Apple Inc. (NASDAQ:AAPL) Stock Rating Reaffirmed by Needham & Company LLC
Apple Inc. (NASDAQ:AAPL)‘s stock had its “buy” rating reaffirmed by equities research analysts at Needham & Company LLC in a research report issued on Thursday. They currently have a $165.00 price objective on the iPhone maker’s stock. Needham & Company LLC’s price objective points to a potential upside of 9.59% from the stock’s current price.
Several other research analysts have also recently commented on the company. Royal Bank Of Canada increased their price target on Apple from $157.00 to $168.00 and gave the company an “outperform” rating in a research report on Monday, May 22nd. Rosenblatt Securities set a $120.00 price target on Apple and gave the company a “hold” rating in a research report on Wednesday, May 3rd. Goldman Sachs Group, Inc. (The) reissued a “buy” rating and set a $170.00 price target (up from $164.00) on shares of Apple in a research report on Friday, May 12th. Cowen and Company reaffirmed an “outperform” rating and issued a $160.00 price objective on shares of Apple in a research report on Thursday, May 25th. Finally, Guggenheim reaffirmed a “buy” rating and issued a $180.00 price objective on shares of Apple in a research report on Thursday, June 1st. Twelve equities research analysts have rated the stock with a hold rating, forty-two have assigned a buy rating and one has given a strong buy rating to the stock. The company has an average rating of “Buy” and a consensus price target of $160.86.
Apple (NASDAQ:AAPL) traded down 1.89% during midday trading on Thursday, reaching $150.56. The company had a trading volume of 32,476,337 shares. Apple has a 52-week low of $96.42 and a 52-week high of $156.65. The company’s 50-day moving average is $147.21 and its 200 day moving average is $141.54. The company has a market cap of $785.00 billion, a PE ratio of 17.66 and a beta of 1.31.
Apple (NASDAQ:AAPL) last issued its quarterly earnings results on Tuesday, May 2nd. The iPhone maker reported $2.10 EPS for the quarter, beating the consensus estimate of $2.02 by $0.08. Apple had a return on equity of 35.09% and a net margin of 20.74%. The firm had revenue of $52.90 billion during the quarter, compared to analysts’ expectations of $52.61 billion. On average, equities research analysts forecast that Apple will post $8.89 EPS for the current year.
Apple declared that its board has initiated a stock buyback plan on Tuesday, May 2nd that allows the company to buyback $50.00 billion in shares. This buyback authorization allows the iPhone maker to purchase up to 6.5% of its stock through open market purchases. Stock buyback plans are typically a sign that the company’s board believes its shares are undervalued.
In related news, insider Daniel J. Riccio sold 11,949 shares of the firm’s stock in a transaction that occurred on Wednesday, June 7th. The shares were sold at an average price of $155.32, for a total transaction of $1,855,918.68. Following the completion of the sale, the insider now owns 13,049 shares of the company’s stock, valued at $2,026,770.68. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Angela J. Ahrendts sold 75,000 shares of the firm’s stock in a transaction that occurred on Monday, May 8th. The shares were sold at an average price of $147.98, for a total transaction of $11,098,500.00. Following the sale, the insider now directly owns 154,116 shares of the company’s stock, valued at approximately $22,806,085.68. The disclosure for this sale can be found here. Insiders have sold 373,000 shares of company stock valued at $56,497,046 over the last quarter. Company insiders own 0.08% of the company’s stock.
Several large investors have recently made changes to their positions in the stock. Norges Bank purchased a new stake in shares of Apple during the fourth quarter valued at $5,625,709,000. Asset Management One Co. Ltd. increased its stake in shares of Apple by 966.6% in the fourth quarter. Asset Management One Co. Ltd. now owns 9,457,769 shares of the iPhone maker’s stock valued at $1,096,072,000 after buying an additional 8,571,027 shares during the period. Harbour Capital Advisors LLC increased its stake in shares of Apple by 14,030.2% in the second quarter. Harbour Capital Advisors LLC now owns 4,515,315 shares of the iPhone maker’s stock valued at $31,352,000 after buying an additional 4,483,360 shares during the period. Glenview Capital Management LLC purchased a new stake in shares of Apple during the fourth quarter valued at $365,191,000. Finally, Canada Pension Plan Investment Board increased its stake in shares of Apple by 23.2% in the first quarter. Canada Pension Plan Investment Board now owns 9,289,482 shares of the iPhone maker’s stock valued at $1,334,527,000 after buying an additional 1,749,797 shares during the period. 61.23% of the stock is owned by institutional investors.
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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