Needham & Company LLC Reaffirms Buy Rating for Apple Inc. (AAPL)

Needham & Company LLC reissued their buy rating on shares of Apple Inc. (NASDAQ:AAPL) in a research note published on Thursday morning. The firm currently has a $175.00 price target on the iPhone maker’s stock.

Several other analysts have also recently weighed in on AAPL. UBS AG restated a buy rating and set a $170.00 price target on shares of Apple in a report on Saturday, May 20th. Deutsche Bank AG reiterated a hold rating and issued a $130.00 target price on shares of Apple in a report on Tuesday, June 6th. Credit Suisse Group reiterated an outperform rating and issued a $170.00 target price on shares of Apple in a report on Tuesday, June 6th. BMO Capital Markets restated an outperform rating and set a $170.00 price target on shares of Apple in a report on Tuesday, July 25th. Finally, Sanford C. Bernstein restated a buy rating and set a $160.00 price target on shares of Apple in a report on Tuesday, May 23rd. Eleven equities research analysts have rated the stock with a hold rating and forty-four have assigned a buy rating to the company. The company presently has an average rating of Buy and a consensus target price of $187.63.

Shares of Apple (AAPL) opened at 159.88 on Thursday. The company’s 50 day moving average is $158.97 and its 200-day moving average is $149.42. The firm has a market cap of $825.82 billion, a PE ratio of 18.15 and a beta of 1.27. Apple has a 12 month low of $104.08 and a 12 month high of $164.94.

Apple (NASDAQ:AAPL) last posted its quarterly earnings results on Tuesday, August 1st. The iPhone maker reported $1.67 EPS for the quarter, beating the Zacks’ consensus estimate of $1.57 by $0.10. The business had revenue of $45.41 billion during the quarter, compared to the consensus estimate of $44.94 billion. Apple had a return on equity of 35.40% and a net margin of 20.87%. Apple’s revenue for the quarter was up 7.2% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $1.42 earnings per share. Equities research analysts predict that Apple will post $9.01 EPS for the current year.

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In other Apple news, Director Arthur D. Levinson sold 35,000 shares of the stock in a transaction that occurred on Monday, August 7th. The stock was sold at an average price of $157.58, for a total transaction of $5,515,300.00. Following the transaction, the director now directly owns 1,168,283 shares in the company, valued at approximately $184,098,035.14. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, insider Daniel J. Riccio sold 11,949 shares of the stock in a transaction that occurred on Thursday, July 6th. The stock was sold at an average price of $142.86, for a total value of $1,707,034.14. The disclosure for this sale can be found here. Insiders sold 432,930 shares of company stock worth $69,008,577 over the last quarter. 0.08% of the stock is currently owned by company insiders.

Large investors have recently modified their holdings of the company. Saratoga Research & Investment Management raised its position in shares of Apple by 0.6% during the first quarter. Saratoga Research & Investment Management now owns 667,132 shares of the iPhone maker’s stock worth $95,840,000 after purchasing an additional 4,137 shares during the period. Pinnacle Bank purchased a new stake in Apple in the 1st quarter valued at $1,924,000. Green Square Capital LLC raised its position in Apple by 6.7% in the 1st quarter. Green Square Capital LLC now owns 87,456 shares of the iPhone maker’s stock valued at $12,564,000 after buying an additional 5,491 shares during the last quarter. Headinvest LLC raised its position in Apple by 2.5% in the 2nd quarter. Headinvest LLC now owns 16,295 shares of the iPhone maker’s stock valued at $2,347,000 after buying an additional 390 shares during the last quarter. Finally, Norges Bank purchased a new stake in Apple in the 4th quarter valued at $5,625,709,000. 60.45% of the stock is currently owned by institutional investors.

About Apple

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.

Analyst Recommendations for Apple (NASDAQ:AAPL)

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