Morgan Stanley Reiterates “Buy” Rating for Apple (AAPL)
Apple (NASDAQ:AAPL)‘s stock had its “buy” rating reiterated by investment analysts at Morgan Stanley in a research report issued to clients and investors on Wednesday. They presently have a $247.00 target price on the iPhone maker’s stock. Morgan Stanley’s price objective would indicate a potential upside of 9.80% from the company’s previous close.
Several other research firms have also weighed in on AAPL. DA Davidson reiterated a “buy” rating and issued a $265.00 price objective (up previously from $230.00) on shares of Apple in a research note on Wednesday, September 5th. DZ Bank reiterated a “buy” rating on shares of Apple in a research note on Monday, September 3rd. Canaccord Genuity reiterated a “buy” rating and issued a $250.00 price objective (up previously from $220.00) on shares of Apple in a research note on Tuesday, September 4th. Cascend Securities upped their price objective on shares of Apple from $230.00 to $250.00 and gave the company a “buy” rating in a research note on Tuesday, September 4th. Finally, Sanford C. Bernstein reiterated a “neutral” rating and issued a $200.00 price objective on shares of Apple in a research note on Thursday, September 13th. Two research analysts have rated the stock with a sell rating, nineteen have assigned a hold rating and thirty have issued a buy rating to the stock. The company has a consensus rating of “Buy” and an average target price of $220.66.
AAPL stock opened at $224.95 on Wednesday. Apple has a 52-week low of $150.24 and a 52-week high of $229.67. The company has a current ratio of 1.31, a quick ratio of 1.24 and a debt-to-equity ratio of 0.84. The company has a market cap of $1,083.39 billion, a PE ratio of 19.98, a PEG ratio of 1.94 and a beta of 1.33.
In related news, Director Arthur D. Levinson sold 20,000 shares of the company’s stock in a transaction on Thursday, August 2nd. The shares were sold at an average price of $206.58, for a total transaction of $4,131,600.00. Following the completion of the sale, the director now directly owns 1,153,283 shares of the company’s stock, valued at approximately $238,245,202.14. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, CEO Timothy D. Cook sold 265,160 shares of the company’s stock in a transaction on Monday, August 27th. The stock was sold at an average price of $217.79, for a total transaction of $57,749,196.40. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 378,400 shares of company stock valued at $81,052,754. 0.08% of the stock is owned by insiders.
Hedge funds and other institutional investors have recently bought and sold shares of the stock. Fort L.P. bought a new stake in Apple in the 2nd quarter valued at $119,000. Delphi Private Advisors LLC bought a new stake in Apple in the 2nd quarter valued at $120,000. Cranbrook Wealth Management LLC boosted its holdings in Apple by 76.1% in the 2nd quarter. Cranbrook Wealth Management LLC now owns 699 shares of the iPhone maker’s stock valued at $129,000 after purchasing an additional 302 shares during the period. Quattro Financial Advisors LLC bought a new stake in Apple in the 1st quarter valued at $133,000. Finally, Smart Portfolios LLC bought a new stake in Apple in the 1st quarter valued at $134,000. 58.54% of the stock is owned by institutional investors and hedge funds.
Apple Inc designs, manufactures, and markets mobile communication and media devices, and personal computers to consumers, and small and mid-sized businesses; and education, enterprise, and government customers worldwide. The company also sells related software, services, accessories, networking solutions, and third-party digital content and applications.
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