Apple Inc. (NASDAQ:AAPL)‘s stock had its “outperform” rating reiterated by research analysts at Sanford C. Bernstein in a note issued to investors on Tuesday. They presently have a $170.00 target price on the iPhone maker’s stock, up from their previous target price of $160.00. Sanford C. Bernstein’s price objective indicates a potential upside of 10.78% from the stock’s previous close.
A number of other analysts have also recently issued reports on the company. Royal Bank Of Canada increased their price objective on Apple from $157.00 to $168.00 and gave the stock an “outperform” rating in a report on Monday, May 22nd. Rosenblatt Securities set a $120.00 price target on Apple and gave the company a “hold” rating in a report on Wednesday, May 3rd. Goldman Sachs Group, Inc. (The) reaffirmed a “buy” rating and issued a $170.00 price target (up previously from $164.00) on shares of Apple in a report on Friday, May 12th. Vetr raised Apple from a “hold” rating to a “buy” rating and set a $146.43 price target on the stock in a report on Monday, March 27th. Finally, Cowen and Company reaffirmed an “outperform” rating and issued a $160.00 price target on shares of Apple in a report on Thursday, May 25th. Twelve equities research analysts have rated the stock with a hold rating, forty-two have assigned a buy rating and one has given a strong buy rating to the stock. Apple presently has an average rating of “Buy” and an average target price of $159.22.
Apple (AAPL) opened at 153.46 on Tuesday. Apple has a 1-year low of $96.42 and a 1-year high of $156.65. The company has a 50 day moving average of $147.21 and a 200 day moving average of $141.54. The company has a market capitalization of $800.12 billion, a PE ratio of 18.00 and a beta of 1.31.
Apple (NASDAQ:AAPL) last issued its quarterly earnings data on Tuesday, May 2nd. The iPhone maker reported $2.10 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.02 by $0.08. The business had revenue of $52.90 billion for the quarter, compared to analysts’ expectations of $52.61 billion. Apple had a return on equity of 35.09% and a net margin of 20.74%. On average, analysts predict that Apple will post $8.89 earnings per share for the current fiscal year.
Apple declared that its Board of Directors has initiated a stock repurchase program on Tuesday, May 2nd that permits the company to repurchase $50.00 billion in outstanding shares. This repurchase authorization permits the iPhone maker to buy up to 6.5% of its shares through open market purchases. Shares repurchase programs are typically an indication that the company’s leadership believes its shares are undervalued.
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In related news, SVP D Bruce Sewell sold 67,500 shares of the stock in a transaction that occurred on Friday, May 5th. The stock was sold at an average price of $148.76, for a total value of $10,041,300.00. Following the transaction, the senior vice president now owns 141,325 shares of the company’s stock, valued at $21,023,507. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, Director Arthur D. Levinson sold 35,000 shares of the stock in a transaction that occurred on Tuesday, May 9th. The stock was sold at an average price of $153.88, for a total value of $5,385,800.00. Following the completion of the transaction, the director now directly owns 1,168,283 shares in the company, valued at approximately $179,775,388.04. The disclosure for this sale can be found here. In the last three months, insiders sold 373,000 shares of company stock worth $56,497,046. 0.08% of the stock is owned by insiders.
A number of hedge funds have recently bought and sold shares of AAPL. Boston Financial Mangement LLC raised its stake in Apple by 2.1% in the second quarter. Boston Financial Mangement LLC now owns 238,888 shares of the iPhone maker’s stock worth $34,405,000 after buying an additional 4,872 shares in the last quarter. Arthur M. Cohen & Associates LLC raised its stake in Apple by 3.5% in the second quarter. Arthur M. Cohen & Associates LLC now owns 80,553 shares of the iPhone maker’s stock worth $11,407,000 after buying an additional 2,703 shares in the last quarter. Capital Advisors Ltd. LLC raised its stake in Apple by 7.1% in the second quarter. Capital Advisors Ltd. LLC now owns 6,370 shares of the iPhone maker’s stock worth $917,000 after buying an additional 420 shares in the last quarter. Park Avenue Securities LLC bought a new stake in Apple during the second quarter worth $1,022,000. Finally, Alexandria Capital LLC raised its stake in Apple by 0.3% in the second quarter. Alexandria Capital LLC now owns 80,046 shares of the iPhone maker’s stock worth $11,528,000 after buying an additional 213 shares in the last quarter. Institutional investors own 61.23% of the company’s stock.
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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