J P Morgan Chase & Co Analysts Give Apple Inc. (AAPL) a $165.00 Price Target
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.
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.
Receive News & Ratings for Apple Inc. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Apple Inc. and related companies with MarketBeat.com's FREE daily email newsletter.