Apple (NASDAQ:AAPL) Given “Neutral” Rating at Piper Sandler Companies

Apple (NASDAQ:AAPLGet Free Report)‘s stock had its “neutral” rating reissued by investment analysts at Piper Sandler Companies in a report issued on Tuesday, MarketBeat reports. They presently have a $225.00 target price on the iPhone maker’s stock, up from their prior target price of $190.00. Piper Sandler Companies’ price objective would suggest a potential downside of 3.43% from the company’s previous close.

A number of other research firms also recently issued reports on AAPL. DA Davidson raised shares of Apple from a “neutral” rating to a “buy” rating and upped their price target for the company from $200.00 to $230.00 in a research note on Tuesday, June 11th. Citigroup decreased their price target on shares of Apple from $220.00 to $210.00 and set a “buy” rating on the stock in a research note on Monday, April 29th. Melius Research upped their price target on shares of Apple from $227.00 to $260.00 and gave the company a “buy” rating in a research note on Monday, June 24th. Rosenblatt Securities raised shares of Apple from a “neutral” rating to a “buy” rating and upped their price target for the company from $196.00 to $260.00 in a research note on Wednesday, June 26th. Finally, Erste Group Bank raised shares of Apple from a “hold” rating to a “buy” rating in a research note on Friday, June 14th. One research analyst has rated the stock with a sell rating, eleven have assigned a hold rating, twenty-four have issued a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, Apple has a consensus rating of “Moderate Buy” and an average target price of $218.43.

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Apple Price Performance

AAPL stock opened at $232.98 on Tuesday. Apple has a one year low of $164.07 and a one year high of $233.08. The company’s fifty day moving average price is $200.96 and its 200-day moving average price is $186.98. The company has a debt-to-equity ratio of 1.24, a quick ratio of 0.99 and a current ratio of 1.04. The company has a market capitalization of $3.57 trillion, a PE ratio of 36.23, a price-to-earnings-growth ratio of 2.77 and a beta of 1.24.

Apple (NASDAQ:AAPLGet Free Report) last released its earnings results on Thursday, May 2nd. The iPhone maker reported $1.53 EPS for the quarter, topping the consensus estimate of $1.51 by $0.02. Apple had a net margin of 26.31% and a return on equity of 148.33%. The firm had revenue of $90.75 billion for the quarter, compared to the consensus estimate of $90.37 billion. During the same quarter in the previous year, the firm earned $1.52 earnings per share. The company’s quarterly revenue was down 4.3% compared to the same quarter last year. On average, equities analysts anticipate that Apple will post 6.59 EPS for the current fiscal year.

Apple declared that its board has approved a share repurchase plan on Thursday, May 2nd that allows the company to buyback $110.00 billion in outstanding shares. This buyback authorization allows the iPhone maker to buy up to 3.9% of its shares through open market purchases. Shares buyback plans are often a sign that the company’s board believes its stock is undervalued.

Insider Buying and Selling at Apple

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

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the company. Wyrmwood Management LLC grew its position in shares of Apple by 69.0% in the 4th quarter. Wyrmwood Management LLC now owns 169 shares of the iPhone maker’s stock worth $33,000 after buying an additional 69 shares during the last quarter. Christopher J. Hasenberg Inc purchased a new position in shares of Apple in the 1st quarter worth approximately $35,000. Fidelis Capital Partners LLC boosted its stake in Apple by 17.9% in the 1st quarter. Fidelis Capital Partners LLC now owns 206,455 shares of the iPhone maker’s stock worth $35,000 after purchasing an additional 31,278 shares in the last quarter. A.P. Gilfoyle & Co. L.P. acquired a new stake in Apple in the 4th quarter worth approximately $39,000. Finally, Gilfoyle & Co LLC boosted its stake in Apple by 118.0% in the 4th quarter. Gilfoyle & Co LLC now owns 218 shares of the iPhone maker’s stock worth $40,000 after purchasing an additional 118 shares in the last quarter. Hedge funds and other institutional investors own 60.41% of the company’s stock.

About Apple

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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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