Canaccord Genuity Group Raises Apple (NASDAQ:AAPL) Price Target to $215.00

Apple (NASDAQ:AAPL) had its target price hoisted by Canaccord Genuity Group from $200.00 to $215.00 in a research note issued to investors on Saturday, Stock Target Advisor reports. The brokerage presently has a “buy” rating on the iPhone maker’s stock. Canaccord Genuity Group’s price objective suggests a potential upside of 17.24% from the stock’s previous close.

AAPL has been the subject of a number of other reports. UBS Group reaffirmed a “hold” rating and issued a $190.00 price objective on shares of Apple in a research note on Monday, March 25th. The Goldman Sachs Group upped their price target on shares of Apple from $223.00 to $232.00 and gave the stock a “buy” rating in a research report on Friday, February 2nd. Barclays lifted their price objective on shares of Apple from $158.00 to $164.00 and gave the company an “underweight” rating in a report on Friday. Citigroup lowered their target price on Apple from $220.00 to $210.00 and set a “buy” rating for the company in a report on Monday, April 29th. Finally, Redburn Atlantic downgraded Apple from a “buy” rating to a “neutral” rating and set a $200.00 price target on the stock. in a report on Wednesday, January 10th. One research analyst has rated the stock with a sell rating, thirteen have issued a hold rating, twenty-two have given a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $204.00.

Apple Stock Performance

Shares of NASDAQ:AAPL opened at $183.38 on Friday. The firm’s 50 day simple moving average is $172.15 and its 200-day simple moving average is $181.57. The company has a debt-to-equity ratio of 1.28, a quick ratio of 1.02 and a current ratio of 1.07. Apple has a one year low of $164.07 and a one year high of $199.62. The firm has a market cap of $2.83 trillion, a PE ratio of 28.56, a price-to-earnings-growth ratio of 2.05 and a beta of 1.26.

Apple (NASDAQ:AAPL) last released its quarterly earnings data on Thursday, May 2nd. The iPhone maker reported $1.53 EPS for the quarter, topping the consensus estimate of $1.51 by $0.02. Apple had a return on equity of 156.04% and a net margin of 26.16%. The company had revenue of $90.75 billion for the quarter, compared to the consensus estimate of $90.37 billion. During the same period last year, the business posted $1.52 EPS. Apple’s quarterly revenue was down 4.3% on a year-over-year basis. As a group, equities analysts predict that Apple will post 6.53 EPS for the current year.

Apple announced that its Board of Directors has authorized a stock repurchase program on Thursday, May 2nd that authorizes the company to buyback $110.00 billion in outstanding shares. This buyback authorization authorizes the iPhone maker to repurchase up to 3.9% of its shares through open market purchases. Shares buyback programs are often a sign that the company’s board believes its shares are undervalued.

Insider Buying and Selling at Apple

In related news, SVP Deirdre O’brien sold 54,732 shares of the firm’s stock in a transaction dated Tuesday, April 2nd. The stock was sold at an average price of $168.91, for a total transaction of $9,244,782.12. Following the sale, the senior vice president now directly owns 136,572 shares of the company’s stock, valued at $23,068,376.52. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. In related news, SVP Deirdre O’brien sold 54,732 shares of the business’s stock in a transaction on Tuesday, April 2nd. The shares were sold at an average price of $168.91, for a total value of $9,244,782.12. Following the completion of the transaction, the senior vice president now directly owns 136,572 shares in the company, valued at approximately $23,068,376.52. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Director Arthur D. Levinson sold 100,000 shares of the firm’s stock in a transaction on Thursday, February 29th. The shares were sold at an average price of $180.94, for a total transaction of $18,094,000.00. Following the sale, the director now owns 4,434,576 shares in the company, valued at approximately $802,392,181.44. The disclosure for this sale can be found here. In the last quarter, insiders sold 366,271 shares of company stock worth $63,653,887. Insiders own 0.06% of the company’s stock.

Hedge Funds Weigh In On Apple

Large investors have recently bought and sold shares of the business. McBroom & Associates LLC increased its holdings in Apple by 0.6% in the 3rd quarter. McBroom & Associates LLC now owns 36,369 shares of the iPhone maker’s stock worth $6,227,000 after acquiring an additional 206 shares in the last quarter. Essex LLC raised its position in shares of Apple by 13.1% during the 3rd quarter. Essex LLC now owns 32,403 shares of the iPhone maker’s stock worth $5,548,000 after purchasing an additional 3,755 shares during the last quarter. ETF Portfolio Partners Inc. lifted its stake in Apple by 1.0% in the 3rd quarter. ETF Portfolio Partners Inc. now owns 10,260 shares of the iPhone maker’s stock valued at $1,757,000 after buying an additional 100 shares in the last quarter. Shore Point Advisors LLC lifted its stake in Apple by 9.8% in the 3rd quarter. Shore Point Advisors LLC now owns 6,375 shares of the iPhone maker’s stock valued at $1,091,000 after buying an additional 570 shares in the last quarter. Finally, Capital Investment Advisors LLC boosted its holdings in Apple by 2.3% in the 3rd quarter. Capital Investment Advisors LLC now owns 396,182 shares of the iPhone maker’s stock worth $67,830,000 after buying an additional 8,803 shares during 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.