Apple (NASDAQ:AAPL – Get Free Report)‘s stock had its “outperform” rating restated by research analysts at Wedbush in a note issued to investors on Thursday,Benzinga reports. They currently have a $325.00 price target on the iPhone maker’s stock. Wedbush’s price target would suggest a potential upside of 44.78% from the stock’s previous close.
Several other equities research analysts have also recently weighed in on the stock. Bank of America restated a “buy” rating and issued a $256.00 price target on shares of Apple in a research report on Friday, January 3rd. Jefferies Financial Group lowered Apple from a “hold” rating to an “underperform” rating and dropped their price target for the stock from $211.84 to $200.75 in a research report on Tuesday. JPMorgan Chase & Co. lowered their price objective on Apple from $265.00 to $260.00 and set an “overweight” rating for the company in a research note on Tuesday. New Street Research restated a “neutral” rating and set a $225.00 price target on shares of Apple in a report on Wednesday, September 25th. Finally, The Goldman Sachs Group dropped their price objective on shares of Apple from $286.00 to $280.00 and set a “buy” rating for the company in a research note on Thursday. Four research analysts have rated the stock with a sell rating, nine have given a hold rating, twenty-two have issued a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, Apple has an average rating of “Moderate Buy” and a consensus price target of $238.14.
Check Out Our Latest Analysis on AAPL
Apple Price Performance
Apple (NASDAQ:AAPL – Get Free Report) last announced its quarterly earnings results on Thursday, October 31st. The iPhone maker reported $1.64 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.60 by $0.04. The company had revenue of $94.93 billion for the quarter, compared to the consensus estimate of $94.52 billion. Apple had a net margin of 23.97% and a return on equity of 152.94%. Apple’s revenue for the quarter was up 6.1% compared to the same quarter last year. During the same period in the previous year, the firm posted $1.46 EPS. On average, equities analysts forecast that Apple will post 7.43 EPS for the current year.
Insider Buying and Selling at Apple
In other Apple news, insider Chris Kondo sold 4,130 shares of the stock in a transaction dated Monday, November 18th. The stock was sold at an average price of $228.87, for a total transaction of $945,233.10. Following the sale, the insider now directly owns 15,419 shares of the company’s stock, valued at approximately $3,528,946.53. This trade represents a 21.13 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, COO Jeffrey E. Williams sold 100,000 shares of the business’s stock in a transaction dated Monday, December 16th. The shares were sold at an average price of $249.97, for a total value of $24,997,000.00. Following the completion of the transaction, the chief operating officer now directly owns 389,944 shares of the company’s stock, valued at approximately $97,474,301.68. This trade represents a 20.41 % decrease in their position. The disclosure for this sale can be found here. 0.06% of the stock is currently owned by company insiders.
Hedge Funds Weigh In On Apple
A number of hedge funds have recently bought and sold shares of AAPL. State Street Corp raised its position in Apple by 10.6% during the third quarter. State Street Corp now owns 584,010,284 shares of the iPhone maker’s stock worth $136,074,372,000 after acquiring an additional 55,935,105 shares during the period. FMR LLC raised its position in shares of Apple by 5.3% during the 3rd quarter. FMR LLC now owns 363,859,362 shares of the iPhone maker’s stock worth $84,779,231,000 after purchasing an additional 18,224,005 shares during the last quarter. Geode Capital Management LLC lifted its stake in Apple by 6.5% in the 3rd quarter. Geode Capital Management LLC now owns 333,857,500 shares of the iPhone maker’s stock valued at $77,542,863,000 after buying an additional 20,483,787 shares in the last quarter. Charles Schwab Investment Management Inc. increased its stake in Apple by 6.6% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 94,942,731 shares of the iPhone maker’s stock worth $22,121,656,000 after buying an additional 5,893,741 shares in the last quarter. Finally, International Assets Investment Management LLC raised its holdings in shares of Apple by 20,372.7% during the third quarter. International Assets Investment Management LLC now owns 94,347,510 shares of the iPhone maker’s stock valued at $219,829,700,000 after acquiring an additional 93,886,664 shares during the last quarter. Hedge funds and other institutional investors own 67.73% of the company’s stock.
Apple Company Profile
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.
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