Bank of America Issues Positive Forecast for International Business Machines (NYSE:IBM) Stock Price

International Business Machines (NYSE:IBM) had its price objective raised by stock analysts at Bank of America from $315.00 to $330.00 in a research note issued on Monday,Benzinga reports. The firm presently has a “buy” rating on the technology company’s stock. Bank of America‘s target price points to a potential upside of 14.21% from the company’s current price.

Other research analysts have also recently issued research reports about the stock. Jefferies Financial Group assumed coverage on shares of International Business Machines in a report on Tuesday, June 23rd. They issued a “buy” rating for the company. Piper Sandler raised shares of International Business Machines to an “overweight” rating in a research note on Tuesday, June 23rd. Wedbush set a $350.00 target price on shares of International Business Machines in a research report on Tuesday, June 2nd. Royal Bank Of Canada reaffirmed an “outperform” rating on shares of International Business Machines in a research note on Tuesday, June 23rd. Finally, Susquehanna initiated coverage on shares of International Business Machines in a report on Tuesday, June 23rd. They set a “neutral” rating for the company. One analyst has rated the stock with a Strong Buy rating, sixteen have given a Buy rating and nine have given a Hold rating to the stock. According to MarketBeat, International Business Machines has a consensus rating of “Moderate Buy” and a consensus price target of $306.47.

International Business Machines Stock Down 0.2%

IBM opened at $288.95 on Monday. The company has a debt-to-equity ratio of 1.75, a quick ratio of 0.76 and a current ratio of 0.80. International Business Machines has a fifty-two week low of $212.34 and a fifty-two week high of $332.46. The company has a market capitalization of $271.58 billion, a P/E ratio of 25.55, a P/E/G ratio of 3.00 and a beta of 0.68. The stock has a fifty day moving average of $256.99 and a 200-day moving average of $266.06.

International Business Machines (NYSE:IBM) last posted its quarterly earnings results on Wednesday, April 22nd. The technology company reported $1.91 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.81 by $0.10. International Business Machines had a net margin of 15.61% and a return on equity of 37.23%. The business had revenue of $15.92 billion for the quarter, compared to analyst estimates of $15.60 billion. During the same quarter last year, the business posted $1.60 EPS. The firm’s revenue for the quarter was up 9.5% on a year-over-year basis. On average, equities analysts expect that International Business Machines will post 12.4 EPS for the current year.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the company. Basepoint Wealth LLC bought a new stake in International Business Machines in the fourth quarter worth approximately $25,000. Family CFO Inc bought a new stake in International Business Machines during the 4th quarter valued at $25,000. Joseph Group Capital Management bought a new position in shares of International Business Machines in the fourth quarter valued at $28,000. Cornerstone Financial Management LLC acquired a new position in shares of International Business Machines during the fourth quarter valued at about $28,000. Finally, SWAN Capital LLC acquired a new stake in shares of International Business Machines in the 3rd quarter worth about $28,000. Institutional investors own 58.96% of the company’s stock.

About International Business Machines

International Business Machines Corporation (IBM) is a global technology and consulting company headquartered in Armonk, New York. Founded in 1911 as the Computing-Tabulating-Recording Company (CTR) and renamed IBM in 1924, the company has evolved from early electromechanical machines to a diversified technology provider serving enterprises and governments worldwide. IBM is publicly traded on the New York Stock Exchange under the ticker symbol IBM.

IBM’s principal businesses encompass cloud computing and software, infrastructure and systems, consulting and technology services, and research and development.