Bank of America Reiterates Buy Rating for Apple (NASDAQ:AAPL)

Apple (NASDAQ:AAPL)‘s stock had its “buy” rating reiterated by Bank of America in a research note issued on Thursday,Benzinga reports. They currently have a $380.00 price target on the iPhone maker’s stock. Bank of America‘s price target would suggest a potential upside of 27.60% from the company’s current price.

Several other research analysts also recently weighed in on the stock. Moffett Nathanson upped their price target on shares of Apple from $241.00 to $270.00 and gave the stock a “neutral” rating in a research report on Wednesday, February 25th. UBS Group restated a “buy” rating on shares of Apple in a research report on Tuesday, June 9th. Monness Crespi & Hardt lifted their price objective on shares of Apple from $315.00 to $335.00 and gave the company a “buy” rating in a report on Friday, May 1st. Rosenblatt Securities restated a “neutral” rating and issued a $276.00 price objective on shares of Apple in a report on Tuesday, June 9th. Finally, Wells Fargo & Company restated an “overweight” rating and set a $310.00 target price (up from $300.00) on shares of Apple in a research note on Friday, May 1st. One research analyst has rated the stock with a Strong Buy rating, twenty-three have given a Buy rating, ten have given a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat, Apple presently has a consensus rating of “Moderate Buy” and a consensus price target of $314.59.

Apple Stock Performance

Shares of NASDAQ AAPL traded up $1.87 during mid-day trading on Thursday, hitting $297.82. The stock had a trading volume of 41,569,892 shares, compared to its average volume of 47,617,902. The company has a debt-to-equity ratio of 0.70, a quick ratio of 1.02 and a current ratio of 1.07. The company has a 50 day moving average of $288.06 and a two-hundred day moving average of $272.66. Apple has a twelve month low of $196.85 and a twelve month high of $317.40. The firm has a market cap of $4.37 trillion, a PE ratio of 36.01, a PEG ratio of 2.61 and a beta of 1.09.

Apple (NASDAQ:AAPL) last posted its quarterly earnings results on Thursday, April 30th. The iPhone maker reported $2.01 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.95 by $0.06. Apple had a net margin of 27.15% and a return on equity of 146.69%. The company had revenue of $111.18 billion during the quarter, compared to analyst estimates of $109.46 billion. During the same period last year, the firm posted $1.65 EPS. Apple’s revenue for the quarter was up 16.6% compared to the same quarter last year. Research analysts predict that Apple will post 8.75 EPS for the current fiscal year.

Insider Transactions at Apple

In related news, CFO Kevan Parekh sold 1,534 shares of the firm’s stock in a transaction on Thursday, April 23rd. The stock was sold at an average price of $275.00, for a total transaction of $421,850.00. Following the sale, the chief financial officer owned 13,366 shares of the company’s stock, valued at $3,675,650. This trade represents a 10.30% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, SVP Deirdre O’brien sold 30,002 shares of the firm’s stock in a transaction on Thursday, April 2nd. The shares were sold at an average price of $255.35, for a total value of $7,661,010.70. Following the sale, the senior vice president directly owned 136,810 shares in the company, valued at approximately $34,934,433.50. This trade represents a 17.99% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last 90 days, insiders sold 97,875 shares of company stock worth $24,998,541. Insiders own 0.06% of the company’s stock.

Hedge Funds Weigh In On Apple

A number of hedge funds have recently bought and sold shares of the company. Isthmus Partners LLC boosted its position in shares of Apple by 6.4% during the 3rd quarter. Isthmus Partners LLC now owns 97,177 shares of the iPhone maker’s stock worth $25,000 after purchasing an additional 5,808 shares in the last quarter. Sellwood Investment Partners LLC lifted its holdings in Apple by 110.9% during the third quarter. Sellwood Investment Partners LLC now owns 135 shares of the iPhone maker’s stock worth $34,000 after acquiring an additional 71 shares during the period. Lifetime Wealth Management P.C. purchased a new position in Apple in the fourth quarter valued at about $41,000. ROSS JOHNSON & Associates LLC grew its stake in shares of Apple by 1,800.0% during the 1st quarter. ROSS JOHNSON & Associates LLC now owns 190 shares of the iPhone maker’s stock worth $42,000 after acquiring an additional 180 shares during the period. Finally, LSV Asset Management purchased a new position in Apple in the 4th quarter valued at approximately $65,000. Institutional investors own 67.73% of the company’s stock.

Apple News Summary

Here are the key news stories impacting Apple this week:

• Positive Sentiment: Bank of America reiterated a Buy rating and a $380 price target, citing Apple’s pricing power and supply-chain strength. The note suggests Apple may be able to protect margins despite higher component costs. Article Title
• Positive Sentiment: Apple is seen as better positioned than peers to handle the AI-driven memory shortage because it built up inventory in advance, which could help it avoid a sharper margin hit than rivals. Article Title
• Positive Sentiment: Reports that Apple will work with Intel on U.S.-based chip design and manufacturing were viewed as a strategic supply-chain win and a sign Apple may diversify production more aggressively. Article Title
• Neutral Sentiment: Apple confirmed it plans to raise prices on some products because memory and storage chip costs have risen sharply. That may support margins, but it could also pressure demand if consumers push back. Article Title
• Neutral Sentiment: Apple is also reportedly developing new AI wearables and a foldable iPhone for 2027, which is positive for the long-term product roadmap but too far out to materially affect near-term earnings. Article Title
• Negative Sentiment: Italy opened a Digital Markets Act probe into Apple’s cloud interoperability practices, adding to ongoing regulatory scrutiny in Europe and creating a potential overhang for the stock. Article Title

Apple Company Profile

Apple Inc (NASDAQ: AAPL) is a multinational technology company headquartered in Cupertino, California, founded in 1976 by Steve Jobs, Steve Wozniak and Ronald Wayne. The company designs, develops and sells consumer electronics, software and services. Over its history Apple has evolved from personal computers to a broad portfolio that spans mobile devices, wearables, home entertainment and digital services.

Apple’s principal hardware products include the iPhone smartphone, iPad tablet, Mac personal computers, Apple Watch wearable devices and a range of accessories such as AirPods and HomePod.