Apple Inc. (AAPL) Stock Rating Reaffirmed by Instinet
Instinet reaffirmed their buy rating on shares of Apple Inc. (NASDAQ:AAPL) in a research note issued to investors on Wednesday. The firm currently has a $185.00 target price on the iPhone maker’s stock.
Several other equities analysts also recently issued reports on AAPL. Canaccord Genuity reissued a buy rating and set a $180.00 price target (up from $165.00) on shares of Apple in a report on Tuesday, May 16th. BMO Capital Markets reissued an outperform rating and set a $170.00 price target (up from $160.00) on shares of Apple in a report on Wednesday, May 17th. Morgan Stanley reissued an overweight rating and set a $177.00 price target (up from $161.00) on shares of Apple in a report on Wednesday, May 17th. Vetr raised shares of Apple from a hold rating to a buy rating and set a $159.81 price target for the company in a report on Wednesday, May 17th. Finally, Wells Fargo & Company reissued a market perform rating and set a $140.00 price target on shares of Apple in a report on Friday, May 19th. Eleven equities research analysts have rated the stock with a hold rating and forty-four have issued a buy rating to the company. The company presently has a consensus rating of Buy and a consensus price target of $187.63.
Apple (NASDAQ:AAPL) opened at 159.88 on Wednesday. The company has a market cap of $825.82 billion, a PE ratio of 18.15 and a beta of 1.27. Apple has a 52-week low of $104.08 and a 52-week high of $164.94. The firm has a 50-day moving average of $158.97 and a 200 day moving average of $149.42.
Apple (NASDAQ:AAPL) last announced its quarterly earnings results on Tuesday, August 1st. The iPhone maker reported $1.67 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.57 by $0.10. Apple had a net margin of 20.87% and a return on equity of 35.40%. The firm had revenue of $45.41 billion during the quarter, compared to the consensus estimate of $44.94 billion. During the same period last year, the firm posted $1.42 EPS. The firm’s quarterly revenue was up 7.2% on a year-over-year basis. Equities research analysts expect that Apple will post $9.01 earnings per share for the current fiscal year.
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In other Apple news, insider Johny Srouji sold 5,892 shares of Apple stock in a transaction dated Monday, August 28th. The stock was sold at an average price of $161.00, for a total transaction of $948,612.00. Following the completion of the transaction, the insider now owns 70,358 shares of the company’s stock, valued at approximately $11,327,638. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Timothy D. Cook sold 268,623 shares of Apple stock in a transaction dated Monday, August 28th. The shares were sold at an average price of $160.63, for a total value of $43,148,912.49. The disclosure for this sale can be found here. In the last three months, insiders sold 432,930 shares of company stock valued at $69,008,577. 0.08% of the stock is currently owned by insiders.
Hedge funds have recently bought and sold shares of the business. Blue Sky Asset Management LLC purchased a new position in Apple during the 2nd quarter valued at about $108,000. Hefty Wealth Partners grew its holdings in Apple by 27.6% during the 2nd quarter. Hefty Wealth Partners now owns 804 shares of the iPhone maker’s stock valued at $115,000 after buying an additional 174 shares in the last quarter. FNY Managed Accounts LLC grew its holdings in Apple by 852.4% during the 2nd quarter. FNY Managed Accounts LLC now owns 800 shares of the iPhone maker’s stock valued at $115,000 after buying an additional 716 shares in the last quarter. American Beacon Advisors Inc. purchased a new position in Apple during the 1st quarter valued at about $117,000. Finally, Private Vista LLC purchased a new position in Apple during the 2nd quarter valued at about $122,000. 60.45% of the stock is owned by institutional investors and hedge funds.
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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