Royal Bank of Canada Raises Apple Inc. (AAPL) Price Target to $155.00
Apple Inc. (NASDAQ:AAPL) had its price objective raised by Royal Bank of Canada from $140.00 to $155.00 in a research note released on Wednesday. Royal Bank of Canada currently has an outperform rating on the iPhone maker’s stock.
Several other research analysts have also issued reports on AAPL. Vetr raised Apple from a buy rating to a strong-buy rating and set a $118.87 target price for the company in a research report on Tuesday, November 15th. Drexel Hamilton reissued a buy rating and issued a $185.00 target price on shares of Apple in a research report on Sunday, November 27th. Sanford C. Bernstein reissued an outperform rating and issued a $135.00 target price on shares of Apple in a research report on Sunday, December 4th. Instinet reissued a buy rating and issued a $135.00 target price on shares of Apple in a research report on Monday, December 5th. Finally, Nomura reissued a buy rating and issued a $135.00 target price on shares of Apple in a research report on Tuesday, December 6th. Two research analysts have rated the stock with a sell rating, nine have issued a hold rating, thirty-eight have issued a buy rating and two have issued a strong buy rating to the company’s stock. The stock has a consensus rating of Buy and an average price target of $140.24.
Shares of Apple (NASDAQ:AAPL) opened at 141.46 on Wednesday. Apple has a one year low of $89.47 and a one year high of $141.50. The company’s 50-day moving average price is $134.83 and its 200-day moving average price is $119.06. The company has a market capitalization of $742.18 billion, a price-to-earnings ratio of 16.98 and a beta of 1.26.
Apple (NASDAQ:AAPL) last announced its earnings results on Tuesday, January 31st. The iPhone maker reported $3.36 earnings per share (EPS) for the quarter, topping the consensus estimate of $3.22 by $0.14. Apple had a return on equity of 34.94% and a net margin of 20.73%. The firm earned $78.35 billion during the quarter, compared to analyst estimates of $77.37 billion. During the same quarter in the prior year, the company earned $3.28 EPS. The business’s revenue was up 3.3% compared to the same quarter last year. On average, equities research analysts predict that Apple will post $8.94 earnings per share for the current year.
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In other Apple news, insider Luca Maestri sold 2,300 shares of the business’s stock in a transaction that occurred on Wednesday, December 28th. The stock was sold at an average price of $117.67, for a total transaction of $270,641.00. Following the completion of the transaction, the insider now owns 4,632 shares in the company, valued at $545,047.44. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Albert Gore, Jr. sold 70,000 shares of the business’s stock in a transaction that occurred on Thursday, February 2nd. The shares were sold at an average price of $128.35, for a total value of $8,984,500.00. Following the transaction, the director now owns 445,574 shares of the company’s stock, valued at approximately $57,189,422.90. The disclosure for this sale can be found here. Insiders have sold 403,844 shares of company stock valued at $51,434,527 in the last 90 days. Company insiders own 0.08% of the company’s stock.
Hedge funds and other institutional investors have recently made changes to their positions in the stock. Armbruster Capital Management Inc. raised its position in shares of Apple by 35.1% in the third quarter. Armbruster Capital Management Inc. now owns 1,024 shares of the iPhone maker’s stock valued at $116,000 after buying an additional 266 shares during the period. Weaver C. Barksdale & Associates Inc. acquired a new position in shares of Apple during the third quarter valued at about $122,000. Glacier Peak Capital LLC acquired a new position in shares of Apple during the fourth quarter valued at about $127,000. D. Scott Neal Inc. raised its position in shares of Apple by 701.3% in the third quarter. D. Scott Neal Inc. now owns 1,202 shares of the iPhone maker’s stock valued at $136,000 after buying an additional 1,052 shares during the period. Finally, Welch Investments LLC acquired a new position in shares of Apple during the fourth quarter valued at about $146,000. Institutional investors and hedge funds own 58.76% of the company’s stock.
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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