Apple (NASDAQ:AAPL) Stock Rating Upgraded by Rosenblatt Securities

Apple (NASDAQ:AAPL) was upgraded by research analysts at Rosenblatt Securities from a “neutral” rating to a “buy” rating in a research note issued to investors on Wednesday, Briefing.com reports. The brokerage presently has a $260.00 price objective on the iPhone maker’s stock, up from their prior price objective of $196.00. Rosenblatt Securities’ price target would suggest a potential upside of 24.36% from the company’s current price.

A number of other research analysts have also weighed in on the company. Barclays reissued an “underweight” rating and set a $164.00 target price on shares of Apple in a report on Tuesday, June 11th. Erste Group Bank raised Apple from a “hold” rating to a “buy” rating in a report on Friday, June 14th. DZ Bank reaffirmed a “hold” rating and issued a $180.00 price objective on shares of Apple in a report on Thursday, March 28th. Loop Capital decreased their price objective on Apple from $185.00 to $170.00 and set a “hold” rating on the stock in a report on Monday, April 1st. Finally, Needham & Company LLC reaffirmed a “buy” rating and issued a $220.00 price objective on shares of Apple in a report on Tuesday, June 11th. One investment analyst has rated the stock with a sell rating, eleven have issued a hold rating, twenty-four have given a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, Apple has an average rating of “Moderate Buy” and a consensus price target of $214.29.

Apple Stock Up 0.4 %

NASDAQ:AAPL opened at $209.07 on Wednesday. The firm has a market capitalization of $3.21 trillion, a price-to-earnings ratio of 32.51, a price-to-earnings-growth ratio of 2.53 and a beta of 1.25. Apple has a twelve month low of $164.07 and a twelve month high of $220.20. The stock’s 50 day moving average price is $189.37 and its two-hundred day moving average price is $184.94. 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 (NASDAQ:AAPL) last posted its earnings results on Thursday, May 2nd. The iPhone maker reported $1.53 earnings per share for the quarter, topping analysts’ consensus estimates of $1.51 by $0.02. The business had revenue of $90.75 billion for the quarter, compared to analyst estimates of $90.37 billion. Apple had a return on equity of 148.33% and a net margin of 26.31%. The firm’s revenue was down 4.3% compared to the same quarter last year. During the same period in the previous year, the firm earned $1.52 EPS. Equities research analysts expect that Apple will post 6.58 earnings per share for the current fiscal year.

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

Insider Buying and Selling

In related news, SVP Deirdre O’brien sold 54,732 shares of the firm’s stock in a transaction 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 transaction, the senior vice president now directly owns 136,572 shares of the company’s stock, valued at approximately $23,068,376.52. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. In other Apple 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 legal filing with the SEC, which is available through this hyperlink. Also, Director Arthur D. Levinson sold 75,000 shares of the firm’s stock in a transaction dated 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 sale, the director now directly owns 4,359,576 shares in the company, valued at $835,207,570.08. The disclosure for this sale can be found here. In the last three months, insiders have sold 346,270 shares of company stock valued at $60,880,196. 0.06% of the stock is owned by company insiders.

Institutional Investors Weigh In On Apple

A number of institutional investors and hedge funds have recently bought and sold shares of the business. Abich Financial Wealth Management LLC raised its holdings in Apple by 15.7% during the first quarter. Abich Financial Wealth Management LLC now owns 3,220 shares of the iPhone maker’s stock valued at $552,000 after acquiring an additional 437 shares during the period. Cape Investment Advisory Inc. increased its holdings in shares of Apple by 1.3% in the first quarter. Cape Investment Advisory Inc. now owns 28,679 shares of the iPhone maker’s stock worth $4,918,000 after purchasing an additional 381 shares during the last quarter. TruNorth Capital Management LLC bought a new stake in shares of Apple in the first quarter worth about $1,716,000. SRN Advisors LLC increased its holdings in shares of Apple by 5.4% in the first quarter. SRN Advisors LLC now owns 4,354 shares of the iPhone maker’s stock worth $747,000 after purchasing an additional 222 shares during the last quarter. Finally, Keynote Financial Services LLC bought a new stake in shares of Apple in the first quarter worth about $7,798,000. 60.41% of the stock is 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.