Apple (NASDAQ:AAPL) Price Target Increased to $245.00 by Analysts at JPMorgan Chase & Co.

Apple (NASDAQ:AAPL) had its price objective raised by stock analysts at JPMorgan Chase & Co. from $225.00 to $245.00 in a research note issued to investors on Tuesday, StockNewsAPI reports. The firm currently has an “overweight” rating on the iPhone maker’s stock. JPMorgan Chase & Co.‘s price objective suggests a potential upside of 13.08% from the stock’s previous close.

AAPL has been the topic of several other reports. Rosenblatt Securities restated a “neutral” rating and set a $196.00 target price on shares of Apple in a research report on Tuesday, June 11th. UBS Group restated a “neutral” rating and set a $190.00 target price on shares of Apple in a research report on Tuesday, June 11th. Needham & Company LLC reissued a “buy” rating and issued a $220.00 price objective on shares of Apple in a research report on Tuesday, June 11th. Wedbush increased their price objective on shares of Apple from $250.00 to $275.00 and gave the stock an “outperform” rating in a research report on Friday, May 24th. Finally, Morgan Stanley reissued an “overweight” rating and issued a $216.00 price objective on shares of Apple in a research report on Tuesday, June 11th. One equities research analyst has rated the stock with a sell rating, twelve have assigned a hold rating, twenty-two have assigned a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $208.06.

Apple Stock Up 2.0 %

Shares of AAPL stock opened at $216.67 on Tuesday. The stock has a market cap of $3.32 trillion, a P/E ratio of 33.70, a PEG ratio of 2.59 and a beta of 1.25. Apple has a 52 week low of $164.07 and a 52 week high of $220.20. The company has a quick ratio of 0.99, a current ratio of 1.04 and a debt-to-equity ratio of 1.24. The company’s fifty day simple moving average is $184.73 and its two-hundred day simple moving average is $184.19.

Apple (NASDAQ:AAPL) last announced its earnings results on Thursday, May 2nd. The iPhone maker reported $1.53 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.51 by $0.02. The firm had revenue of $90.75 billion for the quarter, compared to analysts’ expectations of $90.37 billion. Apple had a net margin of 26.31% and a return on equity of 148.33%. The business’s revenue was down 4.3% compared to the same quarter last year. During the same period in the prior year, the company earned $1.52 EPS. Analysts predict that Apple will post 6.58 EPS for the current fiscal year.

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

Insider Activity

In related news, CEO Timothy D. Cook sold 99,183 shares of the business’s stock in a transaction dated Monday, April 1st. The shares were 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 in the company, valued at approximately $574,260,512.21. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. In related news, insider Chris Kondo sold 4,999 shares of the business’s stock in a transaction dated Wednesday, May 15th. The shares were sold at an average price of $190.40, for a total value of $951,809.60. Following the sale, the insider now directly owns 29,278 shares in the company, valued at approximately $5,574,531.20. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CEO Timothy D. Cook sold 99,183 shares of the business’s stock in a transaction dated 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 sale, the chief executive officer now owns 3,377,407 shares in the company, valued at $574,260,512.21. The disclosure for this sale can be found here. In the last quarter, insiders have sold 346,270 shares of company stock valued at $60,880,196. 0.06% of the stock is currently owned by insiders.

Institutional Trading of Apple

A number of institutional investors and hedge funds have recently bought and sold shares of AAPL. Norges Bank purchased a new stake in Apple during the fourth quarter worth about $33,912,466,000. International Assets Investment Management LLC increased its stake 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. Vanguard Group Inc. increased its stake 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. Swedbank AB purchased a new stake in Apple during the first quarter worth about $3,026,492,000. Finally, Global Assets Advisory LLC increased its stake in Apple by 23,076.4% during the first quarter. Global Assets Advisory LLC now owns 9,240,214 shares of the iPhone maker’s stock worth $1,584,512,000 after purchasing an additional 9,200,345 shares during the period. 60.41% of the stock is currently owned by hedge funds and other institutional investors.

Apple Company Profile

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.