Needham & Company LLC Reiterates Buy Rating for Apple (NASDAQ:AAPL)

Apple (NASDAQ:AAPLGet Free Report)‘s stock had its “buy” rating reaffirmed by stock analysts at Needham & Company LLC in a research report issued to clients and investors on Tuesday, Benzinga reports. They currently have a $220.00 price target on the iPhone maker’s stock. Needham & Company LLC’s price target indicates a potential upside of 13.92% from the stock’s previous close.

Several other research firms have also weighed in on AAPL. UBS Group reiterated a “neutral” rating and set a $190.00 target price on shares of Apple in a research note on Tuesday. Tigress Financial boosted their target price on shares of Apple from $240.00 to $245.00 and gave the company a “strong-buy” rating in a research note on Thursday, May 30th. Wedbush boosted their target price on shares of Apple from $250.00 to $275.00 and gave the company an “outperform” rating in a research note on Friday, May 24th. Itau BBA Securities upgraded shares of Apple from an “underperform” rating to a “market perform” rating and boosted their target price for the company from $162.00 to $188.00 in a research note on Friday, May 3rd. Finally, DZ Bank reiterated a “hold” rating and set a $180.00 target price on shares of Apple in a research note on Thursday, March 28th. One equities research analyst has rated the stock with a sell rating, twelve have issued a hold rating, twenty-one have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $207.47.

View Our Latest Report on Apple

Apple Trading Down 1.9 %

Shares of AAPL stock opened at $193.12 on Tuesday. The stock has a market cap of $2.96 trillion, a price-to-earnings ratio of 30.03, a price-to-earnings-growth ratio of 2.40 and a beta of 1.25. The company has a quick ratio of 0.99, a current ratio of 1.04 and a debt-to-equity ratio of 1.24. Apple has a fifty-two week low of $164.07 and a fifty-two week high of $199.62. The firm’s 50 day moving average price is $180.37 and its two-hundred day moving average price is $183.39.

Apple (NASDAQ:AAPLGet Free Report) last posted its earnings results on Thursday, May 2nd. The iPhone maker reported $1.53 EPS for the quarter, topping analysts’ consensus estimates of $1.51 by $0.02. Apple had a net margin of 26.31% and a return on equity of 148.33%. The business 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 company posted $1.52 earnings per share. The business’s revenue for the quarter was down 4.3% compared to the same quarter last year. On average, analysts anticipate that Apple will post 6.57 EPS for the current year.

Apple announced that its board has approved a share repurchase plan on Thursday, May 2nd that permits the company to buyback $110.00 billion in shares. This buyback authorization permits the iPhone maker to purchase up to 3.9% of its shares through open market purchases. Shares buyback plans are typically a sign that the company’s management believes its shares are undervalued.

Insider Buying and Selling at Apple

In other news, CEO Timothy D. Cook sold 99,183 shares of the company’s stock in a transaction dated 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 transaction, the chief executive officer now owns 3,377,407 shares in the company, valued at approximately $574,260,512.21. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. In related news, Director Arthur D. Levinson sold 75,000 shares of the stock in a transaction that occurred 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 in the company, valued at $835,207,570.08. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, CEO Timothy D. Cook sold 99,183 shares of the company’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 directly owns 3,377,407 shares of the company’s stock, valued at approximately $574,260,512.21. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 346,270 shares of company stock valued at $60,880,196. 0.06% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Apple

A number of large investors have recently added to or reduced their stakes in the stock. Vanguard Group Inc. boosted its position in Apple by 1.4% during the fourth quarter. Vanguard Group Inc. now owns 1,318,064,349 shares of the iPhone maker’s stock worth $253,766,929,000 after purchasing an additional 18,067,216 shares during the period. Morgan Stanley boosted its position in Apple by 1.0% during the third quarter. Morgan Stanley now owns 206,732,960 shares of the iPhone maker’s stock worth $35,394,751,000 after purchasing an additional 2,018,010 shares during the period. Norges Bank bought a new stake in Apple during the fourth quarter worth approximately $33,912,466,000. International Assets Investment Management LLC boosted its position in Apple by 14,395.4% during the fourth quarter. International Assets Investment Management LLC now owns 70,700,395 shares of the iPhone maker’s stock worth $136,119,470,000 after purchasing an additional 70,212,651 shares during the period. Finally, Wellington Management Group LLP boosted its position in Apple by 3.6% during the fourth quarter. Wellington Management Group LLP now owns 60,651,275 shares of the iPhone maker’s stock worth $11,677,190,000 after purchasing an additional 2,096,360 shares during the period. Institutional investors own 60.41% of the company’s stock.

About Apple

(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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