Apple (NASDAQ:AAPL) Shares Down 1.1% – Should You Sell?

31 Oct 2024, 18:10 by Tristan Rich · The Markets Daily

Apple Inc. (NASDAQ:AAPL – Get Free Report)’s stock price was down 1.1% during mid-day trading on Thursday . The company traded as low as $227.51 and last traded at $227.52. Approximately 10,877,171 shares were traded during trading, a decline of 82% from the average daily volume of 59,113,352 shares. The stock had previously closed at $230.10.

Analyst Upgrades and Downgrades

Several research analysts have commented on the stock. Piper Sandler Companies restated a “neutral” rating and set a $225.00 price objective (up from $190.00) on shares of Apple in a research report on Tuesday, July 9th. The Goldman Sachs Group lifted their price objective on Apple from $265.00 to $275.00 and gave the stock a “buy” rating in a research report on Friday, August 2nd. Robert W. Baird lifted their target price on Apple from $200.00 to $240.00 and gave the stock an “outperform” rating in a report on Thursday, July 25th. Monness Crespi & Hardt reiterated a “buy” rating and issued a $245.00 target price on shares of Apple in a report on Monday, September 9th. Finally, Rosenblatt Securities reaffirmed a “buy” rating and issued a $261.00 target price on shares of Apple in a report on Tuesday, September 10th. Two analysts have rated the stock with a sell rating, eleven have given a hold rating, twenty-three have assigned a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, Apple has an average rating of “Moderate Buy” and an average price target of $235.91.

Check Out Our Latest Stock Analysis on Apple

Apple Trading Down 1.0 %

The company has a debt-to-equity ratio of 1.29, a current ratio of 0.95 and a quick ratio of 0.91. The business’s fifty day simple moving average is $227.23 and its 200 day simple moving average is $211.59. The stock has a market cap of $3.46 trillion, a price-to-earnings ratio of 34.60, a P/E/G ratio of 2.40 and a beta of 1.24.

Apple (NASDAQ:AAPL – Get Free Report) last issued its quarterly earnings results on Thursday, August 1st. The iPhone maker reported $1.40 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.34 by $0.06. The company had revenue of $85.78 billion for the quarter, compared to analysts’ expectations of $84.43 billion. Apple had a return on equity of 147.15% and a net margin of 26.44%. The firm’s revenue for the quarter was up 4.9% on a year-over-year basis. During the same period last year, the firm earned $1.26 EPS. On average, research analysts predict that Apple Inc. will post 6.65 EPS for the current year.

Insider Activity

In other news, insider Chris Kondo sold 5,178 shares of the company’s stock in a transaction dated Friday, August 9th. The stock was sold at an average price of $216.50, for a total transaction of $1,121,037.00. Following the completion of the sale, the insider now owns 24,125 shares in the company, valued at approximately $5,223,062.50. This represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. In related news, COO Jeffrey E. Williams sold 59,730 shares of the company’s stock in a transaction on Wednesday, October 2nd. The shares were sold at an average price of $226.86, for a total transaction of $13,550,347.80. Following the completion of the transaction, the chief operating officer now directly owns 489,944 shares in the company, valued at $111,148,695.84. This represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, insider Chris Kondo sold 5,178 shares of the business’s stock in a transaction dated Friday, August 9th. The stock was sold at an average price of $216.50, for a total transaction of $1,121,037.00. Following the transaction, the insider now owns 24,125 shares in the company, valued at approximately $5,223,062.50. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 517,924 shares of company stock worth $114,786,399 in the last three months. 0.06% of the stock is owned by insiders.

Institutional Investors Weigh In On Apple

Institutional investors and hedge funds have recently bought and sold shares of the business. Bellwether Advisors LLC grew its stake in Apple by 387.3% during the second quarter. Bellwether Advisors LLC now owns 24,349 shares of the iPhone maker’s stock worth $5,128,000 after buying an additional 19,352 shares during the last quarter. Gentry Private Wealth LLC acquired a new position in Apple in the second quarter worth $876,000. WT Asset Management Ltd bought a new stake in shares of Apple during the second quarter worth $80,057,000. TD Asset Management Inc increased its stake in shares of Apple by 10.3% in the second quarter. TD Asset Management Inc now owns 16,745,201 shares of the iPhone maker’s stock valued at $3,526,874,000 after buying an additional 1,557,848 shares in the last quarter. Finally, Councilmark Asset Management LLC bought a new stake in Apple during the 1st quarter worth about $11,776,000. Institutional investors own 60.41% of the company’s stock.

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