Pacific Crest upgraded shares of Apple Inc. (NASDAQ:AAPL) from a sector weight rating to an overweight rating in a research note released on Monday, October 16th, Marketbeat Ratings reports. Pacific Crest currently has $187.00 price target on the iPhone maker’s stock.
AAPL has been the topic of a number of other reports. Drexel Hamilton reissued a buy rating and issued a $202.00 price objective on shares of Apple in a research report on Thursday, July 6th. Barclays PLC reissued a hold rating and issued a $146.00 price objective on shares of Apple in a research report on Monday, September 4th. Instinet reissued a buy rating and issued a $165.00 price objective on shares of Apple in a research report on Wednesday, July 5th. Royal Bank Of Canada reissued an outperform rating and issued a $180.00 price objective on shares of Apple in a research report on Monday, September 11th. Finally, Morgan Stanley restated an overweight rating and issued a $194.00 target price (up from $182.00) on shares of Apple in a research note on Tuesday, September 12th. Seven equities research analysts have rated the stock with a hold rating and forty-six have given a buy rating to the company’s stock. The company presently has an average rating of Buy and an average target price of $193.05.
Apple (AAPL) traded up 3.58% during midday trading on Monday, hitting $163.05. The stock had a trading volume of 44,454,160 shares. The company’s 50 day moving average price is $156.59 and its 200-day moving average price is $152.47. Apple has a 52 week low of $104.08 and a 52 week high of $164.94. The stock has a market capitalization of $842.19 billion, a price-to-earnings ratio of 18.51 and a beta of 1.27.
Apple (NASDAQ:AAPL) last announced its quarterly earnings results on Tuesday, August 1st. The iPhone maker reported $1.67 EPS for the quarter, topping the consensus estimate of $1.57 by $0.10. The business 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 business’s quarterly revenue was up 7.2% compared to the same quarter last year. During the same quarter in the previous year, the company earned $1.42 EPS. Equities analysts anticipate that Apple will post $9.00 earnings per share for the current fiscal year.
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In related news, insider Philip W. Schiller sold 56,808 shares of the firm’s stock in a transaction that occurred on Tuesday, October 3rd. The shares were sold at an average price of $154.70, for a total value of $8,788,197.60. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider Angela J. Ahrendts sold 63,388 shares of the firm’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 transaction of $9,775,063.48. The disclosure for this sale can be found here. Insiders sold 541,177 shares of company stock worth $85,864,804 in the last 90 days. 0.08% of the stock is currently owned by insiders.
Institutional investors and hedge funds have recently bought and sold shares of the company. Vantage Financial Partners Ltd. Inc. purchased a new stake in shares of Apple during the second quarter valued at approximately $400,000. Blue Sky Asset Management LLC purchased a new stake in shares of Apple during the second quarter valued at approximately $108,000. FNY Managed Accounts LLC raised its stake in shares of Apple by 852.4% during the second quarter. FNY Managed Accounts LLC now owns 800 shares of the iPhone maker’s stock valued at $115,000 after purchasing an additional 716 shares during the period. Hefty Wealth Partners raised its stake in shares of Apple by 27.6% during the second quarter. Hefty Wealth Partners now owns 804 shares of the iPhone maker’s stock valued at $115,000 after purchasing an additional 174 shares during the period. Finally, American Beacon Advisors Inc. purchased a new stake in shares of Apple during the first quarter valued at approximately $117,000. Institutional investors own 60.32% 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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