Apple Inc. (AAPL) Stock Rating Reaffirmed by Rosenblatt Securities
Apple Inc. (NASDAQ:AAPL)‘s stock had its “neutral” rating reissued by equities researchers at Rosenblatt Securities in a research note issued to investors on Tuesday. They presently have a $150.00 target price on the iPhone maker’s stock, up from their previous target price of $120.00. Rosenblatt Securities’ target price suggests a potential downside of 6.30% from the company’s previous close.
A number of other research analysts also recently issued reports on AAPL. UBS AG restated a “buy” rating and issued a $151.00 price target on shares of Apple in a research report on Monday, April 24th. J P Morgan Chase & Co restated an “overweight” rating and issued a $176.00 price target (up previously from $165.00) on shares of Apple in a research report on Wednesday, August 2nd. Royal Bank Of Canada restated an “outperform” rating and issued a $176.00 price target (up previously from $168.00) on shares of Apple in a research report on Wednesday, August 2nd. Needham & Company LLC restated a “buy” rating and issued a $175.00 price target (up previously from $165.00) on shares of Apple in a research report on Wednesday, August 2nd. They noted that the move was a valuation call. Finally, Instinet restated a “buy” rating and issued a $175.00 price target (up previously from $165.00) on shares of Apple in a research report on Wednesday, August 2nd. Thirteen analysts have rated the stock with a hold rating, forty-one have assigned a buy rating and one has given a strong buy rating to the company. The company has a consensus rating of “Buy” and a consensus target price of $167.54.
Shares of Apple (AAPL) traded up 0.80% during midday trading on Tuesday, reaching $160.08. 36,205,896 shares of the company’s stock traded hands. Apple has a 52-week low of $102.53 and a 52-week high of $161.83. The stock has a market cap of $827.58 billion, a P/E ratio of 18.17 and a beta of 1.31. The stock has a 50-day moving average price of $148.46 and a 200-day moving average price of $143.51.
Apple (NASDAQ:AAPL) last issued its quarterly earnings results on Tuesday, August 1st. The iPhone maker reported $1.67 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $1.57 by $0.10. The firm had revenue of $45.41 billion for the quarter, compared to the consensus estimate of $44.94 billion. Apple had a net margin of 20.87% and a return on equity of 35.40%. The company’s revenue for the quarter was up 7.2% on a year-over-year basis. During the same quarter in the previous year, the company earned $1.42 EPS. Analysts forecast that Apple will post $9.00 earnings per share for the current year.
Apple announced that its board has initiated a share buyback program on Tuesday, May 2nd that permits the company to repurchase $50.00 billion in outstanding shares. This repurchase authorization permits the iPhone maker to buy up to 6.5% of its shares through open market purchases. Shares repurchase programs are often an indication that the company’s board of directors believes its stock is undervalued.
In other Apple news, insider Craig Federighi sold 64,500 shares of Apple stock in a transaction that occurred on Wednesday, May 24th. The stock was sold at an average price of $153.62, for a total value of $9,908,490.00. Following the sale, the insider now owns 447,151 shares of the company’s stock, valued at approximately $68,691,336.62. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, insider Daniel J. Riccio sold 11,949 shares of Apple stock in a transaction that occurred on Thursday, July 6th. The stock was sold at an average price of $142.86, for a total value of $1,707,034.14. The disclosure for this sale can be found here. In the last ninety days, insiders sold 195,500 shares of company stock worth $29,971,446. Corporate insiders own 0.08% of the company’s stock.
Several institutional investors have recently added to or reduced their stakes in AAPL. Saratoga Research & Investment Management increased its position in Apple by 0.6% in the first quarter. Saratoga Research & Investment Management now owns 667,132 shares of the iPhone maker’s stock valued at $95,840,000 after buying an additional 4,137 shares in the last quarter. Pinnacle Bank bought a new position in Apple during the first quarter valued at $1,924,000. Norges Bank bought a new position in Apple during the fourth quarter valued at $5,625,709,000. Perigon Wealth Management LLC increased its position in Apple by 5.9% in the fourth quarter. Perigon Wealth Management LLC now owns 147,469 shares of the iPhone maker’s stock valued at $20,613,000 after buying an additional 8,233 shares in the last quarter. Finally, IFM Investors Pty Ltd bought a new position in Apple during the fourth quarter valued at $7,910,000. 61.13% of the stock is currently owned by hedge funds and other 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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