Apple Inc. (NASDAQ:AAPL)‘s stock had its “buy” rating reaffirmed by equities research analysts at Citigroup Inc. in a note issued to investors on Wednesday. They presently have a $120.00 price objective on the iPhone maker’s stock. Citigroup Inc.’s price target suggests a potential upside of 4.42% from the company’s previous close.

Several other brokerages also recently issued reports on AAPL. Piper Jaffray Cos. reissued an “overweight” rating and set a $153.00 price objective on shares of Apple in a research report on Tuesday, July 26th. Cowen and Company reissued an “outperform” rating and set a $125.00 price objective on shares of Apple in a research report on Thursday, July 28th. Sanford C. Bernstein reissued a “buy” rating and set a $135.00 price objective on shares of Apple in a research report on Tuesday, June 14th. Goldman Sachs Group Inc. reissued a “buy” rating and set a $124.00 price objective on shares of Apple in a research report on Tuesday, July 26th. Finally, Brean Capital reissued a “buy” rating and set a $125.00 price objective on shares of Apple in a research report on Wednesday, July 27th. Four analysts have rated the stock with a sell rating, ten have given a hold rating, forty-two have assigned a buy rating and two have issued a strong buy rating to the company. The company presently has a consensus rating of “Buy” and a consensus price target of $126.49.

Apple (NASDAQ:AAPL) traded down 0.84% during midday trading on Wednesday, hitting $113.96. 36,642,204 shares of the company traded hands. Apple has a 12-month low of $89.47 and a 12-month high of $123.82. The stock’s 50-day moving average is $106.77 and its 200-day moving average is $101.83. The firm has a market capitalization of $614.07 billion, a PE ratio of 13.29 and a beta of 1.14.

Apple (NASDAQ:AAPL) last posted its earnings results on Tuesday, July 26th. The iPhone maker reported $1.42 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $1.38 by $0.04. The company had revenue of $42.36 billion for the quarter, compared to analyst estimates of $42.35 billion. Apple had a net margin of 21.70% and a return on equity of 37.89%. The business’s revenue for the quarter was down 14.6% compared to the same quarter last year. During the same period last year, the business posted $1.85 earnings per share. Analysts anticipate that Apple will post $8.26 EPS for the current fiscal year.

In other news, insider Johny Srouji sold 9,827 shares of the company’s stock in a transaction that occurred on Monday, August 15th. The stock was sold at an average price of $108.44, for a total transaction of $1,065,639.88. Following the sale, the insider now directly owns 116,369 shares of the company’s stock, valued at approximately $12,619,054.36. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, SVP Angela J. Ahrendts sold 25,000 shares of the company’s stock in a transaction that occurred on Monday, July 18th. The stock was sold at an average price of $100.00, for a total value of $2,500,000.00. Following the sale, the senior vice president now directly owns 105,839 shares in the company, valued at $10,583,900. The disclosure for this sale can be found here. Insiders own 0.08% of the company’s stock.

Hedge funds have recently modified their holdings of the company. Norges Bank bought a new stake in Apple during the fourth quarter valued at $5,068,068,000. Cohen & Steers Inc. raised its stake in Apple by 6,771.0% in the second quarter. Cohen & Steers Inc. now owns 22,633,195 shares of the iPhone maker’s stock valued at $999,482,000 after buying an additional 22,303,795 shares during the last quarter. Magellan Asset Management Ltd raised its stake in Apple by 56.9% in the second quarter. Magellan Asset Management Ltd now owns 15,294,140 shares of the iPhone maker’s stock valued at $1,462,120,000 after buying an additional 5,543,465 shares during the last quarter. Nordea Investment Management AB raised its stake in Apple by 87.4% in the second quarter. Nordea Investment Management AB now owns 10,195,750 shares of the iPhone maker’s stock valued at $974,714,000 after buying an additional 4,755,361 shares during the last quarter. Finally, NN Investment Partners Holdings N.V. bought a new stake in Apple during the first quarter valued at $325,287,000. 56.52% of the stock is currently owned by institutional investors and hedge funds.

About Apple

Apple Inc (Apple) designs, manufactures and markets mobile communication and media devices, personal computers, and portable digital music players, and a variety of related software, services, peripherals, networking solutions, and third-party digital content and applications. The Company’s products and services include iPhone, iPad, Mac, iPod, Apple TV, a portfolio of consumer and professional software applications, the iOS and OS X operating systems, iCloud, and a variety of accessory, service and support offerings.

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