Apple Inc. (NASDAQ:AAPL) had its price objective raised by Canaccord Genuity from $120.00 to $140.00 in a research report issued on Friday. The brokerage currently has a “buy” rating on the iPhone maker’s stock. Canaccord Genuity’s price objective points to a potential upside of 23.26% from the company’s previous close.

AAPL has been the subject of several other research reports. Drexel Hamilton reaffirmed a “buy” rating and set a $185.00 price objective on shares of Apple in a research report on Wednesday, September 14th. Mizuho reissued a “buy” rating and issued a $120.00 target price on shares of Apple in a report on Thursday, September 1st. Wells Fargo & Co. reissued a “market perform” rating on shares of Apple in a report on Friday, September 9th. Nomura reissued a “buy” rating on shares of Apple in a report on Thursday, August 25th. Finally, Bank of America Corp. reissued a “buy” rating and issued a $120.00 target price on shares of Apple in a report on Tuesday, August 30th. Four investment analysts have rated the stock with a sell rating, ten have assigned a hold rating, forty-two have assigned a buy rating and two have assigned a strong buy rating to the stock. Apple presently has a consensus rating of “Buy” and an average target price of $126.49.

Apple (NASDAQ:AAPL) opened at 113.58 on Friday. The firm has a market cap of $612.02 billion, a PE ratio of 13.24 and a beta of 1.14. Apple has a one year low of $89.47 and a one year high of $123.82. The company’s 50-day moving average is $108.13 and its 200-day moving average is $102.24.

Apple (NASDAQ:AAPL) last posted its quarterly earnings data on Tuesday, July 26th. The iPhone maker reported $1.42 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $1.38 by $0.04. Apple had a net margin of 21.70% and a return on equity of 37.89%. The business earned $42.36 billion during the quarter, compared to analysts’ expectations of $42.35 billion. During the same quarter in the prior year, the business posted $1.85 earnings per share. Apple’s revenue was down 14.6% compared to the same quarter last year. On average, analysts forecast that Apple will post $8.26 earnings per share for the current fiscal year.

In other Apple news, CEO Timothy D. Cook sold 110,000 shares of the company’s stock in a transaction on Monday, August 29th. The stock was sold at an average price of $106.84, for a total transaction of $11,752,400.00. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, CEO Timothy D. Cook sold 334,000 shares of the company’s stock in a transaction on Friday, August 26th. The stock was sold at an average price of $107.23, for a total value of $35,814,820.00. The disclosure for this sale can be found here. 0.08% of the stock is owned by corporate insiders.

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in AAPL. Cordasco Financial Network boosted its position in Apple by 0.4% in the second quarter. Cordasco Financial Network now owns 3,353 shares of the iPhone maker’s stock worth $321,000 after buying an additional 12 shares during the period. Cidel Asset Management Inc. boosted its position in Apple by 0.3% in the second quarter. Cidel Asset Management Inc. now owns 4,186 shares of the iPhone maker’s stock worth $400,000 after buying an additional 13 shares during the period. Boston Standard Wealth Management LLC boosted its position in Apple by 0.6% in the second quarter. Boston Standard Wealth Management LLC now owns 2,280 shares of the iPhone maker’s stock worth $218,000 after buying an additional 14 shares during the period. Lbmc Investment Advisors LLC boosted its position in Apple by 0.3% in the second quarter. Lbmc Investment Advisors LLC now owns 5,110 shares of the iPhone maker’s stock worth $489,000 after buying an additional 15 shares during the period. Finally, Summit Financial Strategies Inc. boosted its position in Apple by 0.3% in the second quarter. Summit Financial Strategies Inc. now owns 6,533 shares of the iPhone maker’s stock worth $625,000 after buying an additional 19 shares during the period. Institutional investors own 56.52% 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.

5 Day Chart for NASDAQ:AAPL

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