Apple (NASDAQ:AAPL – Get Rating) had its target price reduced by equities researchers at Bank of America from $215.00 to $200.00 in a report released on Thursday, The Fly reports. The brokerage currently has a “buy” rating on the iPhone maker’s stock. Bank of America’s price target would indicate a potential upside of 44.20% from the company’s previous close.
A number of other equities research analysts have also recently issued reports on AAPL. New Street Research upgraded shares of Apple from a “sell” rating to a “neutral” rating and set a $165.00 price target for the company in a report on Friday, January 28th. Deutsche Bank Aktiengesellschaft dropped their price target on Apple from $210.00 to $200.00 in a research report on Friday, April 29th. Robert W. Baird increased their price objective on Apple from $185.00 to $190.00 in a research report on Friday, January 28th. Tigress Financial upped their target price on shares of Apple from $198.00 to $210.00 and gave the company a “strong-buy” rating in a research note on Tuesday, February 15th. Finally, Monness Crespi & Hardt increased their price target on shares of Apple from $184.00 to $199.00 and gave the company a “buy” rating in a report on Friday, January 28th. Nine analysts have rated the stock with a hold rating, twenty-five have given a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, the company currently has an average rating of “Buy” and an average price target of $188.54.
AAPL traded down $2.12 during trading on Thursday, reaching $138.70. The company had a trading volume of 2,757,933 shares, compared to its average volume of 109,463,024. The firm’s 50-day simple moving average is $162.93 and its 200 day simple moving average is $165.30. The company has a debt-to-equity ratio of 1.53, a quick ratio of 0.88 and a current ratio of 0.93. The company has a market cap of $2.24 trillion, a price-to-earnings ratio of 22.86, a PEG ratio of 1.91 and a beta of 1.19. Apple has a 12-month low of $122.86 and a 12-month high of $182.94.
Apple (NASDAQ:AAPL – Get Rating) last posted its quarterly earnings data on Thursday, April 28th. The iPhone maker reported $1.52 earnings per share for the quarter, topping the consensus estimate of $1.43 by $0.09. The firm had revenue of $97.28 billion for the quarter, compared to analysts’ expectations of $93.99 billion. Apple had a net margin of 26.41% and a return on equity of 152.88%. The company’s quarterly revenue was up 8.6% compared to the same quarter last year. During the same period in the previous year, the company posted $1.40 EPS. On average, sell-side analysts expect that Apple will post 6.11 EPS for the current year.
Apple announced that its Board of Directors has approved a stock buyback program on Thursday, April 28th that allows the company to buyback $90.00 billion in outstanding shares. This buyback authorization allows the iPhone maker to buy up to 3.5% of its shares through open market purchases. Shares buyback programs are often a sign that the company’s management believes its stock is undervalued.
In other news, SVP Deirdre O’brien sold 8,000 shares of the company’s stock in a transaction that occurred on Monday, April 18th. The shares were sold at an average price of $164.91, for a total value of $1,319,280.00. Following the completion of the transaction, the senior vice president now owns 136,290 shares in the company, valued at $22,475,583.90. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, SVP Katherine L. Adams sold 25,000 shares of the firm’s stock in a transaction on Wednesday, May 4th. The stock was sold at an average price of $161.72, for a total transaction of $4,043,000.00. Following the sale, the senior vice president now owns 452,334 shares in the company, valued at $73,151,454.48. The disclosure for this sale can be found here. Insiders have sold a total of 168,099 shares of company stock worth $29,376,711 in the last ninety days. 0.06% of the stock is currently owned by company insiders.
A number of institutional investors and hedge funds have recently made changes to their positions in the stock. Norges Bank bought a new stake in Apple during the fourth quarter worth about $25,228,507,000. Aaron Wealth Advisors LLC increased its position in shares of Apple by 30,391.8% during the 1st quarter. Aaron Wealth Advisors LLC now owns 26,075,085 shares of the iPhone maker’s stock worth $149,333,000 after purchasing an additional 25,989,570 shares during the last quarter. State Street Corp raised its stake in shares of Apple by 1.8% during the 4th quarter. State Street Corp now owns 633,115,246 shares of the iPhone maker’s stock worth $112,422,274,000 after purchasing an additional 10,951,705 shares in the last quarter. Vanguard Group Inc. boosted its holdings in shares of Apple by 0.7% in the 1st quarter. Vanguard Group Inc. now owns 1,269,995,750 shares of the iPhone maker’s stock valued at $221,753,959,000 after buying an additional 8,734,393 shares during the last quarter. Finally, Miracle Mile Advisors LLC grew its stake in shares of Apple by 1,841.6% in the fourth quarter. Miracle Mile Advisors LLC now owns 8,755,560 shares of the iPhone maker’s stock valued at $78,548,000 after buying an additional 8,304,604 shares in the last quarter. Institutional investors and hedge funds own 57.98% of the company’s stock.
Apple Company Profile (Get Rating)
Apple Inc designs, manufactures, and markets smartphones, personal computers, tablets, wearables, and accessories worldwide. It also sells various related services. In addition, the company offers iPhone, a line of smartphones; Mac, a line of personal computers; iPad, a line of multi-purpose tablets; AirPods Max, an over-ear wireless headphone; and wearables, home, and accessories comprising AirPods, Apple TV, Apple Watch, Beats products, HomePod, and iPod touch.