Apple Inc. (NASDAQ:AAPL)‘s stock had its “outperform” rating reaffirmed by stock analysts at Morgan Stanley in a research note issued to investors on Monday. They currently have a $123.00 price objective on the iPhone maker’s stock. Morgan Stanley’s price target suggests a potential upside of 8.97% from the stock’s previous close.
Other equities research analysts have also issued research reports about the company. Vetr upgraded Apple and set a $100.00 price target on the stock in a research note on Thursday, July 14th. Piper Jaffray Cos. restated a “buy” rating and set a $153.00 price target on shares of Apple in a research note on Wednesday, June 8th. Drexel Hamilton restated a “buy” rating and set a $185.00 price target on shares of Apple in a research note on Wednesday, June 8th. Bank of America Corp. restated a “buy” rating and set a $120.00 price target on shares of Apple in a research note on Monday, June 6th. Finally, Citigroup Inc. reaffirmed a “buy” rating on shares of Apple in a report on Tuesday, May 31st. Four investment analysts have rated the stock with a sell rating, nine have given a hold rating, forty-two have given a buy rating and two have assigned a strong buy rating to the company’s stock. The company has a consensus rating of “Buy” and a consensus price target of $126.44.
Apple (NASDAQ:AAPL) traded up 0.15% during midday trading on Monday, reaching $112.88. 29,791,037 shares of the company traded hands. Apple has a 1-year low of $89.47 and a 1-year high of $123.82. The stock has a market capitalization of $608.25 billion, a P/E ratio of 13.16 and a beta of 1.14. The firm has a 50-day moving average of $109.06 and a 200-day moving average of $102.56.
Apple (NASDAQ:AAPL) last issued its quarterly earnings results on Tuesday, July 26th. The iPhone maker reported $1.42 earnings per share for the quarter, topping the Zacks’ consensus estimate of $1.38 by $0.04. Apple had a return on equity of 37.89% and a net margin of 21.70%. The business had revenue of $42.36 billion for the quarter, compared to analyst estimates of $42.35 billion. During the same quarter in the previous year, the firm earned $1.85 earnings per share. The company’s revenue was down 14.6% on a year-over-year basis. On average, analysts predict that Apple will post $8.26 earnings per share for the current year.
In other Apple news, SVP Angela J. Ahrendts sold 25,000 shares of Apple stock in a transaction on Monday, July 18th. The shares were sold at an average price of $100.00, for a total transaction of $2,500,000.00. Following the completion of the sale, the senior vice president now owns 105,839 shares of the company’s stock, valued at approximately $10,583,900. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Timothy D. Cook sold 334,000 shares of Apple stock in a transaction on Friday, August 26th. The stock was sold at an average price of $107.23, for a total transaction of $35,814,820.00. The disclosure for this sale can be found here. 0.08% of the stock is currently owned by corporate insiders.
A number of hedge funds have recently added to or reduced their stakes in AAPL. Cohen & Steers Inc. raised its stake in Apple by 6,771.0% in the second quarter. Cohen & Steers Inc. now owns 22,633,195 shares of the iPhone maker’s stock worth $999,482,000 after buying an additional 22,303,795 shares in the last quarter. Magellan Asset Management Ltd raised its stake in Apple by 56.9% in the second quarter. Magellan Asset Management Ltd now owns 15,294,140 shares of the iPhone maker’s stock worth $1,462,120,000 after buying an additional 5,543,465 shares in the last quarter. Nordea Investment Management AB raised its stake in Apple by 87.4% in the second quarter. Nordea Investment Management AB now owns 10,195,750 shares of the iPhone maker’s stock worth $974,714,000 after buying an additional 4,755,361 shares in the last quarter. NN Investment Partners Holdings N.V. acquired a new stake in Apple during the first quarter worth approximately $325,287,000. Finally, Franklin Resources Inc. boosted its position in shares of Apple by 20.2% in the second quarter. Franklin Resources Inc. now owns 17,027,764 shares of the iPhone maker’s stock worth $1,627,849,000 after buying an additional 2,857,040 shares in the last quarter. 56.45% of the stock is owned by hedge funds and other institutional investors.
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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