Apple (NASDAQ:AAPL) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research report issued to clients and investors on Monday.

According to Zacks, “Apple shares have vastly outperformed the S&P 500, in the past one year. The company is benefiting from steady iPhone sales, spurt in Services segment and a resurgence in Mac and iPad sales. The company is anticipated to benefit from the strong demand of iPhone X in mature markets, which will help it to sustain momentum in the near term. Going ahead, we believe foray into fast-growing technologies like autonomous vehicle, artificial intelligence (AI) & AR/VR are long-term drivers. Estimates have remained stable ahead of the company's Q1 earnings release. The company has positive record of earnings surprises in recent quarters. However, the new iPhone X at $999 is quite pricey, particularly for cost sensitive markets like India. Intensifying competition from cheaper Chinese handset-makers remains a concern.”

Several other research firms have also recently issued reports on AAPL. Nomura set a $175.00 price objective on Apple and gave the stock a “neutral” rating in a research report on Tuesday, December 19th. Instinet downgraded Apple from a “buy” rating to a “neutral” rating and set a $175.00 target price for the company. in a report on Tuesday, December 19th. Loop Capital reissued a “buy” rating and issued a $200.00 target price on shares of Apple in a report on Friday, December 22nd. UBS Group set a $190.00 target price on Apple and gave the company a “buy” rating in a report on Monday, November 27th. Finally, Vetr downgraded Apple from a “buy” rating to a “hold” rating and set a $178.70 target price for the company. in a report on Thursday, November 23rd. One research analyst has rated the stock with a sell rating, nine have issued a hold rating, forty-one have issued a buy rating and one has assigned a strong buy rating to the company’s stock. The stock has a consensus rating of “Buy” and an average target price of $198.70.

Apple (AAPL) traded down $1.09 during trading hours on Monday, hitting $173.24. The stock had a trading volume of 9,760,000 shares, compared to its average volume of 26,830,000. The firm has a market cap of $889,470.00, a PE ratio of 18.85, a P/E/G ratio of 1.43 and a beta of 1.23. Apple has a twelve month low of $118.21 and a twelve month high of $177.20. The company has a current ratio of 1.28, a quick ratio of 1.23 and a debt-to-equity ratio of 0.73.

Apple (NASDAQ:AAPL) last released its quarterly earnings data on Thursday, November 2nd. The iPhone maker reported $2.07 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $1.87 by $0.20. The business had revenue of $52.58 billion during the quarter, compared to analysts’ expectations of $50.71 billion. Apple had a return on equity of 36.29% and a net margin of 21.09%. The business’s quarterly revenue was up 12.2% compared to the same quarter last year. During the same period in the prior year, the firm posted $1.50 EPS. research analysts forecast that Apple will post 11.18 EPS for the current fiscal year.

In related news, insider Eduardo H. Cue sold 65,361 shares of the stock in a transaction on Thursday, November 30th. The stock was sold at an average price of $171.60, for a total value of $11,215,947.60. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, insider Daniel J. Riccio sold 15,641 shares of the stock in a transaction on Tuesday, November 14th. The stock was sold at an average price of $172.35, for a total value of $2,695,726.35. Following the completion of the transaction, the insider now directly owns 39,682 shares in the company, valued at $6,839,192.70. The disclosure for this sale can be found here. In the last three months, insiders have sold 128,412 shares of company stock worth $22,115,155. Corporate insiders own 0.06% of the company’s stock.

Several institutional investors and hedge funds have recently modified their holdings of the stock. Janus Henderson Group PLC raised its position in Apple by 301.3% in the second quarter. Janus Henderson Group PLC now owns 20,003,587 shares of the iPhone maker’s stock valued at $2,880,992,000 after purchasing an additional 15,018,790 shares during the period. Harbour Capital Advisors LLC raised its position in 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 purchasing an additional 4,483,360 shares during the period. Truepoint Inc. raised its position in Apple by 15,559.4% in the third quarter. Truepoint Inc. now owns 4,436,774 shares of the iPhone maker’s stock valued at $4,437,000 after purchasing an additional 4,408,441 shares during the period. Capital Research Global Investors raised its position in Apple by 15.0% in the second quarter. Capital Research Global Investors now owns 29,449,961 shares of the iPhone maker’s stock valued at $4,241,383,000 after purchasing an additional 3,845,363 shares during the period. Finally, Stifel Financial Corp raised its position in Apple by 9,166.4% in the third quarter. Stifel Financial Corp now owns 3,883,754 shares of the iPhone maker’s stock valued at $598,497,000 after purchasing an additional 3,841,842 shares during the period. 60.17% of the stock is currently owned by institutional investors and hedge funds.

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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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