Apple Inc. (AAPL) Stock Rating Reaffirmed by Maxim Group
Apple Inc. (NASDAQ:AAPL)‘s stock had its “buy” rating reissued by research analysts at Maxim Group in a research note issued on Thursday. They presently have a $193.00 price objective on the iPhone maker’s stock. Maxim Group’s price objective indicates a potential upside of 11.88% from the stock’s previous close.
The analysts wrote, “No mystery with Sept Q results to be reported; expect in-line Q. Given supply chain data points that suggest only 30M iPhone X will be shipped within the Dec Q, shifting 25M iPhone units from Dec Q to C1H18. Supply chain data points and 6 week lead times indicate 16M iPhone X were ordered over the first weekend, which we believe is consistent with iPhone 6/6+ first weekend. GM upside from iPhone X may not be apparent from Dec Q guidance due to purported initial assembly yield issues.””
A number of other research analysts have also issued reports on the stock. Morgan Stanley raised their price objective on shares of Apple from $177.00 to $182.00 and gave the company an “overweight” rating in a report on Monday, July 17th. Needham & Company LLC reiterated a “buy” rating and issued a $175.00 price objective (up previously from $165.00) on shares of Apple in a report on Wednesday, August 2nd. They noted that the move was a valuation call. Cleveland Research upgraded shares of Apple from a “neutral” rating to a “buy” rating and set a $197.00 price objective for the company in a report on Tuesday, August 29th. Bank of America Corporation reiterated a “buy” rating and issued a $180.00 price objective (up previously from $175.00) on shares of Apple in a report on Wednesday, August 2nd. Finally, Canaccord Genuity reiterated a “buy” rating and issued a $180.00 price objective on shares of Apple in a report on Monday, July 10th. Seven investment analysts have rated the stock with a hold rating and forty-six have issued a buy rating to the company’s stock. Apple has a consensus rating of “Buy” and a consensus target price of $198.38.
Apple (NASDAQ:AAPL) traded up $4.39 during mid-day trading on Thursday, hitting $172.50. 58,683,826 shares of the stock were exchanged, compared to its average volume of 25,147,278. The company has a market capitalization of $891,001.81, a PE ratio of 18.75, a P/E/G ratio of 1.42 and a beta of 1.23. The company has a debt-to-equity ratio of 0.68, a current ratio of 1.39 and a quick ratio of 1.35. Apple has a 52-week low of $104.08 and a 52-week high of $174.26.
Apple (NASDAQ:AAPL) last posted its earnings results on Thursday, November 2nd. The iPhone maker reported $2.07 EPS for the quarter, topping analysts’ consensus estimates of $1.87 by $0.20. The firm had revenue of $52.58 billion during the quarter, compared to analysts’ expectations of $50.71 billion. Apple had a net margin of 21.09% and a return on equity of 36.36%. The business’s revenue for the quarter was up 12.2% compared to the same quarter last year. During the same quarter in the prior year, the business earned $1.50 earnings per share. sell-side analysts forecast that Apple will post 11.11 EPS for the current fiscal year.
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In related news, insider Craig Federighi sold 63,163 shares of Apple stock in a transaction that occurred on Monday, August 7th. The stock was sold at an average price of $158.07, for a total transaction of $9,984,175.41. Following the sale, the insider now owns 359,988 shares of the company’s stock, valued at approximately $56,903,303.16. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, SVP D Bruce Sewell sold 31,625 shares of Apple stock in a transaction that occurred on Monday, August 7th. The shares were sold at an average price of $158.13, for a total value of $5,000,861.25. Following the sale, the senior vice president now directly owns 112,430 shares in the company, valued at approximately $17,778,555.90. The disclosure for this sale can be found here. Insiders sold 541,177 shares of company stock worth $85,864,804 in the last ninety days. Corporate insiders own 0.08% of the company’s stock.
Institutional investors and hedge funds have recently modified their holdings of the stock. Vantage Financial Partners Ltd. Inc. bought a new stake in Apple during the 2nd quarter valued at approximately $400,000. Blue Sky Asset Management LLC bought a new stake in Apple during the 2nd quarter valued at approximately $108,000. FNY Managed Accounts LLC raised its stake in Apple by 852.4% during the 2nd quarter. FNY Managed Accounts LLC now owns 800 shares of the iPhone maker’s stock valued at $115,000 after purchasing an additional 716 shares during the period. Hefty Wealth Partners raised its stake in Apple by 27.6% during the 2nd quarter. Hefty Wealth Partners now owns 804 shares of the iPhone maker’s stock valued at $115,000 after purchasing an additional 174 shares during the period. Finally, American Beacon Advisors Inc. bought a new stake in Apple during the 1st quarter valued at approximately $117,000. 60.33% of the stock is currently owned by institutional investors.
Apple Company Profile
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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