Apple (NASDAQ:AAPL) PT Raised to $250.00

Apple (NASDAQ:AAPL) had its price target increased by equities researchers at Cowen from $220.00 to $250.00 in a note issued to investors on Wednesday, The Fly reports. The firm currently has an “outperform” rating on the iPhone maker’s stock. Cowen’s price objective would indicate a potential upside of 23.01% from the company’s previous close.

A number of other equities research analysts also recently issued reports on AAPL. Piper Jaffray Companies boosted their price objective on shares of Apple from $230.00 to $243.00 and gave the company an “overweight” rating in a research report on Wednesday. Argus boosted their price objective on shares of Apple to $250.00 and gave the company a “buy” rating in a research report on Thursday, May 2nd. Goldman Sachs Group set a $187.00 price objective on shares of Apple and gave the company a “neutral” rating in a research report on Friday, July 26th. Cascend Securities reissued a “buy” rating and set a $240.00 price objective (up previously from $210.00) on shares of Apple in a research report on Thursday, June 20th. Finally, Nomura lifted their target price on shares of Apple from $180.00 to $185.00 and gave the company a “neutral” rating in a research note on Wednesday. Four equities research analysts have rated the stock with a sell rating, seventeen have assigned a hold rating, twenty-five have issued a buy rating and one has given a strong buy rating to the company’s stock. Apple presently has an average rating of “Hold” and a consensus price target of $217.49.

Shares of AAPL stock traded down $5.19 during mid-day trading on Wednesday, reaching $203.24. 2,117,420 shares of the company’s stock traded hands, compared to its average volume of 18,020,892. Apple has a 12 month low of $142.00 and a 12 month high of $233.47. The firm’s 50 day moving average price is $202.42. The company has a quick ratio of 1.26, a current ratio of 1.32 and a debt-to-equity ratio of 0.85. The stock has a market cap of $960.61 billion, a price-to-earnings ratio of 17.08, a PEG ratio of 1.77 and a beta of 1.23.

Apple (NASDAQ:AAPL) last issued its quarterly earnings data on Tuesday, July 30th. The iPhone maker reported $2.18 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.10 by $0.08. Apple had a net margin of 22.12% and a return on equity of 51.29%. The firm had revenue of $53.81 billion during the quarter, compared to the consensus estimate of $53.39 billion. During the same quarter in the previous year, the firm posted $2.34 EPS. The company’s revenue for the quarter was up 1.0% compared to the same quarter last year. On average, research analysts anticipate that Apple will post 11.54 earnings per share for the current year.

Apple announced that its Board of Directors has approved a stock repurchase program on Tuesday, April 30th that authorizes the company to repurchase $75.00 billion in outstanding shares. This repurchase authorization authorizes the iPhone maker to reacquire up to 7.6% of its stock through open market purchases. Stock repurchase programs are often an indication that the company’s leadership believes its shares are undervalued.

A number of hedge funds have recently made changes to their positions in the business. Roanoke Asset Management Corp NY grew its holdings in Apple by 1.1% during the 2nd quarter. Roanoke Asset Management Corp NY now owns 4,412 shares of the iPhone maker’s stock valued at $873,000 after purchasing an additional 50 shares during the last quarter. Monument Capital Management grew its holdings in Apple by 2.2% during the 2nd quarter. Monument Capital Management now owns 2,438 shares of the iPhone maker’s stock valued at $491,000 after purchasing an additional 53 shares during the last quarter. MA Private Wealth grew its holdings in Apple by 0.3% during the 2nd quarter. MA Private Wealth now owns 16,134 shares of the iPhone maker’s stock valued at $3,193,000 after purchasing an additional 56 shares during the last quarter. Northwest Capital Management Inc grew its holdings in Apple by 0.6% during the 2nd quarter. Northwest Capital Management Inc now owns 10,455 shares of the iPhone maker’s stock valued at $2,070,000 after purchasing an additional 58 shares during the last quarter. Finally, Weather Gauge Advisory LLC grew its holdings in Apple by 0.4% during the 2nd quarter. Weather Gauge Advisory LLC now owns 15,905 shares of the iPhone maker’s stock valued at $3,148,000 after purchasing an additional 60 shares during the last quarter. Institutional investors and hedge funds own 58.66% of the company’s stock.

Apple Company Profile

Apple Inc designs, manufactures, and markets mobile communication and media devices, and personal computers. It also sells various related software, services, accessories, and third-party digital content and applications. The company offers iPhone, a line of smartphones; iPad, a line of multi-purpose tablets; and Mac, a line of desktop and portable personal computers, as well as iOS, macOS, watchOS, and tvOS operating systems.

See Also: Why do analysts give a neutral rating?

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