Apple Inc. (AAPL) Raised to “Buy” at Vetr Inc.
Apple Inc. (NASDAQ:AAPL) was upgraded by equities research analysts at Vetr from a “hold” rating to a “buy” rating in a research note issued on Thursday. The brokerage currently has a $166.96 price target on the iPhone maker’s stock. Vetr‘s price target would indicate a potential upside of 5.76% from the company’s previous close.
Several other research firms have also recently weighed in on AAPL. Barclays PLC reissued a “hold” rating and issued a $146.00 price target on shares of Apple in a research note on Tuesday. BidaskClub raised shares of Apple from a “hold” rating to a “buy” rating in a research note on Wednesday. Drexel Hamilton reissued a “buy” rating and issued a $208.00 price target on shares of Apple in a research note on Wednesday, August 9th. Oppenheimer Holdings, Inc. reissued a “” rating on shares of Apple in a research note on Thursday, August 10th. Finally, UBS AG reissued a “buy” rating on shares of Apple in a research note on Tuesday, August 8th. Eleven research analysts have rated the stock with a hold rating, forty-three have issued a buy rating and one has assigned a strong buy rating to the stock. Apple presently has a consensus rating of “Buy” and an average target price of $167.38.
Shares of Apple (AAPL) traded down 1.92% on Thursday, hitting $157.86. The company’s stock had a trading volume of 27,940,565 shares. The stock has a 50-day moving average price of $151.60 and a 200 day moving average price of $145.37. The firm has a market cap of $815.38 billion, a price-to-earnings ratio of 17.92 and a beta of 1.31. Apple has a one year low of $102.53 and a one year high of $162.51.
Apple (NASDAQ:AAPL) last posted its quarterly earnings results on Tuesday, August 1st. The iPhone maker reported $1.67 earnings per share for the quarter, beating the consensus estimate of $1.57 by $0.10. Apple had a net margin of 20.87% and a return on equity of 35.40%. The business had revenue of $45.41 billion during the quarter, compared to analysts’ expectations of $44.94 billion. During the same quarter in the prior year, the company posted $1.42 EPS. The business’s revenue for the quarter was up 7.2% on a year-over-year basis. Equities research analysts predict that Apple will post $9.02 EPS for the current year.
Apple declared that its board has authorized 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 buy up to 6.5% of its stock through open market purchases. Stock buyback plans are often an indication that the company’s management believes its stock is undervalued.
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In other news, insider Luca Maestri sold 4,757 shares of the firm’s stock in a transaction dated Friday, June 2nd. The shares were sold at an average price of $154.70, for a total transaction of $735,907.90. Following the completion of the transaction, the insider now owns 3,414 shares in the company, valued at approximately $528,145.80. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, SVP Johny Srouji sold 10,000 shares of the firm’s stock in a transaction dated Monday, May 22nd. The shares were sold at an average price of $153.20, for a total transaction of $1,532,000.00. Following the transaction, the senior vice president now owns 96,738 shares of the company’s stock, valued at approximately $14,820,261.60. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 294,171 shares of company stock valued at $45,707,922. Insiders own 0.08% of the company’s stock.
Institutional investors have recently bought and sold shares of the stock. Vantage Financial Partners Ltd. Inc. purchased a new position in shares of Apple during the second quarter valued at approximately $400,000. Blue Sky Asset Management LLC purchased a new position in shares of Apple during the second quarter valued at approximately $108,000. FNY Managed Accounts LLC boosted its position in shares of Apple by 852.4% in the second quarter. FNY Managed Accounts LLC now owns 800 shares of the iPhone maker’s stock valued at $115,000 after buying an additional 716 shares during the last quarter. Hefty Wealth Partners boosted its position in shares of Apple by 27.6% in the second quarter. Hefty Wealth Partners now owns 804 shares of the iPhone maker’s stock valued at $115,000 after buying an additional 174 shares during the last quarter. Finally, American Beacon Advisors Inc. purchased a new position in shares of Apple during the first quarter valued at approximately $117,000. Institutional investors own 61.50% 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.
To view Vetr’s full report, visit Vetr’s official website.
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