Apple’s (AAPL) Buy Rating Reaffirmed at Needham & Company LLC

Apple (NASDAQ:AAPLGet Free Report)‘s stock had its “buy” rating reaffirmed by investment analysts at Needham & Company LLC in a report issued on Tuesday, Benzinga reports. They presently have a $220.00 price target on the iPhone maker’s stock. Needham & Company LLC’s price objective suggests a potential upside of 13.92% from the stock’s current price.

A number of other research firms have also recently commented on AAPL. Barclays raised their price target on Apple from $158.00 to $164.00 and gave the company an “underweight” rating in a report on Friday, May 3rd. Maxim Group started coverage on Apple in a report on Wednesday, April 17th. They set a “hold” rating and a $178.00 price target on the stock. Citigroup reduced their target price on Apple from $220.00 to $210.00 and set a “buy” rating on the stock in a report on Monday, April 29th. Canaccord Genuity Group lifted their target price on Apple from $200.00 to $215.00 and gave the stock a “buy” rating in a report on Friday, May 3rd. Finally, Tigress Financial lifted their target price on Apple from $240.00 to $245.00 and gave the stock a “strong-buy” rating in a report on Thursday, May 30th. One research analyst has rated the stock with a sell rating, twelve have assigned a hold rating, twenty-one have given a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $207.47.

Get Our Latest Analysis on AAPL

Apple Price Performance

Shares of Apple stock opened at $193.12 on Tuesday. Apple has a one year low of $164.07 and a one year high of $199.62. The stock’s fifty day moving average is $180.37 and its 200 day moving average is $183.39. The stock has a market cap of $2.96 trillion, a P/E ratio of 30.03, a P/E/G ratio of 2.40 and a beta of 1.25. The company has a debt-to-equity ratio of 1.24, a quick ratio of 0.99 and a current ratio of 1.04.

Apple (NASDAQ:AAPLGet Free Report) last announced its earnings results on Thursday, May 2nd. The iPhone maker reported $1.53 EPS for the quarter, topping analysts’ consensus estimates of $1.51 by $0.02. The company had revenue of $90.75 billion for the quarter, compared to analysts’ expectations of $90.37 billion. Apple had a return on equity of 148.33% and a net margin of 26.31%. Apple’s revenue for the quarter was down 4.3% compared to the same quarter last year. During the same period last year, the firm earned $1.52 EPS. Sell-side analysts anticipate that Apple will post 6.57 earnings per share for the current year.

Apple declared that its Board of Directors has initiated a stock buyback plan on Thursday, May 2nd that allows the company to buyback $110.00 billion in shares. This buyback authorization allows the iPhone maker to reacquire up to 3.9% of its stock through open market purchases. Stock buyback plans are usually a sign that the company’s board of directors believes its shares are undervalued.

Insider Buying and Selling at Apple

In other Apple news, SVP Deirdre O’brien sold 54,732 shares of the business’s stock in a transaction that occurred on Tuesday, April 2nd. The stock was sold at an average price of $168.91, for a total transaction of $9,244,782.12. Following the completion of the transaction, the senior vice president now owns 136,572 shares in the company, valued at $23,068,376.52. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In related news, SVP Deirdre O’brien sold 54,732 shares of the business’s stock in a transaction that occurred on Tuesday, April 2nd. The stock was sold at an average price of $168.91, for a total value of $9,244,782.12. Following the completion of the sale, the senior vice president now owns 136,572 shares in the company, valued at $23,068,376.52. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Arthur D. Levinson sold 75,000 shares of the business’s stock in a transaction that occurred on Thursday, May 30th. The shares were sold at an average price of $191.58, for a total value of $14,368,500.00. Following the completion of the sale, the director now owns 4,359,576 shares of the company’s stock, valued at approximately $835,207,570.08. The disclosure for this sale can be found here. Insiders sold 346,270 shares of company stock worth $60,880,196 over the last 90 days. Company insiders own 0.06% of the company’s stock.

Institutional Trading of Apple

A number of large investors have recently modified their holdings of AAPL. Wyrmwood Management LLC raised its stake in Apple by 69.0% in the fourth quarter. Wyrmwood Management LLC now owns 169 shares of the iPhone maker’s stock worth $33,000 after buying an additional 69 shares in the last quarter. Christopher J. Hasenberg Inc bought a new position in Apple in the first quarter worth approximately $35,000. Fidelis Capital Partners LLC raised its stake in Apple by 17.9% in the first quarter. Fidelis Capital Partners LLC now owns 206,455 shares of the iPhone maker’s stock worth $35,000 after buying an additional 31,278 shares in the last quarter. A.P. Gilfoyle & Co. L.P. bought a new position in Apple in the fourth quarter worth approximately $39,000. Finally, Gilfoyle & Co LLC raised its stake in Apple by 118.0% in the fourth quarter. Gilfoyle & Co LLC now owns 218 shares of the iPhone maker’s stock worth $40,000 after buying an additional 118 shares in the last quarter. Hedge funds and other institutional investors own 60.41% of the company’s stock.

Apple Company Profile

(Get Free Report)

Apple Inc designs, manufactures, and markets smartphones, personal computers, tablets, wearables, and accessories worldwide. The company offers iPhone, a line of smartphones; Mac, a line of personal computers; iPad, a line of multi-purpose tablets; and wearables, home, and accessories comprising AirPods, Apple TV, Apple Watch, Beats products, and HomePod.

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