Apple Inc. (NASDAQ:AAPL) has been assigned a $170.00 price objective by research analysts at Sanford C. Bernstein in a research report issued to clients and investors on Tuesday. The brokerage presently has a “buy” rating on the iPhone maker’s stock. Sanford C. Bernstein’s price objective would suggest a potential upside of 11.78% from the stock’s previous close.

Several other equities analysts have also issued reports on the stock. BMO Capital Markets reiterated an “outperform” rating and set a $170.00 target price on shares of Apple in a report on Tuesday. Credit Suisse Group reiterated an “outperform” rating and set a $96.42 target price (down from $170.00) on shares of Apple in a report on Tuesday. Royal Bank Of Canada reiterated an “outperform” rating and set a $168.00 target price on shares of Apple in a report on Monday. Loop Capital assumed coverage on shares of Apple in a report on Monday. They set a “buy” rating and a $172.00 target price for the company. Finally, Wells Fargo & Company reiterated a “market perform” rating and set a $140.00 target price on shares of Apple in a report on Saturday. Eleven equities research analysts have rated the stock with a hold rating, forty-three have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. The stock presently has a consensus rating of “Buy” and an average target price of $159.22.

Shares of Apple (AAPL) traded up 0.86% during mid-day trading on Tuesday, hitting $153.40. The stock had a trading volume of 10,499,022 shares. The stock has a 50 day moving average price of $147.28 and a 200 day moving average price of $141.20. The firm has a market cap of $799.80 billion, a PE ratio of 18.00 and a beta of 1.31. Apple has a 52 week low of $96.42 and a 52 week high of $156.65.

Apple (NASDAQ:AAPL) last released its earnings results on Tuesday, May 2nd. The iPhone maker reported $2.10 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $2.02 by $0.08. Apple had a net margin of 20.74% and a return on equity of 35.09%. The firm had revenue of $52.90 billion during the quarter, compared to analyst estimates of $52.61 billion. Equities research analysts expect that Apple will post $8.90 EPS for the current fiscal year.

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

COPYRIGHT VIOLATION NOTICE: “Apple Inc. (AAPL) PT Set at $170.00 by Sanford C. Bernstein” was published by American Banking News and is the property of of American Banking News. If you are accessing this report on another domain, it was copied illegally and republished in violation of U.S. & international trademark & copyright laws. The correct version of this report can be read at https://www.americanbankingnews.com/2017/07/25/apple-inc-aapl-pt-set-at-170-00-by-sanford-c-bernstein.html.

In other Apple news, insider Angela J. Ahrendts sold 75,000 shares of the business’s stock in a transaction dated Monday, May 8th. The shares were sold at an average price of $147.98, for a total value of $11,098,500.00. Following the sale, the insider now directly owns 154,116 shares in the company, valued at $22,806,085.68. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider Daniel J. Riccio sold 11,949 shares of the business’s stock in a transaction dated Thursday, July 6th. The stock was sold at an average price of $142.86, for a total transaction of $1,707,034.14. The disclosure for this sale can be found here. Over the last quarter, insiders sold 373,000 shares of company stock worth $56,497,046. 0.08% of the stock is owned by company insiders.

Large investors have recently modified their holdings of the company. Hunter Associates Investment Management LLC increased its stake in Apple by 2.1% in the fourth quarter. Hunter Associates Investment Management LLC now owns 46,827 shares of the iPhone maker’s stock valued at $5,423,000 after buying an additional 965 shares during the last quarter. CWA Asset Management Group LLC increased its stake in Apple by 10.7% in the fourth quarter. CWA Asset Management Group LLC now owns 71,110 shares of the iPhone maker’s stock valued at $8,236,000 after buying an additional 6,852 shares during the last quarter. Twin Focus Capital Partners LLC increased its stake in Apple by 245.5% in the fourth quarter. Twin Focus Capital Partners LLC now owns 13,818 shares of the iPhone maker’s stock valued at $1,600,000 after buying an additional 9,818 shares during the last quarter. GFI Investment Counsel Ltd. bought a new stake in Apple during the fourth quarter valued at about $817,000. Finally, Hemenway Trust Co LLC increased its stake in Apple by 0.3% in the fourth quarter. Hemenway Trust Co LLC now owns 124,252 shares of the iPhone maker’s stock valued at $14,391,000 after buying an additional 337 shares during the last quarter. Hedge funds and other institutional investors own 61.23% 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)

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.