Apple (NASDAQ:AAPL) Price Target Raised to $241.00 at Rosenblatt Securities

Apple (NASDAQ:AAPL) had its target price upped by research analysts at Rosenblatt Securities from $223.00 to $241.00 in a research note issued to investors on Wednesday,Benzinga reports. The firm presently has a “neutral” rating on the iPhone maker’s stock. Rosenblatt Securities’ target price would suggest a potential upside of 4.77% from the company’s current price.

AAPL has been the topic of several other reports. Barclays lifted their price target on shares of Apple from $173.00 to $180.00 and gave the stock an “underweight” rating in a research note on Friday, August 1st. Moffett Nathanson upgraded Apple from a “sell” rating to a “neutral” rating and set a $225.00 price objective for the company in a research note on Thursday, September 4th. Wedbush reissued an “outperform” rating and issued a $270.00 price objective on shares of Apple in a report on Tuesday. JPMorgan Chase & Co. lifted their target price on shares of Apple from $250.00 to $255.00 and gave the company an “overweight” rating in a report on Friday, August 1st. Finally, Bank of America increased their price target on shares of Apple from $250.00 to $260.00 and gave the stock a “buy” rating in a research note on Wednesday, September 3rd. Two analysts have rated the stock with a Strong Buy rating, fifteen have issued a Buy rating, fourteen have given a Hold rating and two have issued a Sell rating to the company’s stock. According to data from MarketBeat.com, Apple has a consensus rating of “Moderate Buy” and a consensus price target of $240.80.

Apple Stock Up 1.4%

Shares of Apple stock opened at $230.03 on Wednesday. The company has a quick ratio of 0.83, a current ratio of 0.87 and a debt-to-equity ratio of 1.25. Apple has a 52-week low of $169.21 and a 52-week high of $260.10. The company has a market capitalization of $3.41 trillion, a P/E ratio of 34.91, a P/E/G ratio of 2.37 and a beta of 1.11. The company has a 50 day moving average of $221.08 and a 200 day moving average of $212.48.

Apple (NASDAQ:AAPL) last announced its quarterly earnings data on Thursday, July 31st. The iPhone maker reported $1.57 earnings per share for the quarter, beating analysts’ consensus estimates of $1.43 by $0.14. The business had revenue of $94.04 billion for the quarter, compared to analyst estimates of $88.64 billion. Apple had a net margin of 24.30% and a return on equity of 170.91%. The company’s revenue was up 9.6% on a year-over-year basis. During the same period last year, the business earned $1.40 EPS. As a group, research analysts forecast that Apple will post 7.28 EPS for the current fiscal year.

Insider Buying and Selling at Apple

In other news, SVP Deirdre O’brien sold 34,821 shares of Apple stock in a transaction dated Friday, August 8th. The shares were sold at an average price of $223.20, for a total value of $7,772,047.20. Following the sale, the senior vice president owned 136,687 shares of the company’s stock, valued at $30,508,538.40. The trade was a 20.30% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 0.06% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Apple

Hedge funds have recently added to or reduced their stakes in the company. Ryan Investment Management Inc. purchased a new position in Apple in the second quarter worth $31,000. ROSS JOHNSON & Associates LLC boosted its position in shares of Apple by 1,800.0% during the 1st quarter. ROSS JOHNSON & Associates LLC now owns 190 shares of the iPhone maker’s stock worth $42,000 after purchasing an additional 180 shares in the last quarter. Life Planning Partners Inc acquired a new position in shares of Apple during the 4th quarter worth $47,000. Nexus Investment Management ULC increased its holdings in shares of Apple by 333.3% in the 2nd quarter. Nexus Investment Management ULC now owns 260 shares of the iPhone maker’s stock valued at $53,000 after purchasing an additional 200 shares in the last quarter. Finally, Elite Financial Inc. purchased a new position in shares of Apple in the 1st quarter valued at about $58,000. Institutional investors and hedge funds own 67.73% of the company’s stock.

About Apple

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.