Traders Buy Apple (AAPL) on Weakness

Traders bought shares of Apple Inc. (NASDAQ:AAPL) on weakness during trading hours on Friday. $1,221.11 million flowed into the stock on the tick-up and $649.38 million flowed out of the stock on the tick-down, for a money net flow of $571.73 million into the stock. Of all equities tracked, Apple had the highest net in-flow for the day. Apple traded down ($0.39) for the day and closed at $185.11

Several research analysts have issued reports on AAPL shares. ValuEngine raised Apple from a “hold” rating to a “buy” rating in a research report on Thursday, March 1st. Vetr raised Apple from a “hold” rating to a “buy” rating and set a $184.49 target price on the stock in a research report on Monday, March 5th. Rosenblatt Securities set a $180.00 target price on Apple and gave the stock a “buy” rating in a research report on Wednesday, March 7th. Royal Bank of Canada reissued a “buy” rating and issued a $205.00 target price on shares of Apple in a research report on Friday, March 9th. Finally, Barclays dropped their target price on Apple from $170.00 to $168.00 and set an “equal weight” rating on the stock in a research report on Friday, March 16th. One investment analyst has rated the stock with a sell rating, sixteen have issued a hold rating, thirty-one have given a buy rating and two have given a strong buy rating to the company. The company presently has a consensus rating of “Buy” and an average target price of $207.20.

The stock has a market capitalization of $934.43 billion, a P/E ratio of 20.10, a price-to-earnings-growth ratio of 1.52 and a beta of 1.29. The company has a quick ratio of 1.37, a current ratio of 1.46 and a debt-to-equity ratio of 0.80.

Apple (NASDAQ:AAPL) last released its quarterly earnings results on Tuesday, May 1st. The iPhone maker reported $2.73 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $2.69 by $0.04. The firm had revenue of $61.14 billion during the quarter, compared to analyst estimates of $60.94 billion. Apple had a return on equity of 39.97% and a net margin of 21.55%. The business’s revenue for the quarter was up 15.6% compared to the same quarter last year. During the same period in the previous year, the company posted $2.10 EPS. equities analysts anticipate that Apple Inc. will post 11.42 EPS for the current year.

Apple declared that its board has approved a stock buyback program on Tuesday, May 1st that authorizes the company to repurchase $100.00 billion in shares. This repurchase authorization authorizes the iPhone maker to repurchase up to 11.9% of its shares through open market purchases. Shares repurchase programs are often an indication that the company’s management believes its stock is undervalued.

In related news, insider Angela J. Ahrendts sold 6,568 shares of the company’s stock in a transaction dated Friday, June 15th. The stock was sold at an average price of $188.81, for a total transaction of $1,240,104.08. Following the transaction, the insider now directly owns 79,476 shares of the company’s stock, valued at approximately $15,005,863.56. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, insider Philip W. Schiller sold 69,491 shares of the company’s stock in a transaction dated Tuesday, April 3rd. The shares were sold at an average price of $166.42, for a total value of $11,564,692.22. The disclosure for this sale can be found here. Over the last three months, insiders sold 279,074 shares of company stock valued at $49,607,454. Corporate insiders own 0.08% of the company’s stock.

A number of large investors have recently made changes to their positions in the stock. Avalon Advisors LLC increased its position in Apple by 3.0% during the 1st quarter. Avalon Advisors LLC now owns 320,543 shares of the iPhone maker’s stock valued at $53,781,000 after buying an additional 9,217 shares in the last quarter. Greenline Partners LLC increased its position in Apple by 2.9% during the 1st quarter. Greenline Partners LLC now owns 65,406 shares of the iPhone maker’s stock valued at $10,974,000 after buying an additional 1,819 shares in the last quarter. Professional Planning grew its stake in Apple by 4.2% during the 1st quarter. Professional Planning now owns 34,519 shares of the iPhone maker’s stock valued at $5,792,000 after purchasing an additional 1,388 shares during the last quarter. Allianz Life Insurance Co of North America purchased a new stake in Apple during the 1st quarter valued at about $528,000. Finally, Ibex Wealth Advisors purchased a new stake in Apple during the 1st quarter valued at about $3,042,000. 58.07% of the stock is currently owned by institutional investors.

About Apple

Apple Inc designs, manufactures, and markets mobile communication and media devices, and personal computers to consumers, and small and mid-sized businesses; and education, enterprise, and government customers worldwide. The company also sells related software, services, accessories, networking solutions, and third-party digital content and applications.

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