Zacks Investment Research upgraded shares of Apple Inc. (NASDAQ:AAPL) from a hold rating to a buy rating in a research note published on Wednesday. Zacks Investment Research currently has $175.00 target price on the iPhone maker’s stock.
According to Zacks, “Apple’s enriched product portfolio that now includes the new iPhones, Watch 3 and 4K TV will help the stock sustain momentum against S&P 500 going forward. This, along with the company's $1-billion investment for acquiring original content and its plan to break into film distribution market will further boost services’ revenues. Apple recently collaborated with Steven Spielberg's Amblin TV and NBCUniversal to revive Amazing Stories. Additionally, foray into fast-growing technologies like AI & AR/VR are long-term growth catalysts. However, the new iPhone X at $999 is quite pricey, particularly for markets like China and India. Moreover, slight delay in launching the product as compared with iPhone 8 and 8 Plus, reflects supply chain issues. This can be a concern during the upcoming holiday season. Moreover, intensifying competition from cheaper Chinese handset-makers cannot be ignored.”
A number of other analysts have also recently weighed in on AAPL. UBS AG reiterated a buy rating and issued a $170.00 price target on shares of Apple in a research report on Friday, June 23rd. Royal Bank Of Canada reissued an outperform rating and issued a $160.08 price objective (down previously from $176.00) on shares of Apple in a research note on Wednesday, August 9th. Longbow Research reissued a buy rating and issued a $173.00 price objective on shares of Apple in a research note on Friday, August 11th. Bank of America Corporation reissued a buy rating and issued a $180.00 price objective on shares of Apple in a research note on Tuesday, September 26th. Finally, Instinet reissued a buy rating and issued a $175.00 price objective (up previously from $165.00) on shares of Apple in a research note on Wednesday, August 2nd. Nine research analysts have rated the stock with a hold rating and forty-five have given a buy rating to the company’s stock. The stock has an average rating of Buy and a consensus target price of $189.40.
Shares of Apple (NASDAQ:AAPL) traded up 0.05% during trading on Wednesday, reaching $156.63. The company had a trading volume of 10,383,626 shares. Apple has a 12 month low of $104.08 and a 12 month high of $164.94. The firm has a market capitalization of $809.03 billion, a PE ratio of 17.78 and a beta of 1.27. The stock has a 50 day moving average price of $157.82 and a 200 day moving average price of $151.43.
Apple (NASDAQ:AAPL) last announced its quarterly earnings results on Tuesday, August 1st. The iPhone maker reported $1.67 earnings per share for the quarter, beating analysts’ consensus estimates of $1.57 by $0.10. Apple had a return on equity of 35.40% and a net margin of 20.87%. The firm had revenue of $45.41 billion for the quarter, compared to analysts’ expectations of $44.94 billion. During the same period in the prior year, the business posted $1.42 earnings per share. The business’s revenue was up 7.2% compared to the same quarter last year. On average, equities research analysts forecast that Apple will post $9.01 EPS for the current year.
In other Apple news, insider Angela J. Ahrendts sold 63,388 shares of the stock in a transaction on Thursday, October 5th. The stock was sold at an average price of $154.21, for a total transaction of $9,775,063.48. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, SVP D Bruce Sewell sold 31,625 shares of the stock in a transaction on Monday, August 7th. The stock was sold at an average price of $158.13, for a total value of $5,000,861.25. Following the sale, the senior vice president now owns 112,430 shares in the company, valued at approximately $17,778,555.90. The disclosure for this sale can be found here. In the last quarter, insiders sold 541,177 shares of company stock worth $85,864,804. 0.08% of the stock is owned by company insiders.
Large investors have recently bought and sold shares of the business. Saratoga Research & Investment Management lifted its position in shares of Apple by 0.6% during the first quarter. Saratoga Research & Investment Management now owns 667,132 shares of the iPhone maker’s stock worth $95,840,000 after acquiring an additional 4,137 shares in the last quarter. Pinnacle Bank purchased a new stake in shares of Apple during the first quarter worth $1,924,000. Green Square Capital LLC lifted its position in shares of Apple by 6.7% during the first quarter. Green Square Capital LLC now owns 87,456 shares of the iPhone maker’s stock worth $12,564,000 after acquiring an additional 5,491 shares in the last quarter. Headinvest LLC lifted its position in shares of Apple by 2.5% during the second quarter. Headinvest LLC now owns 16,295 shares of the iPhone maker’s stock worth $2,347,000 after acquiring an additional 390 shares in the last quarter. Finally, Nicolet Bankshares Inc. lifted its position in shares of Apple by 3.1% during the first quarter. Nicolet Bankshares Inc. now owns 27,684 shares of the iPhone maker’s stock worth $3,977,000 after acquiring an additional 844 shares in the last quarter. Hedge funds and other institutional investors own 60.36% 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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