Spouting Rock Asset Management LLC Cuts Stake in Apple Inc. (NASDAQ:AAPL)
Spouting Rock Asset Management LLC lessened its holdings in Apple Inc. (NASDAQ:AAPL) by 45.1% during the first quarter, HoldingsChannel.com reports. The firm owned 16,939 shares of the iPhone maker’s stock after selling 13,889 shares during the period. Apple accounts for 3.0% of Spouting Rock Asset Management LLC’s portfolio, making the stock its 7th biggest position. Spouting Rock Asset Management LLC’s holdings in Apple were worth $4,307,000 as of its most recent filing with the Securities & Exchange Commission.
Other hedge funds have also made changes to their positions in the company. Korea Investment CORP lifted its position in shares of Apple by 6.3% in the fourth quarter. Korea Investment CORP now owns 3,753,051 shares of the iPhone maker’s stock worth $1,102,083,000 after purchasing an additional 221,800 shares in the last quarter. Atlas Private Wealth Management bought a new stake in shares of Apple in the fourth quarter worth $4,730,000. Blair William & Co. IL lifted its position in shares of Apple by 2.0% in the fourth quarter. Blair William & Co. IL now owns 2,568,117 shares of the iPhone maker’s stock worth $754,128,000 after purchasing an additional 49,316 shares in the last quarter. Altshuler Shaham Ltd lifted its position in shares of Apple by 2,180.0% in the fourth quarter. Altshuler Shaham Ltd now owns 114 shares of the iPhone maker’s stock worth $33,000 after purchasing an additional 109 shares in the last quarter. Finally, Capital International Ltd. CA lifted its position in shares of Apple by 37.6% in the fourth quarter. Capital International Ltd. CA now owns 16,051 shares of the iPhone maker’s stock worth $4,713,000 after purchasing an additional 4,382 shares in the last quarter. 62.04% of the stock is currently owned by institutional investors and hedge funds.
In other Apple news, CFO Luca Maestri sold 41,062 shares of the business’s stock in a transaction dated Tuesday, April 7th. The stock was sold at an average price of $264.44, for a total transaction of $10,858,435.28. Following the completion of the transaction, the chief financial officer now owns 65,427 shares of the company’s stock, valued at $17,301,515.88. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, SVP Deirdre O’brien sold 9,137 shares of the stock in a transaction dated Thursday, April 16th. The stock was sold at an average price of $285.12, for a total transaction of $2,605,141.44. The disclosure for this sale can be found here. In the last ninety days, insiders sold 54,690 shares of company stock worth $14,836,116. Company insiders own 0.05% of the company’s stock.
Apple (NASDAQ:AAPL) last announced its quarterly earnings data on Thursday, April 30th. The iPhone maker reported $2.55 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.26 by $0.29. Apple had a net margin of 21.35% and a return on equity of 64.49%. The business had revenue of $58.31 billion for the quarter, compared to analysts’ expectations of $54.64 billion. During the same period last year, the firm posted $2.46 earnings per share. The firm’s quarterly revenue was up .5% compared to the same quarter last year. On average, research analysts predict that Apple Inc. will post 12.32 EPS for the current fiscal year.
A number of brokerages recently weighed in on AAPL. Royal Bank of Canada upgraded shares of Apple to an “outperform” rating and boosted their target price for the stock from $345.00 to $390.00 in a report on Wednesday, June 17th. They noted that the move was a valuation call. JPMorgan Chase & Co. restated a “buy” rating on shares of Apple in a report on Tuesday, June 23rd. Deutsche Bank boosted their target price on shares of Apple from $350.00 to $380.00 and gave the stock a “buy” rating in a report on Tuesday, June 23rd. DA Davidson lowered their target price on shares of Apple from $370.00 to $355.00 and set a “buy” rating on the stock in a report on Friday, May 1st. Finally, Jefferies Financial Group boosted their target price on shares of Apple from $370.00 to $405.00 and gave the stock a “buy” rating in a report on Friday, June 19th. Three research analysts have rated the stock with a sell rating, fourteen have given a hold rating, twenty-eight have given a buy rating and one has assigned a strong buy rating to the company. The stock currently has a consensus rating of “Buy” and an average price target of $326.64.
Apple Inc designs, manufactures, and markets smartphones, personal computers, tablets, wearables, and accessories worldwide. It also sells various related services. 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, HomePod, iPod touch, and other Apple-branded and third-party accessories.
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