Apple (NASDAQ:AAPL) PT Raised to $220.00 at Wedbush

Apple (NASDAQ:AAPLGet Rating) had its price target increased by research analysts at Wedbush from $200.00 to $220.00 in a report issued on Wednesday, The Fly reports. The brokerage currently has an “outperform” rating on the iPhone maker’s stock. Wedbush’s target price indicates a potential upside of 26.33% from the company’s previous close.

Other analysts have also recently issued reports about the stock. UBS Group set a $185.00 price target on shares of Apple in a report on Thursday, July 21st. Loop Capital lowered their price target on shares of Apple from $210.00 to $180.00 and set a “buy” rating on the stock in a report on Wednesday, May 25th. Barclays lowered their target price on shares of Apple from $167.00 to $166.00 and set an “equal weight” rating for the company in a research note on Wednesday, July 13th. Rosenblatt Securities lowered their target price on shares of Apple from $168.00 to $160.00 and set a “neutral” rating for the company in a research note on Friday, July 29th. Finally, The Goldman Sachs Group set a $139.00 target price on shares of Apple in a research note on Friday, July 29th. Two analysts have rated the stock with a sell rating, seven have given a hold rating, twenty-four have assigned a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $180.94.

Apple Stock Down 0.2 %

NASDAQ:AAPL opened at $174.15 on Wednesday. Apple has a fifty-two week low of $129.04 and a fifty-two week high of $182.94. The stock has a market capitalization of $2.80 trillion, a P/E ratio of 28.74, a P/E/G ratio of 2.24 and a beta of 1.23. The company has a debt-to-equity ratio of 1.63, a quick ratio of 0.82 and a current ratio of 0.86. The company’s 50-day simple moving average is $150.45 and its 200-day simple moving average is $157.51.

Apple (NASDAQ:AAPLGet Rating) last released its quarterly earnings results on Thursday, July 28th. The iPhone maker reported $1.20 earnings per share for the quarter, beating analysts’ consensus estimates of $1.14 by $0.06. Apple had a net margin of 25.71% and a return on equity of 152.97%. The business had revenue of $82.96 billion for the quarter, compared to analysts’ expectations of $82.97 billion. During the same period last year, the business earned $1.30 EPS. The company’s revenue was up 1.9% compared to the same quarter last year. On average, equities analysts anticipate that Apple will post 6.1 earnings per share for the current fiscal year.

Apple declared that its board has authorized a stock repurchase plan on Thursday, April 28th that permits the company to buyback $90.00 billion in shares. This buyback authorization permits the iPhone maker to repurchase up to 3.5% of its shares through open market purchases. Shares buyback plans are often an indication that the company’s board of directors believes its shares are undervalued.

Insider Activity

In related news, SVP Katherine L. Adams sold 25,000 shares of the business’s stock in a transaction on Wednesday, August 3rd. The shares were sold at an average price of $164.77, for a total value of $4,119,250.00. Following the completion of the sale, the senior vice president now owns 427,334 shares of the company’s stock, valued at approximately $70,411,823.18. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Insiders own 0.06% of the company’s stock.

Institutional Investors Weigh In On Apple

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Elk River Wealth Management LLC grew its holdings in shares of Apple by 49.0% during the first quarter. Elk River Wealth Management LLC now owns 167,122 shares of the iPhone maker’s stock worth $29,181,000 after buying an additional 54,989 shares in the last quarter. Piscataqua Savings Bank boosted its position in shares of Apple by 1.5% during the 1st quarter. Piscataqua Savings Bank now owns 47,546 shares of the iPhone maker’s stock valued at $8,302,000 after acquiring an additional 684 shares during the last quarter. Harbor Capital Advisors Inc. acquired a new position in shares of Apple during the 1st quarter valued at about $171,000. Fountainhead AM LLC boosted its position in shares of Apple by 11.6% during the 4th quarter. Fountainhead AM LLC now owns 45,544 shares of the iPhone maker’s stock valued at $7,732,000 after acquiring an additional 4,738 shares during the last quarter. Finally, Primoris Wealth Advisors LLC acquired a new position in shares of Apple during the 4th quarter valued at about $4,282,000. Hedge funds and other institutional investors own 57.62% of the company’s stock.

About Apple

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Apple Inc designs, manufactures, and markets smartphones, personal computers, tablets, wearables, and accessories worldwide. It also sells various related services. In addition, the company offers iPhone, a line of smartphones; Mac, a line of personal computers; iPad, a line of multi-purpose tablets; AirPods Max, an over-ear wireless headphone; and wearables, home, and accessories comprising AirPods, Apple TV, Apple Watch, Beats products, HomePod, and iPod touch.

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