Apple (NASDAQ:AAPL) Stock Rating Reaffirmed by Morgan Stanley

Apple (NASDAQ:AAPLGet Free Report)‘s stock had its “overweight” rating reissued by stock analysts at Morgan Stanley in a research report issued to clients and investors on Tuesday, Benzinga reports. They presently have a $216.00 price objective on the iPhone maker’s stock. Morgan Stanley’s target price points to a potential upside of 11.85% from the stock’s current price.

Several other research firms have also issued reports on AAPL. Canaccord Genuity Group increased their target price on Apple from $200.00 to $215.00 and gave the stock a “buy” rating in a report on Saturday, May 4th. Itau BBA Securities raised Apple from an “underperform” rating to a “market perform” rating and raised their price objective for the company from $162.00 to $188.00 in a research note on Friday, May 3rd. Maxim Group initiated coverage on Apple in a research note on Wednesday, April 17th. They set a “hold” rating and a $178.00 price target on the stock. Rosenblatt Securities reissued a “neutral” rating and set a $196.00 price target (up from $189.00) on shares of Apple in a research note on Friday, May 3rd. Finally, Sanford C. Bernstein raised Apple from a “market perform” rating to an “outperform” rating and set a $195.00 price target on the stock in a research note on Monday, April 29th. One research analyst has rated the stock with a sell rating, twelve have assigned a hold rating, twenty-one have given a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $207.47.

View Our Latest Stock Report on Apple

Apple Stock Down 1.9 %

AAPL opened at $193.12 on Tuesday. The company has a current ratio of 1.04, a quick ratio of 0.99 and a debt-to-equity ratio of 1.24. The stock’s fifty day simple moving average is $180.37 and its 200 day simple moving average is $183.39. Apple has a 1-year low of $164.07 and a 1-year high of $199.62. The stock has a market cap of $2.96 trillion, a PE ratio of 30.03, a price-to-earnings-growth ratio of 2.40 and a beta of 1.25.

Apple (NASDAQ:AAPLGet Free Report) last issued its quarterly earnings data on Thursday, May 2nd. The iPhone maker reported $1.53 EPS for the quarter, beating analysts’ consensus estimates of $1.51 by $0.02. Apple had a return on equity of 148.33% and a net margin of 26.31%. The firm had revenue of $90.75 billion for the quarter, compared to analyst estimates of $90.37 billion. During the same period in the prior year, the firm posted $1.52 EPS. The company’s revenue for the quarter was down 4.3% on a year-over-year basis. As a group, research analysts expect that Apple will post 6.57 earnings per share for the current year.

Apple announced that its Board of Directors has initiated a stock buyback program on Thursday, May 2nd that authorizes the company to buyback $110.00 billion in shares. This buyback authorization authorizes the iPhone maker to reacquire up to 3.9% of its stock through open market purchases. Stock buyback programs are usually a sign that the company’s management believes its stock is undervalued.

Insider Buying and Selling

In other Apple news, Director Arthur D. Levinson sold 75,000 shares of the business’s stock in a transaction on Thursday, May 30th. The stock was sold at an average price of $191.58, for a total value of $14,368,500.00. Following the transaction, the director now owns 4,359,576 shares of the company’s stock, valued at $835,207,570.08. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In other news, CEO Timothy D. Cook sold 99,183 shares of the company’s stock in a transaction on Monday, April 1st. The stock was sold at an average price of $170.03, for a total transaction of $16,864,085.49. Following the transaction, the chief executive officer now owns 3,377,407 shares of the company’s stock, valued at approximately $574,260,512.21. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Arthur D. Levinson sold 75,000 shares of the company’s stock in a transaction on Thursday, May 30th. The shares were sold at an average price of $191.58, for a total value of $14,368,500.00. Following the transaction, the director now directly owns 4,359,576 shares in the company, valued at approximately $835,207,570.08. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 346,270 shares of company stock worth $60,880,196. 0.06% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in AAPL. Wyrmwood Management LLC lifted its position in shares of Apple by 69.0% during 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 last quarter. Christopher J. Hasenberg Inc purchased a new stake in Apple during the 1st quarter worth about $35,000. Fidelis Capital Partners LLC lifted its holdings in Apple by 17.9% during the 1st quarter. Fidelis Capital Partners LLC now owns 206,455 shares of the iPhone maker’s stock worth $35,000 after purchasing an additional 31,278 shares in the last quarter. A.P. Gilfoyle & Co. L.P. purchased a new stake in Apple during the 4th quarter worth about $39,000. Finally, Gilfoyle & Co LLC lifted its holdings in 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 purchasing an additional 118 shares in the last quarter. Hedge funds and other institutional investors own 60.41% of the company’s stock.

Apple Company Profile

(Get Free Report)

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.

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