JPMorgan Chase & Co. Raises Apple (NASDAQ:AAPL) Price Target to $239.00

Apple (NASDAQ:AAPL) had its price target increased by JPMorgan Chase & Co. from $233.00 to $239.00 in a research note released on Tuesday, BenzingaRatingsTable reports. They currently have an overweight rating on the iPhone maker’s stock.

AAPL has been the subject of a number of other research reports. Bank of America reiterated a buy rating and issued a $105.00 price target (up previously from $100.00) on shares of Zendesk in a research note on Wednesday, May 1st. Canaccord Genuity lifted their price target on shares of from GBX 91 ($1.19) to GBX 109 ($1.42) and gave the stock a hold rating in a research note on Tuesday, June 4th. Jefferies Financial Group lifted their price target on shares of EXACT Sciences from $100.00 to $115.00 and gave the stock a buy rating in a research note on Wednesday, May 1st. Loop Capital lifted their price target on shares of Apple to $190.00 and gave the stock a hold rating in a research note on Wednesday, May 1st. Finally, ValuEngine downgraded shares of Zumiez from a hold rating to a sell rating in a research note on Tuesday, July 2nd. Four research analysts have rated the stock with a sell rating, nineteen have issued a hold rating, twenty-four have issued a buy rating and one has given a strong buy rating to the stock. The company has a consensus rating of Hold and a consensus target price of $209.27.

Shares of Apple stock opened at $201.75 on Tuesday. Apple has a 52-week low of $142.00 and a 52-week high of $233.47. The business has a 50 day moving average price of $192.27. The company has a quick ratio of 1.26, a current ratio of 1.32 and a debt-to-equity ratio of 0.85. The stock has a market capitalization of $935.08 billion, a P/E ratio of 16.94, a P/E/G ratio of 1.72 and a beta of 1.23.



Apple (NASDAQ:AAPL) last issued its quarterly earnings results on Tuesday, April 30th. The iPhone maker reported $2.46 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.37 by $0.09. Apple had a net margin of 22.12% and a return on equity of 51.29%. The company had revenue of $58.02 billion during the quarter, compared to the consensus estimate of $57.40 billion. During the same quarter in the previous year, the firm earned $2.73 earnings per share. The firm’s quarterly revenue was down 5.1% on a year-over-year basis. As a group, analysts predict that Apple will post 11.47 EPS for the current year.

Apple declared that its Board of Directors has approved a share repurchase plan on Tuesday, April 30th that allows the company to repurchase $75.00 billion in outstanding shares. This repurchase authorization allows the iPhone maker to purchase up to 7.6% of its shares through open market purchases. Shares repurchase plans are often a sign that the company’s board of directors believes its stock is undervalued.

In related news, Director Arthur D. Levinson sold 35,000 shares of Apple stock in a transaction on Friday, May 3rd. The shares were sold at an average price of $210.86, for a total value of $7,380,100.00. Following the transaction, the director now directly owns 1,168,283 shares in the company, valued at approximately $246,344,153.38. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, COO Jeffrey E. Williams sold 56,411 shares of Apple stock in a transaction on Thursday, May 2nd. The shares were sold at an average price of $210.36, for a total transaction of $11,866,617.96. Following the completion of the transaction, the chief operating officer now owns 151,187 shares in the company, valued at $31,803,697.32. The disclosure for this sale can be found here. Insiders own 0.05% of the company’s stock.

A number of large investors have recently bought and sold shares of AAPL. Morgan Stanley grew its position in Apple by 9.7% in the 3rd quarter. Morgan Stanley now owns 39,188,032 shares of the iPhone maker’s stock valued at $8,846,307,000 after buying an additional 3,452,792 shares during the last quarter. Federated Investors Inc. PA boosted its position in shares of Apple by 88.4% during the 3rd quarter. Federated Investors Inc. PA now owns 1,192,947 shares of the iPhone maker’s stock worth $269,295,000 after purchasing an additional 559,737 shares in the last quarter. TIAA CREF Investment Management LLC boosted its position in shares of Apple by 1.8% during the 3rd quarter. TIAA CREF Investment Management LLC now owns 26,144,522 shares of the iPhone maker’s stock worth $5,901,864,000 after purchasing an additional 454,086 shares in the last quarter. Mn Services Vermogensbeheer B.V. boosted its position in shares of Apple by 57.3% during the 4th quarter. Mn Services Vermogensbeheer B.V. now owns 1,235,798 shares of the iPhone maker’s stock worth $170,524,000 after purchasing an additional 450,098 shares in the last quarter. Finally, Fisher Asset Management LLC boosted its position in shares of Apple by 3.4% during the 4th quarter. Fisher Asset Management LLC now owns 12,766,487 shares of the iPhone maker’s stock worth $2,013,786,000 after purchasing an additional 417,421 shares in the last quarter. Hedge funds and other institutional investors own 58.54% of the company’s stock.

About Apple

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.

Featured Article: Portfolio Manager

Analyst Recommendations for Apple (NASDAQ:AAPL)

Receive News & Ratings for Apple Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Apple and related companies with MarketBeat.com's FREE daily email newsletter.