Piper Jaffray Cos. reaffirmed their overweight rating on shares of Apple Inc. (NASDAQ:AAPL) in a report published on Saturday morning. The brokerage currently has a $151.00 price objective on the iPhone maker’s stock.
A number of other brokerages have also issued reports on AAPL. Citigroup Inc. reaffirmed a buy rating and issued a $115.00 target price on shares of Apple in a research report on Wednesday, July 6th. Cowen and Company reissued an outperform rating and set a $125.00 price target on shares of Apple in a research report on Thursday, July 28th. BMO Capital Markets reissued an outperform rating and set a $140.00 price target (up from $116.00) on shares of Apple in a research report on Monday, September 19th. OTR Global raised Apple to a positive rating in a research report on Wednesday. Finally, BTIG Research upped their price target on Apple from $124.00 to $133.00 and gave the company a buy rating in a research report on Thursday, September 15th. Three investment analysts have rated the stock with a sell rating, eight have assigned a hold rating, forty-three have given a buy rating and two have given a strong buy rating to the company’s stock. Apple currently has an average rating of Buy and an average target price of $126.74.
Shares of Apple (NASDAQ:AAPL) traded up 0.56% during mid-day trading on Friday, hitting $117.63. 35,652,191 shares of the stock traded hands. The company has a market cap of $633.84 billion, a P/E ratio of 13.72 and a beta of 1.22. Apple has a one year low of $89.47 and a one year high of $123.82. The stock has a 50 day moving average price of $111.56 and a 200-day moving average price of $103.65.
Apple (NASDAQ:AAPL) last announced its earnings results on Tuesday, July 26th. The iPhone maker reported $1.42 earnings per share (EPS) for the quarter, beating 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 company had revenue of $42.36 billion for the quarter, compared to analyst estimates of $42.35 billion. During the same period in the prior year, the company posted $1.85 EPS. Apple’s quarterly revenue was down 14.6% on a year-over-year basis. On average, analysts forecast that Apple will post $8.26 earnings per share for the current fiscal year.
In other news, CEO Timothy D. Cook sold 334,000 shares of the company’s stock in a transaction dated Friday, August 26th. The shares were sold at an average price of $107.23, for a total transaction of $35,814,820.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Timothy D. Cook sold 110,000 shares of the company’s stock in a transaction dated Monday, August 29th. The shares were sold at an average price of $106.84, for a total transaction of $11,752,400.00. The disclosure for this sale can be found here. 0.08% of the stock is currently owned by company insiders.
Several institutional investors have recently modified their holdings of the stock. Penserra Capital Management LLC increased its position in shares of Apple by 39.2% in the second quarter. Penserra Capital Management LLC now owns 1,080 shares of the iPhone maker’s stock valued at $103,000 after buying an additional 304 shares during the period. Weaver C. Barksdale & Associates Inc. purchased a new position in shares of Apple during the third quarter valued at approximately $122,000. Delphi Private Advisors LLC increased its position in shares of Apple by 5.0% in the second quarter. Delphi Private Advisors LLC now owns 1,462 shares of the iPhone maker’s stock valued at $140,000 after buying an additional 69 shares during the period. Hussman Strategic Advisors Inc. purchased a new position in shares of Apple during the second quarter valued at approximately $143,000. Finally, River & Mercantile Asset Management LLP increased its position in shares of Apple by 22.8% in the second quarter. River & Mercantile Asset Management LLP now owns 1,800 shares of the iPhone maker’s stock valued at $172,000 after buying an additional 334 shares during the period. 56.46% 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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