Apple’s (AAPL) Outperform Rating Reiterated at Credit Suisse Group
Credit Suisse Group reissued their outperform rating on shares of Apple Inc. (NASDAQ:AAPL) in a research note released on Tuesday morning. They currently have a $170.00 target price on the iPhone maker’s stock.
Other analysts also recently issued research reports about the stock. UBS AG set a $151.00 price objective on shares of Apple and gave the stock a buy rating in a research report on Tuesday, April 4th. Raymond James Financial, Inc. reaffirmed an outperform rating and set a $159.00 price objective (up previously from $152.00) on shares of Apple in a research report on Monday, April 3rd. Goldman Sachs Group, Inc. (The) reaffirmed a buy rating and set a $150.00 price objective on shares of Apple in a research report on Wednesday, April 12th. Rosenblatt Securities reaffirmed a neutral rating and set a $120.00 price objective on shares of Apple in a research report on Monday, April 17th. Finally, FBN Securities raised their price objective on shares of Apple from $155.00 to $160.00 and gave the stock an outperform rating in a research report on Thursday, May 4th. Twelve equities research analysts have rated the stock with a hold rating, forty-one have assigned a buy rating and one has issued a strong buy rating to the stock. The stock presently has a consensus rating of Buy and a consensus price target of $161.67.
Apple (AAPL) opened at 149.50 on Tuesday. The firm has a 50-day moving average of $146.92 and a 200-day moving average of $141.83. Apple has a 52 week low of $96.42 and a 52 week high of $156.65. The company has a market cap of $779.47 billion, a price-to-earnings ratio of 17.54 and a beta of 1.31.
Apple (NASDAQ:AAPL) last released its earnings results on Tuesday, May 2nd. The iPhone maker reported $2.10 earnings per share for the quarter, beating analysts’ consensus estimates of $2.02 by $0.08. The business had revenue of $52.90 billion during the quarter, compared to the consensus estimate of $52.61 billion. Apple had a net margin of 20.74% and a return on equity of 35.09%. Equities analysts forecast that Apple will post $8.87 earnings per share for the current year.
Apple announced that its board has initiated a share repurchase plan on Tuesday, May 2nd that authorizes the company to repurchase $50.00 billion in shares. This repurchase authorization authorizes the iPhone maker to purchase up to 6.5% of its stock through open market purchases. Stock repurchase plans are typically a sign that the company’s board of directors believes its shares are undervalued.
In other news, insider Luca Maestri sold 4,757 shares of the company’s stock in a transaction that occurred on Friday, June 2nd. The stock was sold at an average price of $154.70, for a total value of $735,907.90. Following the completion of the sale, the insider now directly owns 3,414 shares in the company, valued at $528,145.80. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, SVP Johny Srouji sold 10,000 shares of the company’s stock in a transaction that occurred on Monday, May 22nd. The shares were sold at an average price of $153.20, for a total value of $1,532,000.00. Following the completion of the sale, the senior vice president now owns 96,738 shares of the company’s stock, valued at $14,820,261.60. The disclosure for this sale can be found here. Insiders sold 373,000 shares of company stock valued at $56,497,046 over the last 90 days. Company insiders own 0.08% of the company’s stock.
Large investors have recently bought and sold shares of the stock. Norges Bank bought a new stake in Apple during the fourth quarter worth about $5,625,709,000. Asset Management One Co. Ltd. raised its position in shares of Apple by 966.6% in the fourth quarter. Asset Management One Co. Ltd. now owns 9,457,769 shares of the iPhone maker’s stock valued at $1,096,072,000 after buying an additional 8,571,027 shares during the last quarter. Harbour Capital Advisors LLC raised its position in shares of Apple by 14,030.2% in the second quarter. Harbour Capital Advisors LLC now owns 4,515,315 shares of the iPhone maker’s stock valued at $31,352,000 after buying an additional 4,483,360 shares during the last quarter. Glenview Capital Management LLC acquired a new position in shares of Apple during the fourth quarter valued at $365,191,000. Finally, Canada Pension Plan Investment Board raised its position in shares of Apple by 23.2% in the first quarter. Canada Pension Plan Investment Board now owns 9,289,482 shares of the iPhone maker’s stock valued at $1,334,527,000 after buying an additional 1,749,797 shares during the last quarter. Institutional investors and hedge funds own 61.23% of the company’s stock.
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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