Apple (NASDAQ:AAPL) Stock Rating Reaffirmed by Wedbush

Apple (NASDAQ:AAPL)‘s stock had its “buy” rating reaffirmed by investment analysts at Wedbush in a research report issued to clients and investors on Monday, AnalystRatings.com reports. They currently have a $450.00 price target on the iPhone maker’s stock. Wedbush’s price objective would indicate a potential upside of 20.64% from the company’s previous close.

Other analysts have also recently issued research reports about the company. Raymond James lifted their price target on Apple from $340.00 to $400.00 and gave the stock an “outperform” rating in a research report on Tuesday, July 7th. Needham & Company LLC lifted their price target on Apple from $350.00 to $450.00 and gave the stock a “buy” rating in a research report on Wednesday, July 15th. Bank of America reaffirmed a “buy” rating and set a $410.00 price target on shares of Apple in a research report on Wednesday, July 15th. Goldman Sachs Group reissued a “sell” rating and issued a $263.00 price objective on shares of Apple in a report on Tuesday, June 23rd. Finally, Citigroup boosted their price objective on Apple from $310.00 to $400.00 and gave the company a “buy” rating in a report on Tuesday, June 16th. Four investment analysts have rated the stock with a sell rating, fourteen have issued a hold rating and thirty have assigned a buy rating to the company’s stock. The company currently has a consensus rating of “Buy” and a consensus target price of $341.17.

Apple stock opened at $373.01 on Monday. The company has a debt-to-equity ratio of 1.14, a current ratio of 1.50 and a quick ratio of 1.46. The stock has a market capitalization of $1,616.75 billion, a price-to-earnings ratio of 29.26, a PEG ratio of 2.73 and a beta of 1.18. Apple has a 1-year low of $192.58 and a 1-year high of $399.82. The business has a fifty day moving average price of $365.81 and a 200-day moving average price of $312.63.

Apple (NASDAQ:AAPL) last issued its quarterly earnings results on Thursday, April 30th. The iPhone maker reported $2.55 EPS for the quarter, topping the Zacks’ consensus estimate of $2.26 by $0.29. Apple had a return on equity of 64.49% and a net margin of 21.35%. The company had revenue of $58.31 billion during the quarter, compared to analysts’ expectations of $54.64 billion. During the same quarter in the previous year, the firm posted $2.46 EPS. The firm’s revenue was up .5% compared to the same quarter last year. On average, equities research analysts anticipate that Apple will post 12.35 earnings per share for the current fiscal year.

In other news, insider Chris Kondo sold 4,491 shares of the company’s stock in a transaction that occurred on Friday, May 8th. The stock was sold at an average price of $305.62, for a total value of $1,372,539.42. Following the completion of the sale, the insider now directly owns 7,370 shares in the company, valued at $2,252,419.40. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 0.05% of the stock is owned by corporate insiders.

Several hedge funds have recently bought and sold shares of the company. Briaud Financial Planning Inc grew its position in shares of Apple by 5.4% in the second quarter. Briaud Financial Planning Inc now owns 972 shares of the iPhone maker’s stock valued at $354,000 after purchasing an additional 50 shares in the last quarter. Bouchey Financial Group Ltd lifted its holdings in Apple by 2.0% in the second quarter. Bouchey Financial Group Ltd now owns 23,995 shares of the iPhone maker’s stock valued at $8,753,000 after acquiring an additional 465 shares during the last quarter. Charles Schwab Trust Co lifted its holdings in Apple by 26.2% in the second quarter. Charles Schwab Trust Co now owns 9,841 shares of the iPhone maker’s stock valued at $3,590,000 after acquiring an additional 2,042 shares during the last quarter. Costello Asset Management INC acquired a new position in Apple in the second quarter valued at approximately $2,941,000. Finally, Baystate Wealth Management LLC lifted its holdings in Apple by 3.5% in the second quarter. Baystate Wealth Management LLC now owns 22,133 shares of the iPhone maker’s stock valued at $8,074,000 after acquiring an additional 755 shares during the last quarter. Institutional investors and hedge funds own 61.96% of the company’s stock.

About Apple

Apple Inc designs, manufactures, and markets smartphones, personal computers, tablets, wearables, and accessories worldwide. It also sells various related services. 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, HomePod, iPod touch, and other Apple-branded and third-party accessories.

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Analyst Recommendations for Apple (NASDAQ:AAPL)

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