Sanford C. Bernstein Reaffirms “Outperform” Rating for Apple Inc. (AAPL)
Apple Inc. (NASDAQ:AAPL)‘s stock had its “outperform” rating reaffirmed by equities researchers at Sanford C. Bernstein in a research note issued on Wednesday. They presently have a $125.00 target price on the iPhone maker’s stock. Sanford C. Bernstein’s price target points to a potential upside of 9.70% from the stock’s current price.
AAPL has been the topic of a number of other research reports. Drexel Hamilton reaffirmed a “buy” rating and set a $185.00 price objective on shares of Apple in a research note on Wednesday, September 14th. Piper Jaffray Cos. raised Apple to an “overweight” rating and set a $151.00 price objective on the stock in a research note on Friday, September 16th. Canaccord Genuity reaffirmed a “buy” rating and set a $140.00 price objective (up previously from $120.00) on shares of Apple in a research note on Monday, September 12th. Nomura raised their price target on Apple from $120.00 to $135.00 and gave the stock a “buy” rating in a research note on Thursday, September 22nd. Finally, Mizuho reissued a “buy” rating and issued a $120.00 price target on shares of Apple in a research note on Thursday, September 1st. Four investment analysts have rated the stock with a sell rating, nine have issued a hold rating, forty-two have issued a buy rating and two have issued a strong buy rating to the stock. The company has an average rating of “Buy” and an average price target of $126.54.
Shares of Apple (NASDAQ:AAPL) traded up 0.76% during midday trading on Wednesday, reaching $113.95. 29,614,135 shares of the company’s stock traded hands. Apple has a 52 week low of $89.47 and a 52 week high of $123.82. The stock’s 50 day moving average is $109.35 and its 200-day moving average is $102.74. The company has a market capitalization of $614.01 billion, a PE ratio of 13.29 and a beta of 1.14.
Apple (NASDAQ:AAPL) last posted its quarterly earnings data on Tuesday, July 26th. The iPhone maker reported $1.42 EPS for the quarter, beating analysts’ consensus estimates of $1.38 by $0.04. The business had revenue of $42.36 billion for the quarter, compared to analyst estimates of $42.35 billion. Apple had a return on equity of 37.89% and a net margin of 21.70%. The business’s revenue for the quarter was down 14.6% compared to the same quarter last year. During the same quarter last year, the company earned $1.85 earnings per share. On average, analysts forecast that Apple will post $8.26 earnings per share for the current fiscal year.
In related news, insider Johny Srouji sold 9,827 shares of Apple stock in a transaction on Monday, August 15th. The shares were sold at an average price of $108.44, for a total value of $1,065,639.88. Following the transaction, the insider now owns 116,369 shares in the company, valued at approximately $12,619,054.36. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, CEO Timothy D. Cook sold 334,000 shares of Apple stock in a transaction on Friday, August 26th. The stock was sold at an average price of $107.23, for a total transaction of $35,814,820.00. The disclosure for this sale can be found here. Insiders own 0.08% of the company’s stock.
A number of institutional investors have recently modified their holdings of AAPL. Penserra Capital Management LLC boosted its position in shares of Apple by 39.2% in the second quarter. Penserra Capital Management LLC now owns 1,080 shares of the iPhone maker’s stock worth $103,000 after buying an additional 304 shares during the last quarter. Delphi Private Advisors LLC boosted its position in shares of Apple by 5.0% in the second quarter. Delphi Private Advisors LLC now owns 1,462 shares of the iPhone maker’s stock worth $140,000 after buying an additional 69 shares during the last quarter. Hussman Strategic Advisors Inc. acquired a new position in shares of Apple during the second quarter worth approximately $143,000. River & Mercantile Asset Management LLP boosted its position in shares of Apple by 22.8% in the second quarter. River & Mercantile Asset Management LLP now owns 1,800 shares of the iPhone maker’s stock worth $172,000 after buying an additional 334 shares during the last quarter. Finally, Roble Belko & Company Inc boosted its position in shares of Apple by 60.6% in the second quarter. Roble Belko & Company Inc now owns 1,803 shares of the iPhone maker’s stock worth $172,000 after buying an additional 680 shares during the last quarter. Institutional investors own 56.46% of the company’s stock.
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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