Needham & Company LLC Reiterates Buy Rating for Apple Inc. (AAPL)
Apple Inc. (NASDAQ:AAPL)‘s stock had its “buy” rating reaffirmed by stock analysts at Needham & Company LLC in a report released on Thursday. They presently have a $175.00 price objective on the iPhone maker’s stock. Needham & Company LLC’s price target indicates a potential upside of 9.61% from the company’s previous close.
Several other research analysts have also recently weighed in on AAPL. BMO Capital Markets restated an “outperform” rating and issued a $170.00 price target (up previously from $160.00) on shares of Apple in a research note on Wednesday, May 17th. Morgan Stanley restated an “overweight” rating and issued a $177.00 price target (up previously from $161.00) on shares of Apple in a research note on Wednesday, May 17th. Vetr upgraded Apple from a “hold” rating to a “buy” rating and set a $159.81 price target for the company in a research note on Wednesday, May 17th. Wells Fargo & Company restated a “market perform” rating and issued a $140.00 price target on shares of Apple in a research note on Friday, May 19th. Finally, Royal Bank Of Canada set a $157.00 price target on Apple and gave the stock a “buy” rating in a research note on Friday, May 19th. Eleven investment analysts have rated the stock with a hold rating and forty-four have assigned a buy rating to the company. The company currently has a consensus rating of “Buy” and a consensus target price of $187.59.
Shares of Apple (NASDAQ AAPL) traded down 0.3898% on Thursday, reaching $159.0280. The company’s stock had a trading volume of 7,238,312 shares. The stock has a 50-day moving average of $158.37 and a 200 day moving average of $149.12. Apple has a 52-week low of $104.08 and a 52-week high of $164.94. The company has a market cap of $821.42 billion, a price-to-earnings ratio of 18.0550 and a beta of 1.27.
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, topping the Thomson Reuters’ consensus estimate of $1.57 by $0.10. Apple had a return on equity of 35.40% and a net margin of 20.87%. The firm had revenue of $45.41 billion during the quarter, compared to analysts’ expectations of $44.94 billion. During the same quarter in the previous year, the business earned $1.42 earnings per share. The company’s revenue was up 7.2% on a year-over-year basis. On average, equities research analysts forecast that Apple will post $9.01 earnings per share for the current year.
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In other news, insider Daniel J. Riccio sold 11,949 shares of the company’s stock in a transaction dated Thursday, July 6th. The shares were sold at an average price of $142.86, for a total value of $1,707,034.14. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Johny Srouji sold 5,892 shares of the company’s stock in a transaction dated Monday, August 28th. The shares were sold at an average price of $161.00, for a total transaction of $948,612.00. Following the completion of the sale, the insider now directly owns 70,358 shares of the company’s stock, valued at $11,327,638. The disclosure for this sale can be found here. Insiders sold 432,930 shares of company stock valued at $69,008,577 over the last ninety days. Corporate insiders own 0.08% of the company’s stock.
Large investors have recently made changes to their positions in the company. Saratoga Research & Investment Management raised its holdings in Apple by 0.6% during the first quarter. Saratoga Research & Investment Management now owns 667,132 shares of the iPhone maker’s stock worth $95,840,000 after purchasing an additional 4,137 shares in the last quarter. Pinnacle Bank purchased a new position in Apple during the first quarter worth about $1,924,000. Green Square Capital LLC raised its holdings in Apple by 6.7% during the first quarter. Green Square Capital LLC now owns 87,456 shares of the iPhone maker’s stock worth $12,564,000 after purchasing an additional 5,491 shares in the last quarter. Headinvest LLC raised its holdings in Apple by 2.5% during the second quarter. Headinvest LLC now owns 16,295 shares of the iPhone maker’s stock worth $2,347,000 after purchasing an additional 390 shares in the last quarter. Finally, Norges Bank purchased a new position in Apple during the fourth quarter worth about $5,625,709,000. 60.45% of the stock is owned by institutional investors and hedge funds.
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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