Apple Inc. (AAPL) Receives Buy Rating from Piper Jaffray Companies
Apple Inc. (NASDAQ:AAPL)‘s stock had its “buy” rating reissued by analysts at Piper Jaffray Companies in a report released on Wednesday. They currently have a $196.00 target price on the iPhone maker’s stock. Piper Jaffray Companies’ price target indicates a potential upside of 25.72% from the company’s current price.
A number of other brokerages have also recently weighed in on AAPL. Barclays PLC reissued a “hold” rating and set a $146.00 target price on shares of Apple in a report on Monday, September 4th. Robert W. Baird reissued a “buy” rating and set a $172.00 target price on shares of Apple in a report on Tuesday, September 5th. Royal Bank Of Canada increased their target price on shares of Apple from $176.00 to $180.00 and gave the stock an “outperform” rating in a report on Friday, September 1st. Sanford C. Bernstein reissued an “outperform” rating and set a $175.00 target price on shares of Apple in a report on Wednesday, September 6th. Finally, Instinet reissued a “buy” rating and set a $185.00 target price (up from $175.00) on shares of Apple in a report on Wednesday, September 6th. Nine research analysts have rated the stock with a hold rating and forty-five have issued a buy rating to the company’s stock. The stock has a consensus rating of “Buy” and an average target price of $189.40.
Shares of Apple (AAPL) traded up 0.4147% on Wednesday, reaching $156.5465. 10,642,917 shares of the company’s stock traded hands. The stock has a market capitalization of $136.24 billion, a PE ratio of 17.7289 and a beta of 1.27. The company has a 50 day moving average of $157.91 and a 200-day moving average of $151.39. Apple has a 52 week low of $104.08 and a 52 week high of $164.94.
Apple (NASDAQ:AAPL) last issued its earnings results on Tuesday, August 1st. The iPhone maker reported $1.67 earnings per share for the quarter, topping the Zacks’ consensus estimate of $1.57 by $0.10. The company had revenue of $45.41 billion for the quarter, compared to analysts’ expectations of $44.94 billion. Apple had a net margin of 20.87% and a return on equity of 35.40%. The firm’s revenue was up 7.2% compared to the same quarter last year. During the same period in the prior year, the company earned $1.42 earnings per share. Equities research analysts forecast that Apple will post $9.01 earnings per share for the current year.
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In other Apple news, CEO Timothy D. Cook sold 268,623 shares of the business’s stock in a transaction that occurred on Monday, August 28th. The stock was sold at an average price of $160.63, for a total value of $43,148,912.49. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, insider Angela J. Ahrendts sold 63,388 shares of the business’s stock in a transaction that occurred on Thursday, October 5th. The shares were sold at an average price of $154.21, for a total value of $9,775,063.48. The disclosure for this sale can be found here. Insiders sold a total of 541,177 shares of company stock valued at $85,864,804 over the last quarter. 0.08% of the stock is owned by insiders.
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Berkshire Hathaway Inc. lifted its stake in Apple by 0.6% in the 2nd quarter. Berkshire Hathaway Inc. now owns 130,191,960 shares of the iPhone maker’s stock valued at $18,750,246,000 after acquiring an additional 834,854 shares in the last quarter. Capital Research Global Investors lifted its stake in Apple by 15.0% in the 2nd quarter. Capital Research Global Investors now owns 29,449,961 shares of the iPhone maker’s stock valued at $4,241,383,000 after acquiring an additional 3,845,363 shares in the last quarter. Legal & General Group Plc lifted its stake in Apple by 3.0% in the 2nd quarter. Legal & General Group Plc now owns 26,106,175 shares of the iPhone maker’s stock valued at $3,759,849,000 after acquiring an additional 771,046 shares in the last quarter. Janus Henderson Group PLC lifted its stake in Apple by 301.3% in the 2nd quarter. Janus Henderson Group PLC now owns 20,003,587 shares of the iPhone maker’s stock valued at $2,880,992,000 after acquiring an additional 15,018,790 shares in the last quarter. Finally, Swiss National Bank lifted its stake in Apple by 1.5% in the 2nd quarter. Swiss National Bank now owns 19,169,416 shares of the iPhone maker’s stock valued at $2,760,779,000 after acquiring an additional 275,400 shares in the last quarter. Hedge funds and other institutional investors own 60.36% 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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