Apple Inc. (NASDAQ:AAPL)‘s stock had its “outperform” rating reaffirmed by stock analysts at Sanford C. Bernstein in a research note issued to investors on Tuesday, July 25th. They presently have a $170.00 price objective on the iPhone maker’s stock, up from their prior price objective of $160.00. Sanford C. Bernstein’s price target would indicate a potential upside of 7.95% from the stock’s previous close.
A number of other equities research analysts have also issued reports on AAPL. UBS AG set a $151.00 price target on shares of Apple and gave the company a “buy” rating in a report on Tuesday, April 4th. Macquarie restated an “outperform” rating and set a $170.00 price target (up previously from $160.00) on shares of Apple in a report on Monday, June 12th. Twelve analysts have rated the stock with a hold rating, forty-two have issued a buy rating and one has issued a strong buy rating to the stock. The company presently has an average rating of “Buy” and an average price target of $167.35.
Apple (NASDAQ:AAPL) traded up 1.39% on Tuesday, reaching $157.48. The company had a trading volume of 26,257,096 shares. The stock has a market capitalization of $813.42 billion, a PE ratio of 17.88 and a beta of 1.31. Apple has a 52-week low of $102.53 and a 52-week high of $161.83. The stock has a 50 day moving average price of $149.92 and a 200 day moving average price of $144.27.
Apple (NASDAQ:AAPL) last released its earnings results on Tuesday, August 1st. The iPhone maker reported $1.67 EPS for the quarter, beating the consensus estimate of $1.57 by $0.10. Apple had a net margin of 20.87% and a return on equity of 35.40%. The business had revenue of $45.41 billion during the quarter, compared to analyst estimates of $44.94 billion. During the same period in the prior year, the business earned $1.42 earnings per share. The business’s quarterly revenue was up 7.2% on a year-over-year basis. Analysts expect that Apple will post $9.02 EPS for the current year.
Apple declared that its board has initiated a share repurchase program on Tuesday, May 2nd that allows the company to buyback $50.00 billion in outstanding shares. This buyback authorization allows the iPhone maker to repurchase up to 6.5% of its stock through open market purchases. Stock buyback programs are generally a sign that the company’s board believes its shares are undervalued.
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In related news, insider Luca Maestri sold 4,757 shares of the stock in a transaction on Friday, June 2nd. The stock was sold at an average price of $154.70, for a total value of $735,907.90. Following the transaction, the insider now directly owns 3,414 shares in the company, valued at approximately $528,145.80. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, insider Craig Federighi sold 63,163 shares of the stock in a transaction on Monday, August 7th. The stock was sold at an average price of $158.07, for a total value of $9,984,175.41. Following the completion of the transaction, the insider now owns 359,988 shares in the company, valued at $56,903,303.16. The disclosure for this sale can be found here. Insiders have sold a total of 299,911 shares of company stock worth $46,557,634 over the last 90 days. Company insiders own 0.08% of the company’s stock.
Institutional investors have recently modified their holdings of the company. Vantage Financial Partners Ltd. Inc. purchased a new position in shares of Apple during the second quarter worth about $400,000. Blue Sky Asset Management LLC purchased a new position in shares of Apple during the second quarter worth about $108,000. FNY Managed Accounts LLC boosted its position in shares of Apple by 852.4% in the second quarter. FNY Managed Accounts LLC now owns 800 shares of the iPhone maker’s stock worth $115,000 after buying an additional 716 shares in the last quarter. Hefty Wealth Partners boosted its position in shares of Apple by 27.6% in the second quarter. Hefty Wealth Partners now owns 804 shares of the iPhone maker’s stock worth $115,000 after buying an additional 174 shares in the last quarter. Finally, American Beacon Advisors Inc. purchased a new position in shares of Apple during the first quarter worth about $117,000. Institutional investors own 61.13% 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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