Apple (AAPL) Rating Reiterated by Zacks Investment Research
Apple (NASDAQ:AAPL)‘s stock had its “hold” rating reaffirmed by Zacks Investment Research in a research report issued on Monday. They currently have a $249.00 price objective on the iPhone maker’s stock. Zacks Investment Research‘s price objective points to a potential upside of 29.53% from the company’s previous close.
According to Zacks, “Apple is expected to benefit from an expanded portfolio with the launch of new iPhones. Higher average selling price (ASP) and a loyal customer base are key catalysts. Moreover, robust demand for wearables is expected to drive results. As customers increase the usage of Apple Music and Apple Pay, Services revenues are expected to increase manifold. Further, the acquisition of Akonia Holographics, a manufacturer of lenses for AR glasses, strengthens our belief that Apple can foray into the wearable AR glasses space. Moreover, the company is testing self-driving vehicles and has 66 autonomous vehicles approved for testing in California. However, shares have underperformed the industry on a year-to-date basis. The company continues to lose share in the smartphone market. Moreover, increasing competition from Chinese handset makers remains a concern.”
Several other research firms have also recently commented on AAPL. Citigroup dropped their target price on shares of Apple from $265.00 to $240.00 and set a “buy” rating for the company in a research report on Friday, November 2nd. Royal Bank of Canada set a $240.00 target price on shares of Apple and gave the stock a “buy” rating in a research report on Monday, September 24th. Morgan Stanley raised their target price on shares of Apple from $226.00 to $253.00 and gave the stock an “overweight” rating in a research report on Thursday, November 8th. Wells Fargo & Co reaffirmed a “neutral” rating and issued a $210.00 target price on shares of Apple in a research report on Friday, August 10th. Finally, JPMorgan Chase & Co. started coverage on shares of Apple in a research report on Thursday, September 27th. They issued an “overweight” rating and a $272.00 target price for the company. Three analysts have rated the stock with a sell rating, twenty-one have issued a hold rating and twenty-seven have issued a buy rating to the stock. The stock currently has an average rating of “Hold” and a consensus target price of $224.75.
Apple (NASDAQ:AAPL) last announced its quarterly earnings results on Thursday, November 1st. The iPhone maker reported $2.91 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $2.78 by $0.13. The business had revenue of $62.90 billion during the quarter, compared to analysts’ expectations of $61.55 billion. Apple had a net margin of 22.41% and a return on equity of 48.68%. The firm’s revenue for the quarter was up 19.6% compared to the same quarter last year. During the same quarter in the prior year, the company posted $2.07 EPS. As a group, equities research analysts forecast that Apple will post 13.35 EPS for the current fiscal year.
In other Apple news, CEO Timothy D. Cook sold 265,160 shares of the firm’s stock in a transaction dated Monday, August 27th. The shares were sold at an average price of $217.79, for a total transaction of $57,749,196.40. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, SVP Angela J. Ahrendts sold 25,000 shares of the firm’s stock in a transaction dated Wednesday, October 3rd. The shares were sold at an average price of $232.66, for a total transaction of $5,816,500.00. Following the sale, the senior vice president now owns 105,538 shares of the company’s stock, valued at $24,554,471.08. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 480,737 shares of company stock valued at $107,157,170. 0.06% of the stock is owned by company insiders.
Large investors have recently added to or reduced their stakes in the business. Darrell & King LLC bought a new stake in shares of Apple in the third quarter worth approximately $432,000. Partner Fund Management L.P. grew its stake in shares of Apple by 144.8% in the third quarter. Partner Fund Management L.P. now owns 281,628 shares of the iPhone maker’s stock worth $63,575,000 after acquiring an additional 166,602 shares during the period. Partner Investment Management L.P. grew its stake in shares of Apple by 140.5% in the third quarter. Partner Investment Management L.P. now owns 7,400 shares of the iPhone maker’s stock worth $1,670,000 after acquiring an additional 4,323 shares during the period. Invictus RG grew its stake in shares of Apple by 306.9% in the third quarter. Invictus RG now owns 7,796 shares of the iPhone maker’s stock worth $1,760,000 after acquiring an additional 5,880 shares during the period. Finally, WEALTHFRONT Corp grew its stake in shares of Apple by 5.0% in the third quarter. WEALTHFRONT Corp now owns 224,626 shares of the iPhone maker’s stock worth $50,707,000 after acquiring an additional 10,718 shares during the period. Institutional investors and hedge funds own 58.35% of the company’s stock.
Apple Company Profile
Apple Inc designs, manufactures, and markets mobile communication and media devices, and personal computers to consumers, and small and mid-sized businesses; and education, enterprise, and government customers worldwide. The company also sells related software, services, accessories, networking solutions, and third-party digital content and applications.
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