Apple (AAPL) Downgraded by New Street Research

New Street Research lowered shares of Apple (NASDAQ:AAPL) from a neutral rating to a sell rating in a research note released on Friday, 24/7 WallStreet reports. The brokerage currently has $170.00 price objective on the iPhone maker’s stock.

A number of other equities analysts also recently weighed in on AAPL. Piper Jaffray Companies dropped their price target on shares of Apple from $250.00 to $222.00 and set an overweight rating on the stock in a research note on Thursday, December 13th. DA Davidson reaffirmed a buy rating and issued a $280.00 price target (down from $290.00) on shares of Apple in a research note on Friday, December 14th. Jefferies Financial Group dropped their price target on shares of Apple from $265.00 to $225.00 and set a buy rating on the stock in a research note on Wednesday, December 19th. Needham & Company LLC dropped their price target on shares of Apple from $260.00 to $200.00 and set a buy rating on the stock in a research note on Thursday, December 20th. Finally, JPMorgan Chase & Co. reaffirmed a buy rating on shares of Apple in a research note on Friday, December 21st. Three investment analysts have rated the stock with a sell rating, twenty-one have assigned a hold rating, twenty-three have issued a buy rating and one has assigned a strong buy rating to the stock. The company has an average rating of Hold and an average target price of $202.45.

NASDAQ AAPL opened at $199.23 on Friday. Apple has a 1-year low of $142.00 and a 1-year high of $233.47. The company has a debt-to-equity ratio of 0.79, a quick ratio of 1.25 and a current ratio of 1.30. The firm has a market capitalization of $977.47 billion, a PE ratio of 16.73, a P/E/G ratio of 2.03 and a beta of 1.14.

Apple (NASDAQ:AAPL) last posted its quarterly earnings results on Tuesday, January 29th. The iPhone maker reported $4.18 earnings per share for the quarter, topping the Zacks’ consensus estimate of $4.17 by $0.01. Apple had a net margin of 22.72% and a return on equity of 50.92%. The business had revenue of $84.31 billion for the quarter, compared to the consensus estimate of $84.07 billion. On average, sell-side analysts predict that Apple will post 11.41 EPS for the current year.

In other Apple news, Director Arthur D. Levinson sold 1,521 shares of the company’s stock in a transaction dated Friday, February 1st. The shares were sold at an average price of $167.71, for a total transaction of $255,086.91. Following the completion of the sale, the director now directly owns 1,134,804 shares in the company, valued at $190,317,978.84. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Luca Maestri sold 51,138 shares of the company’s stock in a transaction dated Friday, April 5th. The shares were sold at an average price of $196.61, for a total transaction of $10,054,242.18. Following the sale, the insider now owns 27,448 shares of the company’s stock, valued at $5,396,551.28. The disclosure for this sale can be found here. 0.05% of the stock is owned by corporate insiders.

A number of hedge funds have recently added to or reduced their stakes in AAPL. RPG Investment Advisory LLC lifted its stake in shares of Apple by 1.3% in the first quarter. RPG Investment Advisory LLC now owns 48,233 shares of the iPhone maker’s stock valued at $9,162,000 after buying an additional 640 shares during the period. Flagship Harbor Advisors LLC lifted its stake in shares of Apple by 2.5% in the first quarter. Flagship Harbor Advisors LLC now owns 65,560 shares of the iPhone maker’s stock valued at $12,453,000 after buying an additional 1,600 shares during the period. Welch Group LLC lifted its stake in shares of Apple by 2.3% in the first quarter. Welch Group LLC now owns 24,577 shares of the iPhone maker’s stock valued at $4,668,000 after buying an additional 558 shares during the period. Hodges Capital Management Inc. lifted its stake in shares of Apple by 7.6% in the first quarter. Hodges Capital Management Inc. now owns 24,217 shares of the iPhone maker’s stock valued at $4,600,000 after buying an additional 1,718 shares during the period. Finally, Horan Capital Management lifted its stake in shares of Apple by 9.4% in the first quarter. Horan Capital Management now owns 153,368 shares of the iPhone maker’s stock valued at $29,132,000 after buying an additional 13,200 shares during the period. Institutional investors own 57.38% of the company’s stock.

Apple Company Profile

Apple Inc designs, manufactures, and markets mobile communication and media devices, and personal computers. It also sells various related software, services, accessories, and third-party digital content and applications. The company offers iPhone, a line of smartphones; iPad, a line of multi-purpose tablets; and Mac, a line of desktop and portable personal computers, as well as iOS, macOS, watchOS, and tvOS operating systems.

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