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

by · The Cerbat Gem

Apple (NASDAQ:AAPL – Get Free Report)‘s stock had its “buy” rating reissued by Bank of America in a note issued to investors on Thursday, Benzinga reports. They presently have a $256.00 price objective on the iPhone maker’s stock. Bank of America‘s target price would suggest a potential upside of 12.87% from the stock’s previous close.

A number of other analysts also recently weighed in on AAPL. UBS Group increased their target price on shares of Apple from $190.00 to $236.00 and gave the company a “neutral” rating in a research report on Wednesday, September 4th. Wedbush reiterated an “outperform” rating and set a $285.00 price objective on shares of Apple in a research report on Monday, September 9th. Morgan Stanley restated an “overweight” rating and issued a $273.00 target price on shares of Apple in a report on Tuesday, September 10th. Piper Sandler Companies reiterated a “neutral” rating and set a $225.00 price target (up from $190.00) on shares of Apple in a report on Tuesday, July 9th. Finally, DA Davidson raised Apple from a “neutral” rating to a “buy” rating and lifted their price objective for the stock from $200.00 to $230.00 in a research report on Tuesday, June 11th. One research analyst has rated the stock with a sell rating, twelve have issued a hold rating, twenty-three have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $238.76.

Read Our Latest Stock Analysis on Apple

Apple Price Performance

Shares of NASDAQ:AAPL opened at $226.80 on Thursday. The firm has a market cap of $3.48 trillion, a PE ratio of 35.27, a price-to-earnings-growth ratio of 2.66 and a beta of 1.24. Apple has a 52 week low of $164.07 and a 52 week high of $237.23. The firm’s fifty day moving average is $222.90 and its 200-day moving average is $203.86. The company has a debt-to-equity ratio of 1.29, a quick ratio of 0.91 and a current ratio of 0.95.

Apple (NASDAQ:AAPL – Get Free Report) last released its quarterly earnings results on Thursday, August 1st. The iPhone maker reported $1.40 EPS for the quarter, beating analysts’ consensus estimates of $1.34 by $0.06. The firm had revenue of $85.78 billion for the quarter, compared to analyst estimates of $84.43 billion. Apple had a return on equity of 147.15% and a net margin of 26.44%. The business’s revenue was up 4.9% on a year-over-year basis. During the same quarter in the previous year, the company posted $1.26 EPS. Sell-side analysts predict that Apple will post 6.7 earnings per share for the current year.

Insider Transactions at Apple

In other news, CEO Timothy D. Cook sold 223,986 shares of the firm’s stock in a transaction that occurred on Wednesday, October 2nd. The shares were sold at an average price of $224.46, for a total transaction of $50,275,897.56. Following the completion of the sale, the chief executive officer now owns 3,280,180 shares in the company, valued at $736,269,202.80. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. In other news, CEO Timothy D. Cook sold 223,986 shares of Apple stock in a transaction on Wednesday, October 2nd. The stock was sold at an average price of $224.46, for a total value of $50,275,897.56. Following the completion of the transaction, the chief executive officer now directly owns 3,280,180 shares in the company, valued at approximately $736,269,202.80. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, SVP Katherine L. Adams sold 61,019 shares of the stock in a transaction that occurred on Wednesday, October 2nd. The stock was sold at an average price of $226.20, for a total transaction of $13,802,497.80. Following the completion of the sale, the senior vice president now owns 187,043 shares in the company, valued at $42,309,126.60. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 458,619 shares of company stock worth $101,352,630 in the last ninety days. Company insiders own 0.06% of the company’s stock.

Institutional Investors Weigh In On Apple

Several hedge funds have recently added to or reduced their stakes in AAPL. Shared Vision Wealth Group LLC purchased a new stake in shares of Apple in the 4th quarter valued at $33,300,000. Pacific Sun Financial Corp increased its stake in Apple by 0.3% in the 4th quarter. Pacific Sun Financial Corp now owns 40,580 shares of the iPhone maker’s stock worth $7,813,000 after purchasing an additional 114 shares during the period. Marshall Financial Group Inc. ADV increased its position in shares of Apple by 5.0% in the fourth quarter. Marshall Financial Group Inc. ADV now owns 7,311 shares of the iPhone maker’s stock valued at $1,408,000 after acquiring an additional 349 shares during the period. Moran Wealth Management LLC raised its stake in shares of Apple by 5.9% during the fourth quarter. Moran Wealth Management LLC now owns 29,062 shares of the iPhone maker’s stock valued at $5,595,000 after acquiring an additional 1,629 shares during the last quarter. Finally, Quotient Wealth Partners LLC purchased a new stake in shares of Apple during the fourth quarter worth about $15,684,000. 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.

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