. Apple has a 52 week low of $96.42 and a 52 week high of $156.65. The firm’s 50-day moving average price is $147.60 and its 200-day moving average price is $140.37. The firm has a market cap of $785.12 billion, a P/E ratio of 17.6660 and a beta of 1.31.

Apple (NASDAQ:AAPL) last released its quarterly earnings data on Tuesday, May 2nd. The iPhone maker reported $2.10 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $2.02 by $0.08. The business had revenue of $52.90 billion during the quarter, compared to analysts’ expectations of $52.61 billion. Apple had a net margin of 20.74% and a return on equity of 35.09%. On average, equities analysts forecast that Apple will post $8.91 earnings per share for the current fiscal year.

Apple declared that its Board of Directors has initiated a stock buyback program on Tuesday, May 2nd that allows the company to buyback $50.00 billion in shares. This buyback authorization allows the iPhone maker to repurchase up to 6.5% of its stock through open market purchases. Stock buyback programs are typically an indication that the company’s management believes its stock is undervalued.

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In other news, insider Angela J. Ahrendts sold 75,000 shares of the business’s stock in a transaction that occurred on Monday, May 8th. The stock was sold at an average price of $147.98, for a total transaction of $11,098,500.00. Following the completion of the transaction, the insider now directly owns 154,116 shares in the company, valued at $22,806,085.68. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Arthur D. Levinson sold 35,000 shares of the business’s stock in a transaction that occurred on Tuesday, May 9th. The stock was sold at an average price of $153.88, for a total value of $5,385,800.00. Following the transaction, the director now owns 1,168,283 shares of the company’s stock, valued at $179,775,388.04. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 379,308 shares of company stock valued at $57,391,709. Insiders own 0.08% of the company’s stock.

Several institutional investors have recently modified their holdings of the company. EQIS Capital Management increased its position in shares of Apple by 249.3% in the fourth quarter. EQIS Capital Management now owns 54,153 shares of the iPhone maker’s stock valued at $5,700,000 after buying an additional 38,648 shares in the last quarter. EisnerAmper Wealth Management increased its stake in Apple by 3.3% in the fourth quarter. EisnerAmper Wealth Management now owns 12,310 shares of the iPhone maker’s stock worth $1,296,000 after buying an additional 391 shares during the period. Cullinan Associates increased its stake in Apple by 33.8% in the fourth quarter. Cullinan Associates now owns 164,400 shares of the iPhone maker’s stock worth $17,305,000 after buying an additional 41,513 shares during the period. Capital City Trust Company increased its stake in Apple by 4.7% in the fourth quarter. Capital City Trust Company now owns 53,958 shares of the iPhone maker’s stock worth $5,679,000 after buying an additional 2,410 shares during the period. Finally, Webster Bank increased its stake in Apple by 3.3% in the fourth quarter. Webster Bank now owns 106,489 shares of the iPhone maker’s stock worth $11,209,000 after buying an additional 3,428 shares during the period. Institutional investors and hedge funds own 61.21% 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.

Analyst Recommendations for Apple (NASDAQ:AAPL)

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