Apple (AAPL) Earns Overweight Rating from Morgan Stanley

Apple (NASDAQ:AAPL)‘s stock had its “overweight” rating reiterated by equities researchers at Morgan Stanley in a note issued to investors on Friday, Marketbeat reports. They presently have a $236.00 price target on the iPhone maker’s stock, down from their previous price target of $253.00. Morgan Stanley’s price objective indicates a potential upside of 43.25% from the stock’s current price.

Several other research firms have also issued reports on AAPL. Tigress Financial reissued a “buy” rating on shares of Apple in a research note on Thursday, August 30th. Robert W. Baird set a $230.00 target price on Apple and gave the stock a “buy” rating in a research note on Tuesday, September 4th. New Street Research reissued a “sell” rating on shares of Apple in a research note on Tuesday, September 18th. Needham & Company LLC increased their target price on Apple from $220.00 to $260.00 and gave the stock a “buy” rating in a research note on Thursday, September 13th. Finally, Citigroup decreased their target price on Apple from $265.00 to $240.00 and set a “buy” rating on the stock in a research note on Friday, November 2nd. Four equities research analysts have rated the stock with a sell rating, twenty-three have assigned a hold rating and twenty-four have assigned a buy rating to the company’s stock. Apple currently has an average rating of “Hold” and an average price target of $218.44.

Shares of NASDAQ AAPL traded down $3.74 during mid-day trading on Friday, reaching $164.75. 30,043,870 shares of the company’s stock were exchanged, compared to its average volume of 39,397,136. The stock has a market cap of $828.15 billion, a PE ratio of 13.83, a P/E/G ratio of 1.21 and a beta of 1.21. The company has a current ratio of 1.12, a quick ratio of 1.09 and a debt-to-equity ratio of 0.87. Apple has a 52-week low of $150.24 and a 52-week high of $233.47.

Apple (NASDAQ:AAPL) last posted its earnings results on Thursday, November 1st. The iPhone maker reported $2.91 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $2.78 by $0.13. Apple had a return on equity of 48.68% and a net margin of 22.41%. The firm had revenue of $62.90 billion for the quarter, compared to analyst estimates of $61.55 billion. During the same quarter in the prior year, the company earned $2.07 EPS. Apple’s revenue was up 19.6% on a year-over-year basis. Research analysts predict that Apple will post 13.32 EPS for the current year.

In other news, insider Luca Maestri sold 100,245 shares of the firm’s stock in a transaction dated Thursday, October 4th. The stock was sold at an average price of $228.56, for a total transaction of $22,911,997.20. Following the sale, the insider now owns 91,665 shares of the company’s stock, valued at approximately $20,950,952.40. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Chris Kondo sold 3,408 shares of the firm’s stock in a transaction dated Monday, November 19th. The stock was sold at an average price of $190.00, for a total value of $647,520.00. Following the sale, the insider now directly owns 8,940 shares in the company, valued at approximately $1,698,600. The disclosure for this sale can be found here. Insiders sold a total of 204,845 shares of company stock worth $47,015,677 in the last ninety days. 0.06% of the stock is owned by corporate insiders.

Several hedge funds and other institutional investors have recently modified their holdings of the company. Marshall Wace LLP raised its position in shares of Apple by 472.7% during the 3rd quarter. Marshall Wace LLP now owns 64,057 shares of the iPhone maker’s stock worth $14,460,000 after acquiring an additional 52,871 shares in the last quarter. Matthew Goff Investment Advisor LLC raised its position in shares of Apple by 39.3% during the 3rd quarter. Matthew Goff Investment Advisor LLC now owns 3,171 shares of the iPhone maker’s stock worth $716,000 after acquiring an additional 895 shares in the last quarter. Burleson & Company LLC raised its position in shares of Apple by 6.7% during the 3rd quarter. Burleson & Company LLC now owns 16,519 shares of the iPhone maker’s stock worth $3,070,000 after acquiring an additional 1,044 shares in the last quarter. Great Lakes Advisors LLC raised its position in shares of Apple by 3.3% during the 3rd quarter. Great Lakes Advisors LLC now owns 411,060 shares of the iPhone maker’s stock worth $92,793,000 after acquiring an additional 12,966 shares in the last quarter. Finally, Clearbridge Investments LLC raised its position in shares of Apple by 3.7% during the 3rd quarter. Clearbridge Investments LLC now owns 7,378,640 shares of the iPhone maker’s stock worth $1,665,654,000 after acquiring an additional 261,384 shares in the last quarter. 57.10% of the stock is currently owned by institutional investors and hedge funds.

About Apple

Apple Inc designs, manufactures, and markets mobile communication and media devices, and personal computers. It also sells various related software, services, accessories, and third-party digital content and applications. The company offers iPhone, a line of smartphones; iPad, a line of multi-purpose tablets; and Mac, a line of desktop and portable personal computers, as well as iOS, macOS, watchOS, and tvOS operating systems.

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