Sanford C. Bernstein Upgrades Apple Inc. (AAPL) to “Outperform”
Apple Inc. (NASDAQ:AAPL) was upgraded by research analysts at Sanford C. Bernstein to an “outperform” rating in a report released on Monday. The brokerage presently has a $175.00 price target on the iPhone maker’s stock. Sanford C. Bernstein’s price objective would suggest a potential upside of 12.06% from the company’s current price.
Other equities research analysts have also issued reports about the company. BMO Capital Markets restated an “outperform” rating and issued a $170.00 price target on shares of Apple in a research report on Tuesday, July 25th. Nomura restated a “buy” rating and issued a $165.00 price target on shares of Apple in a research report on Wednesday, July 5th. Barclays PLC restated a “hold” rating and issued a $146.00 price target on shares of Apple in a research report on Tuesday, August 15th. Vetr upgraded Apple from a “hold” rating to a “buy” rating and set a $166.96 price target for the company in a research report on Thursday, August 17th. Finally, J P Morgan Chase & Co set a $165.00 price target on Apple and gave the company a “buy” rating in a research report on Wednesday, July 19th. Seven analysts have rated the stock with a hold rating and forty-seven have given a buy rating to the stock. The company has an average rating of “Buy” and an average target price of $190.67.
Apple (NASDAQ:AAPL) traded down 0.05% during midday trading on Monday, hitting $156.17. The stock had a trading volume of 21,984,327 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 of $156.87 and a 200-day moving average of $152.30. The company has a market cap of $806.65 billion, a PE ratio of 17.73 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 EPS 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 company had revenue of $45.41 billion during the quarter, compared to analyst estimates of $44.94 billion. During the same period in the previous year, the business earned $1.42 EPS. Apple’s quarterly revenue was up 7.2% on a year-over-year basis. Equities research analysts forecast that Apple will post $9.01 EPS for the current year.
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In related news, insider Angela J. Ahrendts sold 63,388 shares of the stock in a transaction on Thursday, October 5th. The stock was sold at an average price of $154.21, for a total value of $9,775,063.48. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, SVP Johny Srouji sold 10,469 shares of the stock in a transaction on Wednesday, August 16th. The shares were sold at an average price of $162.20, for a total value of $1,698,071.80. Following the completion of the transaction, the senior vice president now directly owns 76,250 shares in the company, valued at approximately $12,367,750. The disclosure for this sale can be found here. Insiders sold 541,177 shares of company stock worth $85,864,804 in the last three months. 0.08% of the stock is currently owned by corporate insiders.
Large investors have recently bought and sold shares of the stock. Vantage Financial Partners Ltd. Inc. purchased a new position in Apple in the second quarter valued at $400,000. Blue Sky Asset Management LLC purchased a new position in shares of Apple during the second quarter worth about $108,000. FNY Managed Accounts LLC grew its holdings in shares of Apple by 852.4% during the second quarter. FNY Managed Accounts LLC now owns 800 shares of the iPhone maker’s stock worth $115,000 after purchasing an additional 716 shares during the last quarter. Hefty Wealth Partners grew its holdings in shares of Apple by 27.6% during the second quarter. Hefty Wealth Partners now owns 804 shares of the iPhone maker’s stock worth $115,000 after purchasing 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 worth about $117,000. 60.33% of the stock is currently owned by hedge funds and other institutional investors.
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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