Apple Inc. (AAPL) Given “Overweight” Rating at Piper Jaffray Companies
Apple Inc. (NASDAQ:AAPL)‘s stock had its “overweight” rating reaffirmed by research analysts at Piper Jaffray Companies in a research note issued to investors on Friday. They presently have a $196.00 target price on the iPhone maker’s stock, up from their previous target price of $190.00. Piper Jaffray Companies’ price objective would suggest a potential upside of 29.04% from the company’s previous close.
Several other analysts have also recently issued reports on AAPL. UBS AG reaffirmed a “buy” rating and set a $170.00 target price on shares of Apple in a research report on Wednesday, May 31st. Royal Bank Of Canada reaffirmed an “outperform” rating and set a $160.08 target price (down previously from $176.00) on shares of Apple in a research report on Wednesday, August 9th. Rosenblatt Securities reaffirmed a “neutral” rating and set a $150.00 target price on shares of Apple in a research report on Thursday. Loop Capital reaffirmed a “buy” rating and set a $180.00 target price on shares of Apple in a research report on Saturday, September 16th. Finally, Mizuho reaffirmed a “hold” rating and set a $150.00 target price on shares of Apple in a research report on Monday, September 18th. Ten investment analysts have rated the stock with a hold rating, forty-three have given a buy rating and one has given a strong buy rating to the stock. Apple currently has an average rating of “Buy” and a consensus price target of $188.37.
Apple (NASDAQ AAPL) traded down 0.98% during midday trading on Friday, hitting $151.89. The company had a trading volume of 46,645,443 shares. Apple has a 52 week low of $104.08 and a 52 week high of $164.94. The company has a market capitalization of $784.55 billion, a P/E ratio of 17.24 and a beta of 1.27. The stock has a 50 day moving average price of $159.51 and a 200 day moving average price of $149.86. Apple also saw unusually large options trading on Wednesday. Investors purchased 174,155 put options on the stock. This is an increase of approximately 102% compared to the average volume of 86,200 put options.
Apple (NASDAQ:AAPL) last announced its quarterly earnings data on Tuesday, August 1st. The iPhone maker reported $1.67 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.57 by $0.10. Apple had a return on equity of 35.40% and a net margin of 20.87%. The company had revenue of $45.41 billion for the quarter, compared to analysts’ expectations of $44.94 billion. During the same quarter in the prior year, the firm earned $1.42 earnings per share. Apple’s revenue was up 7.2% compared to the same quarter last year. Equities analysts forecast that Apple will post $9.01 earnings per share for the current fiscal year.
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In other Apple news, CEO Timothy D. Cook sold 268,623 shares of Apple stock in a transaction on Monday, August 28th. The shares were sold at an average price of $160.63, for a total value of $43,148,912.49. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, insider Daniel J. Riccio sold 11,949 shares of Apple stock in a transaction on Thursday, July 6th. The shares were sold at an average price of $142.86, for a total transaction of $1,707,034.14. The disclosure for this sale can be found here. In the last quarter, insiders sold 432,930 shares of company stock worth $69,008,577. 0.08% of the stock is owned by company insiders.
Institutional investors and hedge funds have recently made changes to their positions in the business. Saratoga Research & Investment Management raised its stake in shares of Apple by 0.6% in the 1st quarter. Saratoga Research & Investment Management now owns 667,132 shares of the iPhone maker’s stock valued at $95,840,000 after acquiring an additional 4,137 shares during the period. Pinnacle Bank purchased a new position in shares of Apple in the 1st quarter valued at $1,924,000. Green Square Capital LLC raised its stake in shares of 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 acquiring an additional 5,491 shares during the period. Headinvest LLC raised its stake in shares of 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 acquiring an additional 390 shares during the period. Finally, Nicolet Bankshares Inc. raised its stake in shares of Apple by 3.1% in the 1st quarter. Nicolet Bankshares Inc. now owns 27,684 shares of the iPhone maker’s stock valued at $3,977,000 after acquiring an additional 844 shares during the period. Institutional investors own 60.35% 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.
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