Apple (NASDAQ:AAPL) Given New $210.00 Price Target at Citigroup

Apple (NASDAQ:AAPL) had its target price cut by analysts at Citigroup from $220.00 to $210.00 in a research report issued to clients and investors on Monday, Benzinga reports. The firm currently has a “buy” rating on the iPhone maker’s stock. Citigroup’s price target indicates a potential upside of 23.29% from the company’s previous close.

A number of other research analysts also recently weighed in on AAPL. Needham & Company LLC reiterated a “buy” rating and set a $220.00 price target on shares of Apple in a report on Tuesday, April 16th. Bank of America raised Apple from a “neutral” rating to a “buy” rating and lifted their target price for the company from $208.00 to $225.00 in a research note on Thursday, January 18th. Piper Sandler Companies lowered shares of Apple to a “neutral” rating and reduced their price target for the stock from $220.00 to $205.00 in a research report on Thursday, January 4th. Sanford C. Bernstein raised shares of Apple from a “market perform” rating to an “outperform” rating and set a $195.00 price objective on the stock in a research report on Monday. Finally, Robert W. Baird increased their target price on shares of Apple from $186.00 to $200.00 and gave the stock an “outperform” rating in a research report on Monday, January 29th. One investment analyst has rated the stock with a sell rating, twelve have issued a hold rating, twenty-two have given a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Apple presently has an average rating of “Moderate Buy” and a consensus price target of $202.62.

Apple Price Performance

AAPL stock opened at $170.33 on Monday. Apple has a one year low of $164.07 and a one year high of $199.62. The firm has a 50-day moving average of $172.64 and a two-hundred day moving average of $181.71. The firm has a market capitalization of $2.63 trillion, a PE ratio of 26.53, a P/E/G ratio of 2.04 and a beta of 1.27. The company has a current ratio of 1.07, a quick ratio of 1.02 and a debt-to-equity ratio of 1.28.

Apple (NASDAQ:AAPL) last issued its quarterly earnings results on Thursday, February 1st. The iPhone maker reported $2.18 EPS for the quarter, beating the consensus estimate of $2.09 by $0.09. Apple had a net margin of 26.16% and a return on equity of 156.04%. The business had revenue of $119.60 billion during the quarter, compared to the consensus estimate of $117.99 billion. During the same quarter in the prior year, the firm earned $1.88 EPS. The firm’s quarterly revenue was up 2.1% on a year-over-year basis. On average, analysts forecast that Apple will post 6.54 earnings per share for the current year.

Insider Buying and Selling at Apple

In other Apple news, CEO Timothy D. Cook sold 99,183 shares of the firm’s stock in a transaction that occurred on Monday, April 1st. The stock was sold at an average price of $170.03, for a total value of $16,864,085.49. Following the sale, the chief executive officer now owns 3,377,407 shares of the company’s stock, valued at approximately $574,260,512.21. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. In related news, CEO Timothy D. Cook sold 99,183 shares of the company’s stock in a transaction on Monday, April 1st. The shares were sold at an average price of $170.03, for a total transaction of $16,864,085.49. Following the completion of the transaction, the chief executive officer now directly owns 3,377,407 shares in the company, valued at approximately $574,260,512.21. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, COO Jeffrey E. Williams sold 59,162 shares of the stock in a transaction on Thursday, April 11th. The shares were sold at an average price of $172.22, for a total transaction of $10,188,879.64. Following the completion of the sale, the chief operating officer now directly owns 489,944 shares of the company’s stock, valued at $84,378,155.68. The disclosure for this sale can be found here. Insiders sold 366,271 shares of company stock worth $63,653,887 over the last ninety days. Company insiders own 0.06% of the company’s stock.

Hedge Funds Weigh In On Apple

Several large investors have recently added to or reduced their stakes in the company. Wyrmwood Management LLC raised its stake in shares of Apple by 69.0% in the fourth quarter. Wyrmwood Management LLC now owns 169 shares of the iPhone maker’s stock valued at $33,000 after purchasing an additional 69 shares in the last quarter. Christopher J. Hasenberg Inc bought a new stake in Apple in the 1st quarter valued at $35,000. A.P. Gilfoyle & Co. L.P. acquired a new position in shares of Apple in the 4th quarter valued at $39,000. Gilfoyle & Co LLC lifted its holdings in shares of Apple by 118.0% during the 4th quarter. Gilfoyle & Co LLC now owns 218 shares of the iPhone maker’s stock worth $40,000 after acquiring an additional 118 shares during the period. Finally, University of Texas Texas AM Investment Managment Co. boosted its position in shares of Apple by 657.1% during the 4th quarter. University of Texas Texas AM Investment Managment Co. now owns 424 shares of the iPhone maker’s stock valued at $82,000 after acquiring an additional 368 shares in the last quarter. Institutional investors and hedge funds own 60.41% of the company’s stock.

About Apple

Apple Inc designs, manufactures, and markets smartphones, personal computers, tablets, wearables, and accessories worldwide. The company offers iPhone, a line of smartphones; Mac, a line of personal computers; iPad, a line of multi-purpose tablets; and wearables, home, and accessories comprising AirPods, Apple TV, Apple Watch, Beats products, and HomePod.