Apple (NASDAQ:AAPL) Stock Rating Reaffirmed by Wedbush

Apple (NASDAQ:AAPL)‘s stock had its “outperform” rating reaffirmed by equities researchers at Wedbush in a research report issued to clients and investors on Friday, Benzinga reports. They currently have a $250.00 target price on the iPhone maker’s stock. Wedbush’s price objective points to a potential upside of 36.33% from the stock’s current price.

A number of other brokerages have also recently weighed in on AAPL. Robert W. Baird raised their target price on shares of Apple from $186.00 to $200.00 and gave the stock an “outperform” rating in a report on Monday, January 29th. Needham & Company LLC restated a “buy” rating and issued a $220.00 target price on shares of Apple in a report on Friday. Morgan Stanley reduced their target price on Apple from $220.00 to $210.00 and set an “overweight” rating for the company in a report on Monday, April 22nd. UBS Group reissued a “hold” rating and issued a $190.00 price target on shares of Apple in a research note on Monday, March 25th. Finally, DZ Bank reiterated a “hold” rating and issued a $180.00 target price on shares of Apple in a report on Thursday, March 28th. One analyst has rated the stock with a sell rating, thirteen have given a hold rating, twenty-two have given a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, Apple presently has an average rating of “Moderate Buy” and an average price target of $204.00.

Apple Stock Up 6.0 %

AAPL opened at $183.38 on Friday. The stock’s fifty day moving average is $172.17 and its 200-day moving average is $181.60. Apple has a one year low of $164.07 and a one year high of $199.62. The company has a market capitalization of $2.83 trillion, a PE ratio of 28.52, a P/E/G ratio of 2.09 and a beta of 1.26. 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 (NASDAQ:AAPL) last issued its quarterly earnings results 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 net margin of 26.31% and a return on equity of 153.25%. The firm had revenue of $90.75 billion for the quarter, compared to analysts’ expectations of $90.37 billion. During the same period in the previous year, the business earned $1.52 earnings per share. Apple’s revenue for the quarter was down 4.3% compared to the same quarter last year. On average, equities analysts predict that Apple will post 6.53 EPS for the current fiscal year.

Apple announced that its Board of Directors has initiated a stock buyback plan on Thursday, May 2nd that allows the company to repurchase $110.00 billion in outstanding shares. This repurchase authorization allows the iPhone maker to purchase up to 3.9% of its shares through open market purchases. Shares repurchase plans are typically an indication that the company’s board believes its stock is undervalued.

Insider Transactions at Apple

In other Apple news, SVP Deirdre O’brien sold 54,732 shares of the firm’s stock in a transaction that occurred on Tuesday, April 2nd. The stock was sold at an average price of $168.91, for a total value of $9,244,782.12. Following the sale, the senior vice president now owns 136,572 shares of the company’s stock, valued at approximately $23,068,376.52. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. In related news, CFO Luca Maestri sold 53,194 shares of the stock in a transaction dated Thursday, April 11th. The shares were sold at an average price of $174.12, for a total value of $9,262,139.28. Following the completion of the sale, the chief financial officer now owns 107,788 shares in the company, valued at $18,768,046.56. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, SVP Deirdre O’brien sold 54,732 shares of the company’s stock in a transaction that occurred 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 of the company’s stock, valued at approximately $23,068,376.52. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 366,271 shares of company stock worth $63,653,887. Company insiders own 0.06% of the company’s stock.

Institutional Trading of Apple

A number of institutional investors and hedge funds have recently modified their holdings of the company. Wyrmwood Management LLC increased its holdings in Apple by 69.0% in the 4th quarter. Wyrmwood Management LLC now owns 169 shares of the iPhone maker’s stock valued at $33,000 after buying an additional 69 shares during the period. Christopher J. Hasenberg Inc acquired a new position in Apple in the first quarter worth about $35,000. Fidelis Capital Partners LLC boosted its holdings in Apple by 17.9% during the first quarter. Fidelis Capital Partners LLC now owns 206,455 shares of the iPhone maker’s stock valued at $35,000 after purchasing an additional 31,278 shares in the last quarter. A.P. Gilfoyle & Co. L.P. bought a new stake in shares of Apple in the 4th quarter valued at approximately $39,000. Finally, Gilfoyle & Co LLC lifted its position 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 buying an additional 118 shares during the period. 60.41% of the stock is currently owned by institutional investors.

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.