Apple’s (AAPL) “Buy” Rating Reiterated at Needham & Company LLC

Apple (NASDAQ:AAPLGet Free Report)‘s stock had its “buy” rating reissued by stock analysts at Needham & Company LLC in a report issued on Tuesday, Benzinga reports. They currently have a $220.00 price objective on the iPhone maker’s stock. Needham & Company LLC’s price target indicates a potential upside of 3.25% from the stock’s current price.

AAPL has been the subject of several other reports. Tigress Financial increased their price objective on Apple from $240.00 to $245.00 and gave the stock a “strong-buy” rating in a research report on Thursday, May 30th. JPMorgan Chase & Co. restated an “overweight” rating and set a $225.00 price target on shares of Apple in a research report on Tuesday. Canaccord Genuity Group raised their price target on Apple from $200.00 to $215.00 and gave the stock a “buy” rating in a research report on Saturday, May 4th. Wedbush raised their price target on Apple from $250.00 to $275.00 and gave the stock an “outperform” rating in a research report on Friday, May 24th. Finally, DA Davidson upgraded Apple from a “neutral” rating to a “buy” rating and increased their price objective for the company from $200.00 to $230.00 in a research note on Tuesday. One investment analyst has rated the stock with a sell rating, twelve have issued a hold rating, twenty-one have assigned a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $207.47.

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Apple Stock Performance

NASDAQ AAPL opened at $213.07 on Tuesday. The stock has a market capitalization of $3.27 trillion, a price-to-earnings ratio of 33.14, a PEG ratio of 2.35 and a beta of 1.25. Apple has a twelve month low of $164.07 and a twelve month high of $220.20. The company has a current ratio of 1.04, a quick ratio of 0.99 and a debt-to-equity ratio of 1.24. The stock has a 50-day moving average of $182.00 and a 200 day moving average of $183.72.

Apple (NASDAQ:AAPLGet Free Report) last posted its quarterly earnings results on Thursday, May 2nd. The iPhone maker reported $1.53 EPS for the quarter, beating the consensus estimate of $1.51 by $0.02. Apple had a return on equity of 148.33% and a net margin of 26.31%. The firm had revenue of $90.75 billion during the quarter, compared to analysts’ expectations of $90.37 billion. During the same quarter last year, the firm earned $1.52 earnings per share. The business’s revenue for the quarter was down 4.3% on a year-over-year basis. Sell-side analysts anticipate that Apple will post 6.57 EPS for the current fiscal year.

Apple announced that its board has approved a share repurchase program on Thursday, May 2nd that permits the company to buyback $110.00 billion in shares. This buyback authorization permits the iPhone maker to purchase up to 3.9% of its stock through open market purchases. Stock buyback programs are generally an indication that the company’s leadership believes its stock is undervalued.

Insider Transactions at Apple

In other news, CEO Timothy D. Cook sold 99,183 shares of the company’s stock in a transaction on Monday, April 1st. The stock was sold at an average price of $170.03, for a total transaction of $16,864,085.49. Following the completion of the sale, the chief executive officer now directly owns 3,377,407 shares in the company, valued at approximately $574,260,512.21. The transaction was disclosed in a legal filing with the SEC, which is available at this link. In other news, CEO Timothy D. Cook sold 99,183 shares of the company’s stock in a transaction on Monday, April 1st. The stock was sold at an average price of $170.03, for a total transaction of $16,864,085.49. Following the completion of the sale, the chief executive officer now directly owns 3,377,407 shares in the company, valued at approximately $574,260,512.21. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Arthur D. Levinson sold 75,000 shares of the company’s stock in a transaction on Thursday, May 30th. The stock was sold at an average price of $191.58, for a total value of $14,368,500.00. Following the sale, the director now owns 4,359,576 shares of the company’s stock, valued at $835,207,570.08. The disclosure for this sale can be found here. Insiders sold a total of 346,270 shares of company stock worth $60,880,196 in the last ninety days. Insiders own 0.06% of the company’s stock.

Institutional Trading of Apple

Institutional investors have recently added to or reduced their stakes in the business. Headinvest LLC boosted its position in Apple by 1.7% in the 3rd quarter. Headinvest LLC now owns 53,155 shares of the iPhone maker’s stock valued at $9,236,000 after buying an additional 872 shares during the last quarter. Sound Income Strategies LLC boosted its position in Apple by 16.1% in the 4th quarter. Sound Income Strategies LLC now owns 75,110 shares of the iPhone maker’s stock valued at $14,461,000 after buying an additional 10,425 shares during the last quarter. DNB Asset Management AS boosted its position in Apple by 6.9% in the 4th quarter. DNB Asset Management AS now owns 4,307,068 shares of the iPhone maker’s stock valued at $829,240,000 after buying an additional 279,311 shares during the last quarter. Boltwood Capital Management boosted its position in Apple by 2.8% in the 4th quarter. Boltwood Capital Management now owns 37,178 shares of the iPhone maker’s stock valued at $7,158,000 after buying an additional 1,021 shares during the last quarter. Finally, NewEdge Wealth LLC boosted its position in Apple by 16.2% in the 4th quarter. NewEdge Wealth LLC now owns 808,709 shares of the iPhone maker’s stock valued at $155,701,000 after buying an additional 112,980 shares during the last quarter. 60.41% of the stock is owned by hedge funds and other institutional investors.

About Apple

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Apple Inc designs, manufactures, and markets smartphones, personal computers, tablets, wearables, and accessories worldwide. The company offers iPhone, a line of smartphones; Mac, a line of personal computers; iPad, a line of multi-purpose tablets; and wearables, home, and accessories comprising AirPods, Apple TV, Apple Watch, Beats products, and HomePod.

Further Reading

Analyst Recommendations for Apple (NASDAQ:AAPL)

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