Apple (NASDAQ:AAPL) had its target price increased by Goldman Sachs Group from $171.00 to $187.00 in a research report sent to investors on Wednesday morning, BenzingaRatingsTable reports. They currently have a neutral rating on the iPhone maker’s stock.
Other research analysts also recently issued research reports about the company. Sanford C. Bernstein set a $190.00 target price on Apple and gave the company a neutral rating in a research note on Wednesday, May 1st. Argus boosted their target price on Apple to $250.00 and gave the company a buy rating in a research note on Thursday, May 2nd. Canaccord Genuity boosted their target price on from GBX 91 ($1.19) to GBX 109 ($1.42) and gave the company a hold rating in a research note on Tuesday, June 4th. Morgan Stanley boosted their target price on Intact Financial from C$125.00 to C$128.00 in a research note on Thursday, May 30th. Finally, New Street Research downgraded Apple from a neutral rating to a sell rating and set a $170.00 price target for the company. in a research note on Friday, April 12th. Four analysts have rated the stock with a sell rating, eighteen have given a hold rating, twenty-five have issued a buy rating and one has given a strong buy rating to the company. The company has an average rating of Hold and an average price target of $210.82.
Shares of NASDAQ AAPL opened at $202.59 on Wednesday. The company has a 50-day moving average price of $196.31. The company has a quick ratio of 1.26, a current ratio of 1.32 and a debt-to-equity ratio of 0.85. Apple has a one year low of $142.00 and a one year high of $233.47. The stock has a market capitalization of $946.26 billion, a P/E ratio of 17.30, a P/E/G ratio of 1.74 and a beta of 1.23.
Apple announced that its Board of Directors has authorized a stock repurchase plan on Tuesday, April 30th that allows the company to buyback $75.00 billion in shares. This buyback authorization allows the iPhone maker to reacquire up to 7.6% of its stock through open market purchases. Stock buyback plans are generally an indication that the company’s leadership believes its shares are undervalued.
In related news, Director Arthur D. Levinson sold 35,000 shares of the stock in a transaction that occurred on Friday, May 3rd. The stock was sold at an average price of $210.86, for a total transaction of $7,380,100.00. Following the completion of the sale, the director now owns 1,168,283 shares in the company, valued at approximately $246,344,153.38. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, COO Jeffrey E. Williams sold 56,411 shares of the stock in a transaction that occurred on Thursday, May 2nd. The shares were sold at an average price of $210.36, for a total value of $11,866,617.96. Following the sale, the chief operating officer now owns 151,187 shares of the company’s stock, valued at approximately $31,803,697.32. The disclosure for this sale can be found here. 0.05% of the stock is owned by corporate insiders.
A number of institutional investors have recently bought and sold shares of the business. IMA Wealth Inc. raised its holdings in Apple by 1.4% in the 2nd quarter. IMA Wealth Inc. now owns 17,721 shares of the iPhone maker’s stock valued at $3,507,000 after acquiring an additional 242 shares in the last quarter. Garner Asset Management Corp raised its holdings in Apple by 2.9% in the 2nd quarter. Garner Asset Management Corp now owns 14,508 shares of the iPhone maker’s stock valued at $2,872,000 after acquiring an additional 412 shares in the last quarter. Pioneer Trust Bank N A OR raised its holdings in Apple by 0.7% in the 2nd quarter. Pioneer Trust Bank N A OR now owns 56,530 shares of the iPhone maker’s stock valued at $11,189,000 after acquiring an additional 372 shares in the last quarter. G&S Capital LLC raised its holdings in Apple by 88.2% in the 2nd quarter. G&S Capital LLC now owns 7,604 shares of the iPhone maker’s stock valued at $1,505,000 after acquiring an additional 3,564 shares in the last quarter. Finally, Davy Asset Management Ltd acquired a new position in Apple in the 2nd quarter valued at approximately $8,585,000. 58.51% of the stock is owned by hedge funds and other institutional investors.
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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