Apple Inc. (NASDAQ:AAPL)‘s stock had its “buy” rating reaffirmed by investment analysts at Canaccord Genuity in a research report issued on Monday, July 10th. They presently have a $180.00 target price on the iPhone maker’s stock. Canaccord Genuity’s target price points to a potential upside of 15.10% from the stock’s current price.
Several other research analysts also recently weighed in on AAPL. UBS AG lifted their target price on shares of Apple from $165.00 to $200.00 in a research report on Sunday, April 2nd. Bank of America Corporation reissued a “buy” rating and issued a $180.00 target price (up from $155.00) on shares of Apple in a research report on Friday, May 12th. Cowen and Company reissued an “outperform” rating and issued a $155.00 target price (up from $135.00) on shares of Apple in a research report on Thursday, March 16th. Mizuho reissued a “buy” rating and issued a $150.00 target price on shares of Apple in a research report on Wednesday, May 3rd. Finally, Goldman Sachs Group, Inc. (The) set a $170.00 target price on shares of Apple and gave the stock a “buy” rating in a research report on Saturday, May 20th. Twelve analysts have rated the stock with a hold rating, forty-two have issued a buy rating and one has given a strong buy rating to the stock. The stock has an average rating of “Buy” and an average price target of $167.57.
Shares of Apple (AAPL) opened at 156.39 on Monday. The firm’s 50-day moving average price is $147.04 and its 200 day moving average price is $142.60. Apple has a 12 month low of $102.53 and a 12 month high of $157.40. The firm has a market capitalization of $808.50 billion, a P/E ratio of 17.76 and a beta of 1.31.
Apple (NASDAQ:AAPL) last announced its quarterly earnings data on Tuesday, August 1st. The iPhone maker reported $1.67 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $1.57 by $0.10. The company had revenue of $45.41 billion for the quarter, compared to analysts’ expectations of $44.94 billion. Apple had a net margin of 20.87% and a return on equity of 35.40%. The business’s revenue was up 7.2% compared to the same quarter last year. During the same quarter in the previous year, the company posted $1.42 EPS. Analysts anticipate that Apple will post $9.00 earnings per share for the current fiscal year.
Apple declared that its Board of Directors has authorized a stock repurchase program on Tuesday, May 2nd that authorizes the company to buyback $50.00 billion in outstanding shares. This buyback authorization authorizes the iPhone maker to repurchase up to 6.5% of its stock through open market purchases. Stock buyback programs are usually a sign that the company’s management believes its stock is undervalued.
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In other Apple news, Director Arthur D. Levinson sold 35,000 shares of the company’s stock in a transaction dated Tuesday, May 9th. The shares were sold at an average price of $153.88, for a total transaction of $5,385,800.00. Following the transaction, the director now directly owns 1,168,283 shares in the company, valued at $179,775,388.04. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider Daniel J. Riccio sold 11,949 shares of the company’s stock in a transaction dated Thursday, July 6th. The stock was sold at an average price of $142.86, for a total transaction of $1,707,034.14. The disclosure for this sale can be found here. Insiders have sold 305,500 shares of company stock worth $46,455,746 over the last 90 days. 0.08% of the stock is currently owned by company insiders.
Several hedge funds have recently made changes to their positions in the stock. Blue Sky Asset Management LLC purchased a new position in Apple during the second quarter valued at about $108,000. Hefty Wealth Partners increased its position in Apple by 27.6% in the second quarter. Hefty Wealth Partners now owns 804 shares of the iPhone maker’s stock valued at $115,000 after buying an additional 174 shares during the last quarter. American Beacon Advisors Inc. purchased a new position in Apple during the first quarter valued at about $117,000. Armbruster Capital Management Inc. increased its position in Apple by 9.4% in the second quarter. Armbruster Capital Management Inc. now owns 911 shares of the iPhone maker’s stock valued at $131,000 after buying an additional 78 shares during the last quarter. Finally, State of Alaska Department of Revenue purchased a new position in Apple during the second quarter valued at about $149,000. 61.17% of the stock is currently owned by institutional investors.
Apple Company Profile
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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