Apple Inc. (NASDAQ:AAPL)‘s stock had its “buy” rating reiterated by stock analysts at UBS AG in a research report issued to clients and investors on Friday. They currently have a $170.00 price objective on the iPhone maker’s stock. UBS AG’s price objective indicates a potential upside of 13.13% from the company’s current price.
Other analysts also recently issued reports about the company. Vetr raised Apple from a “hold” rating to a “buy” rating and set a $150.17 price objective for the company in a research note on Monday, April 3rd. Instinet upped their price objective on Apple from $135.00 to $165.00 and gave the company a “buy” rating in a research note on Friday, March 24th. Nomura reaffirmed a “buy” rating and set a $135.00 price objective on shares of Apple in a research note on Thursday, March 23rd. Needham & Company LLC downgraded Apple from a “strong-buy” rating to a “buy” rating and upped their price objective for the company from $150.00 to $165.00 in a research note on Friday, March 24th. Finally, Canaccord Genuity upped their price objective on Apple from $154.00 to $165.00 and gave the company a “buy” rating in a research note on Friday, March 31st. Eleven analysts have rated the stock with a hold rating, forty-two have issued a buy rating and one has given a strong buy rating to the company’s stock. The stock presently has a consensus rating of “Buy” and an average price target of $160.38.
Shares of Apple (NASDAQ:AAPL) opened at 150.27 on Friday. Apple has a 12-month low of $96.42 and a 12-month high of $156.65. The company’s 50-day moving average price is $147.46 and its 200 day moving average price is $140.51. The firm has a market capitalization of $783.48 billion, a price-to-earnings ratio of 17.63 and a beta of 1.31.
Apple (NASDAQ:AAPL) last posted its earnings results on Tuesday, May 2nd. The iPhone maker reported $2.10 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $2.02 by $0.08. Apple had a return on equity of 35.09% and a net margin of 20.74%. The business had revenue of $52.90 billion during the quarter, compared to the consensus estimate of $52.61 billion. On average, equities research analysts forecast that Apple will post $8.91 EPS for the current fiscal year.
Apple declared that its board has authorized a share buyback program on Tuesday, May 2nd that permits the company to buyback $50.00 billion in shares. This buyback authorization permits the iPhone maker to buy up to 6.5% of its shares through open market purchases. Shares buyback programs are generally an indication that the company’s board of directors believes its shares are undervalued.
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In other Apple news, insider Daniel J. Riccio sold 11,949 shares of the business’s stock in a transaction on Wednesday, June 7th. The shares were sold at an average price of $155.32, for a total transaction of $1,855,918.68. Following the completion of the transaction, the insider now owns 13,049 shares of the company’s stock, valued at approximately $2,026,770.68. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, SVP D Bruce Sewell sold 67,500 shares of the business’s stock in a transaction on Friday, May 5th. The stock was sold at an average price of $148.76, for a total transaction of $10,041,300.00. Following the transaction, the senior vice president now directly owns 141,325 shares of the company’s stock, valued at approximately $21,023,507. The disclosure for this sale can be found here. In the last three months, insiders have sold 373,000 shares of company stock valued at $56,497,046. Company insiders own 0.08% of the company’s stock.
Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Fairview Capital Investment Management LLC increased its stake in Apple by 2.7% in the fourth quarter. Fairview Capital Investment Management LLC now owns 13,481 shares of the iPhone maker’s stock valued at $1,561,000 after buying an additional 350 shares in the last quarter. Norges Bank purchased a new stake in Apple during the fourth quarter valued at about $5,625,709,000. Perigon Wealth Management LLC increased its stake in Apple by 5.9% in the fourth quarter. Perigon Wealth Management LLC now owns 147,469 shares of the iPhone maker’s stock valued at $20,613,000 after buying an additional 8,233 shares in the last quarter. IFM Investors Pty Ltd purchased a new stake in Apple during the fourth quarter valued at about $7,910,000. Finally, RB Capital Management LLC purchased a new stake in Apple during the fourth quarter valued at about $5,793,000. 61.21% of the stock is owned by hedge funds and other 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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