Apple (NASDAQ:AAPL) Rating Reiterated by Bank of America

Apple (NASDAQ:AAPLGet Free Report)‘s stock had its “buy” rating restated by research analysts at Bank of America in a research note issued to investors on Wednesday, Marketbeat Ratings reports. They presently have a $230.00 price target on the iPhone maker’s stock. Bank of America‘s price target would suggest a potential upside of 7.36% from the stock’s previous close.

A number of other analysts also recently issued reports on AAPL. Rosenblatt Securities restated a “neutral” rating and issued a $196.00 price target on shares of Apple in a research report on Tuesday. Canaccord Genuity Group upped their price target on shares of Apple from $200.00 to $215.00 and gave the company a “buy” rating in a report on Friday, May 3rd. Needham & Company LLC reissued a “buy” rating and issued a $220.00 price objective on shares of Apple in a research report on Tuesday. Itau BBA Securities upgraded Apple from an “underperform” rating to a “market perform” rating and boosted their target price for the company from $162.00 to $188.00 in a research report on Friday, May 3rd. Finally, Citigroup reduced their price target on Apple from $220.00 to $210.00 and set a “buy” rating on the stock in a report on Monday, April 29th. One research analyst has rated the stock with a sell rating, twelve have assigned a hold rating, twenty-one have issued a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $207.47.

Read Our Latest Research Report on AAPL

Apple Stock Up 0.5 %

Shares of AAPL opened at $214.24 on Wednesday. The company has a debt-to-equity ratio of 1.24, a current ratio of 1.04 and a quick ratio of 0.99. The stock has a market capitalization of $3.29 trillion, a price-to-earnings ratio of 33.32, a price-to-earnings-growth ratio of 2.35 and a beta of 1.25. Apple has a 1 year low of $164.07 and a 1 year high of $220.20. The business’s 50 day simple moving average is $182.91 and its 200-day simple moving average is $183.93.

Apple (NASDAQ:AAPLGet Free Report) last released its quarterly earnings results on Thursday, May 2nd. The iPhone maker reported $1.53 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.51 by $0.02. The company had revenue of $90.75 billion for the quarter, compared to the consensus estimate of $90.37 billion. Apple had a net margin of 26.31% and a return on equity of 148.33%. Apple’s revenue was down 4.3% on a year-over-year basis. During the same quarter in the prior year, the firm earned $1.52 earnings per share. As a group, equities analysts expect that Apple will post 6.57 earnings per share for the current fiscal year.

Apple declared that its board has initiated a stock buyback plan on Thursday, May 2nd that authorizes the company to buyback $110.00 billion in outstanding shares. This buyback authorization authorizes the iPhone maker to reacquire up to 3.9% of its stock through open market purchases. Stock buyback plans are usually an indication that the company’s leadership believes its stock is undervalued.

Insider Buying and Selling

In other Apple news, Director Arthur D. Levinson sold 75,000 shares of the company’s stock in a transaction that occurred on Thursday, May 30th. The shares were sold at an average price of $191.58, for a total transaction of $14,368,500.00. Following the transaction, the director now owns 4,359,576 shares in the company, valued at approximately $835,207,570.08. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In related news, insider Chris Kondo sold 4,999 shares of the company’s stock in a transaction that occurred on Wednesday, May 15th. The stock was sold at an average price of $190.40, for a total value of $951,809.60. Following the sale, the insider now owns 29,278 shares in the company, valued at $5,574,531.20. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Arthur D. Levinson sold 75,000 shares of the firm’s stock in a transaction that occurred on Thursday, May 30th. The stock was sold at an average price of $191.58, for a total transaction of $14,368,500.00. Following the transaction, the director now directly owns 4,359,576 shares of the company’s stock, valued at $835,207,570.08. The disclosure for this sale can be found here. Insiders sold 346,270 shares of company stock worth $60,880,196 in the last three months. Corporate insiders own 0.06% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the business. Wyrmwood Management LLC grew its holdings in Apple by 69.0% during the fourth quarter. Wyrmwood Management LLC now owns 169 shares of the iPhone maker’s stock worth $33,000 after acquiring an additional 69 shares during the period. Christopher J. Hasenberg Inc acquired a new position in shares of Apple in the 1st quarter valued at $35,000. Fidelis Capital Partners LLC boosted its holdings in Apple by 17.9% during the first quarter. Fidelis Capital Partners LLC now owns 206,455 shares of the iPhone maker’s stock worth $35,000 after buying an additional 31,278 shares in the last quarter. A.P. Gilfoyle & Co. L.P. acquired a new stake in Apple during the fourth quarter valued at $39,000. Finally, Gilfoyle & Co LLC increased its holdings in Apple by 118.0% in the fourth quarter. Gilfoyle & Co LLC now owns 218 shares of the iPhone maker’s stock valued at $40,000 after buying an additional 118 shares in the last quarter. Hedge funds and other institutional investors own 60.41% of the company’s stock.

Apple Company Profile

(Get Free Report)

Apple Inc designs, manufactures, and markets smartphones, personal computers, tablets, wearables, and accessories worldwide. The company offers iPhone, a line of smartphones; Mac, a line of personal computers; iPad, a line of multi-purpose tablets; and wearables, home, and accessories comprising AirPods, Apple TV, Apple Watch, Beats products, and HomePod.

Further Reading

Analyst Recommendations for Apple (NASDAQ:AAPL)

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