Investors Buy Shares of Apple Inc. (AAPL) on Weakness on Insider Selling
Investors bought shares of Apple Inc. (NASDAQ:AAPL) on weakness during trading on Friday following insider selling activity. $655.06 million flowed into the stock on the tick-up and $418.27 million flowed out of the stock on the tick-down, for a money net flow of $236.79 million into the stock. Of all equities tracked, Apple had the highest net in-flow for the day. Apple traded down ($0.09) for the day and closed at $155.30Specifically, insider Philip W. Schiller sold 56,808 shares of Apple stock in a transaction dated Tuesday, October 3rd. The stock was sold at an average price of $154.70, for a total transaction of $8,788,197.60. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Angela J. Ahrendts sold 63,388 shares of Apple stock in a transaction dated Thursday, October 5th. The stock was sold at an average price of $154.21, for a total value of $9,775,063.48. The disclosure for this sale can be found here. Insiders have sold 541,177 shares of company stock valued at $85,864,804 in the last ninety days. Corporate insiders own 0.08% of the company’s stock.
AAPL has been the subject of several recent research reports. Drexel Hamilton reiterated a “buy” rating and set a $202.00 price target on shares of Apple in a research report on Thursday, July 6th. Barclays PLC reiterated a “hold” rating and set a $146.00 price target on shares of Apple in a research report on Monday, September 4th. Instinet reiterated a “buy” rating and set a $165.00 price target on shares of Apple in a research report on Wednesday, July 5th. Royal Bank Of Canada reiterated an “outperform” rating and set a $180.00 price target on shares of Apple in a research report on Monday, September 11th. Finally, Morgan Stanley reiterated an “overweight” rating and set a $194.00 price target (up from $182.00) on shares of Apple in a research report on Tuesday, September 12th. Nine research analysts have rated the stock with a hold rating and forty-four have given a buy rating to the company. The stock currently has an average rating of “Buy” and a consensus price target of $189.61.
The stock has a market capitalization of $802.16 billion, a PE ratio of 17.63 and a beta of 1.27. The firm’s 50 day moving average is $158.07 and its 200 day moving average is $150.93.
Apple (NASDAQ:AAPL) last released its earnings results on Tuesday, August 1st. The iPhone maker reported $1.67 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $1.57 by $0.10. Apple had a net margin of 20.87% and a return on equity of 35.40%. The business had revenue of $45.41 billion during the quarter, compared to analysts’ expectations of $44.94 billion. During the same quarter last year, the company earned $1.42 earnings per share. The firm’s revenue was up 7.2% on a year-over-year basis. On average, equities research analysts anticipate that Apple Inc. will post $9.01 EPS for the current year.
Several hedge funds and other institutional investors have recently added to or reduced their stakes in AAPL. Janus Henderson Group PLC lifted its stake in shares of Apple by 301.3% in the second quarter. Janus Henderson Group PLC now owns 20,003,587 shares of the iPhone maker’s stock valued at $2,880,992,000 after buying an additional 15,018,790 shares during the period. Harbour Capital Advisors LLC lifted its stake in shares of Apple by 14,030.2% in the second quarter. Harbour Capital Advisors LLC now owns 4,515,315 shares of the iPhone maker’s stock valued at $31,352,000 after buying an additional 4,483,360 shares during the period. Capital Research Global Investors lifted its stake in shares of Apple by 15.0% in the second quarter. Capital Research Global Investors now owns 29,449,961 shares of the iPhone maker’s stock valued at $4,241,383,000 after buying an additional 3,845,363 shares during the period. Arrowstreet Capital Limited Partnership lifted its stake in shares of Apple by 200.3% in the second quarter. Arrowstreet Capital Limited Partnership now owns 4,765,574 shares of the iPhone maker’s stock valued at $686,338,000 after buying an additional 3,178,809 shares during the period. Finally, Principal Financial Group Inc. lifted its stake in shares of Apple by 25.3% in the second quarter. Principal Financial Group Inc. now owns 10,582,632 shares of the iPhone maker’s stock valued at $1,524,110,000 after buying an additional 2,138,928 shares during the period. Institutional investors and hedge funds own 60.36% of the company’s stock.
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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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