Apple Inc. (AAPL) Receives “Overweight” Rating from Piper Jaffray Cos.
Apple Inc. (NASDAQ:AAPL)‘s stock had its “overweight” rating reissued by analysts at Piper Jaffray Cos. in a report released on Saturday. They currently have a $151.00 target price on the iPhone maker’s stock. Piper Jaffray Cos.’s price target points to a potential upside of 28.34% from the stock’s current price.
Several other equities research analysts have also recently issued reports on the stock. Credit Suisse Group AG reaffirmed an “outperform” rating and set a $150.00 price objective on shares of Apple in a research report on Thursday, September 15th. Goldman Sachs Group Inc. set a $124.00 price objective on shares of Apple and gave the stock a “buy” rating in a research report on Wednesday. Citigroup Inc. lifted their price objective on shares of Apple from $120.00 to $130.00 and gave the stock a “buy” rating in a research report on Friday, September 30th. Needham & Company LLC reaffirmed a “buy” rating and set a $150.00 price objective on shares of Apple in a research report on Wednesday, July 20th. Finally, Vetr cut shares of Apple from a “hold” rating to a “sell” rating and set a $105.47 price objective for the company. in a research report on Monday, August 15th. Three equities research analysts have rated the stock with a sell rating, eight have issued a hold rating, forty-three have issued a buy rating and two have given a strong buy rating to the company. The stock currently has an average rating of “Buy” and a consensus price target of $126.74.
Shares of Apple (NASDAQ:AAPL) traded up 0.56% during midday trading on Friday, reaching $117.63. The company’s stock had a trading volume of 35,652,191 shares. Apple has a 52 week low of $89.47 and a 52 week high of $123.82. The stock has a market capitalization of $633.84 billion, a price-to-earnings ratio of 13.72 and a beta of 1.22. The company has a 50 day moving average of $111.56 and a 200-day moving average of $103.65.
Apple (NASDAQ:AAPL) last issued its quarterly earnings results on Tuesday, July 26th. The iPhone maker reported $1.42 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $1.38 by $0.04. Apple had a net margin of 21.70% and a return on equity of 37.89%. The company earned $42.36 billion during the quarter, compared to analysts’ expectations of $42.35 billion. During the same quarter last year, the company posted $1.85 EPS. The firm’s revenue was down 14.6% compared to the same quarter last year. Equities research analysts predict that Apple will post $8.26 earnings per share for the current year.
In other news, CEO Timothy D. Cook sold 110,000 shares of Apple stock in a transaction dated Monday, August 29th. The stock was sold at an average price of $106.84, for a total transaction of $11,752,400.00. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CEO Timothy D. Cook sold 334,000 shares of Apple stock in a transaction dated Friday, August 26th. The shares were sold at an average price of $107.23, for a total value of $35,814,820.00. The disclosure for this sale can be found here. 0.08% of the stock is owned by corporate insiders.
Several hedge funds have recently made changes to their positions in the stock. Cordasco Financial Network raised its position in Apple by 0.4% in the second quarter. Cordasco Financial Network now owns 3,353 shares of the iPhone maker’s stock worth $321,000 after buying an additional 12 shares in the last quarter. Cidel Asset Management Inc. raised its position in Apple by 0.3% in the second quarter. Cidel Asset Management Inc. now owns 4,186 shares of the iPhone maker’s stock worth $400,000 after buying an additional 13 shares in the last quarter. Boston Standard Wealth Management LLC raised its position in Apple by 0.6% in the second quarter. Boston Standard Wealth Management LLC now owns 2,280 shares of the iPhone maker’s stock worth $218,000 after buying an additional 14 shares in the last quarter. Lbmc Investment Advisors LLC raised its position in Apple by 0.3% in the second quarter. Lbmc Investment Advisors LLC now owns 5,110 shares of the iPhone maker’s stock worth $489,000 after buying an additional 15 shares in the last quarter. Finally, Summit Financial Strategies Inc. raised its position in Apple by 0.3% in the second quarter. Summit Financial Strategies Inc. now owns 6,533 shares of the iPhone maker’s stock worth $625,000 after buying an additional 19 shares in the last quarter. 56.46% 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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