Atlantic Securities Downgrades Apple (NASDAQ:AAPL) to Underweight

Apple (NASDAQ:AAPL) was downgraded by equities researchers at Atlantic Securities from a “neutral” rating to an “underweight” rating in a report released on Tuesday, MarketBeat reports. They presently have a $275.00 price objective on the iPhone maker’s stock, up from their prior price objective of $235.00. Atlantic Securities’ price target would indicate a potential downside of 12.16% from the company’s current price.

Several other brokerages also recently weighed in on AAPL. Nomura reissued a “hold” rating and issued a $225.00 target price on shares of Apple in a research note on Thursday, January 9th. Morgan Stanley boosted their target price on shares of Apple from $289.00 to $296.00 and gave the company an “overweight” rating in a research note on Thursday, October 31st. Sanford C. Bernstein reissued a “hold” rating and issued a $300.00 target price on shares of Apple in a research note on Friday, January 10th. Maxim Group downgraded shares of Apple to a “sell” rating and set a $190.00 target price for the company. in a research note on Wednesday, December 4th. Finally, Wedbush reaffirmed a “buy” rating and set a $350.00 price objective on shares of Apple in a research note on Thursday, January 9th. They noted that the move was a valuation call. Six research analysts have rated the stock with a sell rating, twelve have given a hold rating, twenty-four have given a buy rating and one has given a strong buy rating to the company. Apple presently has a consensus rating of “Hold” and a consensus target price of $274.36.

Shares of NASDAQ:AAPL traded up $1.73 during midday trading on Tuesday, hitting $313.07. 9,266,338 shares of the stock were exchanged, compared to its average volume of 29,538,572. The stock has a market cap of $1,364.92 billion, a P/E ratio of 26.33, a PEG ratio of 2.26 and a beta of 1.25. The company has a current ratio of 1.54, a quick ratio of 1.50 and a debt-to-equity ratio of 1.01. Apple has a twelve month low of $150.05 and a twelve month high of $317.57. The company has a 50 day moving average price of $284.56 and a 200-day moving average price of $238.26.

Apple (NASDAQ:AAPL) last released its quarterly earnings results on Wednesday, October 30th. The iPhone maker reported $3.03 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.84 by $0.19. Apple had a return on equity of 53.82% and a net margin of 21.24%. The business had revenue of $64.04 billion during the quarter, compared to the consensus estimate of $62.86 billion. During the same quarter in the previous year, the company posted $2.91 EPS. The business’s revenue was up 1.8% on a year-over-year basis. On average, equities research analysts expect that Apple will post 13.15 earnings per share for the current year.

In other Apple news, Director Arthur D. Levinson sold 37,394 shares of the company’s stock in a transaction that occurred on Tuesday, November 5th. The stock was sold at an average price of $257.79, for a total value of $9,639,799.26. Following the completion of the transaction, the director now owns 1,170,677 shares in the company, valued at approximately $301,788,823.83. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 0.05% of the stock is owned by corporate insiders.

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Gradient Capital Advisors LLC boosted its stake in shares of Apple by 6.0% during the 4th quarter. Gradient Capital Advisors LLC now owns 25,358 shares of the iPhone maker’s stock valued at $7,446,000 after buying an additional 1,441 shares during the last quarter. Pacific Wealth Strategies Group Inc. boosted its stake in shares of Apple by 0.4% during the 4th quarter. Pacific Wealth Strategies Group Inc. now owns 38,861 shares of the iPhone maker’s stock valued at $11,412,000 after buying an additional 142 shares during the last quarter. AE Wealth Management LLC boosted its stake in shares of Apple by 6.2% during the 4th quarter. AE Wealth Management LLC now owns 373,816 shares of the iPhone maker’s stock valued at $109,771,000 after buying an additional 21,830 shares during the last quarter. Wedge Capital Management L L P NC boosted its stake in shares of Apple by 1,855.2% during the 4th quarter. Wedge Capital Management L L P NC now owns 171,354 shares of the iPhone maker’s stock valued at $50,318,000 after buying an additional 162,590 shares during the last quarter. Finally, Concentrum Wealth Management boosted its stake in shares of Apple by 0.4% during the 4th quarter. Concentrum Wealth Management now owns 10,572 shares of the iPhone maker’s stock valued at $3,104,000 after buying an additional 40 shares during the last quarter. Hedge funds and other institutional investors own 59.94% of the company’s stock.

Apple Company Profile

Apple Inc designs, manufactures, and markets mobile communication and media devices, and personal computers. It also sells various related software, services, accessories, and third-party digital content and applications. The company offers iPhone, a line of smartphones; iPad, a line of multi-purpose tablets; and Mac, a line of desktop and portable personal computers, as well as iOS, macOS, watchOS, and tvOS operating systems.

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