Apple Inc. (AAPL) Given “Buy” Rating at Guggenheim
Apple Inc. (NASDAQ:AAPL)‘s stock had its “buy” rating reissued by equities research analysts at Guggenheim in a research report issued to clients and investors on Monday. They presently have a $200.00 price objective on the iPhone maker’s stock. Guggenheim’s price objective points to a potential upside of 26.05% from the stock’s current price.
A number of other equities analysts have also recently issued reports on the company. Royal Bank Of Canada upped their price objective on Apple from $157.00 to $168.00 and gave the stock an “outperform” rating in a report on Monday, May 22nd. Morgan Stanley upped their price objective on Apple from $177.00 to $182.00 and gave the stock an “overweight” rating in a report on Monday, July 17th. Needham & Company LLC reiterated a “buy” rating and issued a $175.00 price objective (up from $165.00) on shares of Apple in a report on Wednesday, August 2nd. They noted that the move was a valuation call. Cleveland Research upgraded Apple from a “neutral” rating to a “buy” rating and set a $197.00 price objective for the company in a report on Tuesday, August 29th. Finally, Bank of America Corporation reiterated a “buy” rating and issued a $180.00 price objective (up from $175.00) on shares of Apple in a report on Wednesday, August 2nd. Eleven investment analysts have rated the stock with a hold rating and forty-four have issued a buy rating to the company’s stock. The stock has a consensus rating of “Buy” and a consensus target price of $187.85.
Shares of Apple (NASDAQ:AAPL) traded down 0.76% during mid-day trading on Monday, hitting $158.67. The stock had a trading volume of 28,269,435 shares. Apple has a 12 month low of $104.08 and a 12 month high of $164.94. The firm has a 50 day moving average price of $159.23 and a 200-day moving average price of $149.72. The stock has a market cap of $819.57 billion, a P/E ratio of 18.01 and a beta of 1.27.
Apple (NASDAQ:AAPL) last posted its quarterly earnings data on Tuesday, August 1st. The iPhone maker reported $1.67 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates 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 period in the prior year, the business earned $1.42 EPS. The company’s revenue for the quarter was up 7.2% compared to the same quarter last year. On average, equities research analysts forecast that Apple will post $9.01 EPS for the current year.
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In other news, Director Arthur D. Levinson sold 35,000 shares of the stock in a transaction dated Monday, August 7th. The shares were sold at an average price of $157.58, for a total transaction of $5,515,300.00. Following the sale, the director now directly owns 1,168,283 shares of the company’s stock, valued at approximately $184,098,035.14. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, insider Johny Srouji sold 5,892 shares of the stock in a transaction dated Monday, August 28th. The stock was sold at an average price of $161.00, for a total transaction of $948,612.00. Following the sale, the insider now directly owns 70,358 shares in the company, valued at $11,327,638. The disclosure for this sale can be found here. Over the last three months, insiders have sold 432,930 shares of company stock worth $69,008,577. Corporate insiders own 0.08% of the company’s stock.
Hedge funds have recently bought and sold shares of the company. Blue Sky Asset Management LLC purchased a new stake in shares of Apple during the 2nd quarter worth about $108,000. Hefty Wealth Partners boosted its stake in shares of Apple by 27.6% during the 2nd quarter. Hefty Wealth Partners now owns 804 shares of the iPhone maker’s stock worth $115,000 after acquiring an additional 174 shares in the last quarter. FNY Managed Accounts LLC boosted its stake in shares of Apple by 852.4% during the 2nd quarter. FNY Managed Accounts LLC now owns 800 shares of the iPhone maker’s stock worth $115,000 after acquiring an additional 716 shares in the last quarter. American Beacon Advisors Inc. purchased a new stake in shares of Apple during the 1st quarter worth about $117,000. Finally, Private Vista LLC purchased a new stake in shares of Apple during the 2nd quarter worth about $122,000. 60.35% of the stock is currently owned by institutional investors and hedge funds.
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.
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