Apple (NASDAQ:AAPL) Stock Rating Reaffirmed by Goldman Sachs Group

Apple (NASDAQ:AAPL)‘s stock had its “sell” rating restated by analysts at Goldman Sachs Group in a report released on Friday, Borsen Zeitung reports. They presently have a $314.00 price objective on the iPhone maker’s stock. Goldman Sachs Group’s target price suggests a potential downside of 26.12% from the company’s current price.

Several other research analysts also recently commented on the company. Deutsche Bank lifted their target price on Apple from $380.00 to $400.00 and gave the stock a “buy” rating in a research note on Wednesday, July 8th. Monness Crespi & Hardt began coverage on Apple in a research note on Tuesday, June 23rd. They set a “buy” rating and a $370.00 target price for the company. Wolfe Research began coverage on Apple in a research note on Friday, July 24th. They set an “underperform” rating and a $315.00 target price for the company. Sanford C. Bernstein reiterated a “hold” rating and set a $370.00 target price on shares of Apple in a research note on Friday, July 24th. Finally, DA Davidson reduced their target price on Apple from $370.00 to $355.00 and set a “buy” rating for the company in a research note on Friday, May 1st. Four research analysts have rated the stock with a sell rating, fourteen have issued a hold rating and thirty-one have assigned a buy rating to the stock. The company presently has an average rating of “Buy” and an average price target of $370.23.

NASDAQ:AAPL opened at $425.04 on Friday. The firm has a market capitalization of $1,842.26 billion, a price-to-earnings ratio of 32.32, a price-to-earnings-growth ratio of 2.83 and a beta of 1.18. Apple has a twelve month low of $192.58 and a twelve month high of $425.66. The stock’s 50 day moving average price is $367.96 and its two-hundred day moving average price is $313.71. The company has a quick ratio of 1.46, a current ratio of 1.50 and a debt-to-equity ratio of 1.14.

Apple shares are set to split before the market opens on Monday, August 31st. The 4-1 split was announced on Thursday, July 30th. The newly created shares will be payable to shareholders after the closing bell on Friday, August 28th.

Apple (NASDAQ:AAPL) last posted its quarterly earnings results on Thursday, July 30th. The iPhone maker reported $2.58 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $2.03 by $0.55. Apple had a return on equity of 67.82% and a net margin of 21.33%. The firm had revenue of $59.69 billion for the quarter, compared to analyst estimates of $51.94 billion. As a group, analysts anticipate that Apple will post 12.35 earnings per share for the current year.

In other Apple news, insider Chris Kondo sold 4,491 shares of the company’s stock in a transaction dated 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 transaction, the insider now owns 7,370 shares of the company’s stock, valued at approximately $2,252,419.40. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. 0.05% of the stock is owned by corporate insiders.

A number of institutional investors and hedge funds have recently modified their holdings of AAPL. Stralem & Co. Inc. acquired a new position in Apple in the 1st quarter worth about $39,000. Sycomore Asset Management acquired a new position in Apple in the 1st quarter worth about $50,000. Heard Capital LLC acquired a new position in Apple in the 1st quarter worth about $51,000. Sofos Investments Inc. increased its holdings in Apple by 16.9% in the 1st quarter. Sofos Investments Inc. now owns 940 shares of the iPhone maker’s stock worth $99,000 after purchasing an additional 136 shares in the last quarter. Finally, Contravisory Investment Management Inc. increased its holdings in Apple by 35.6% in the 1st quarter. Contravisory Investment Management Inc. now owns 484 shares of the iPhone maker’s stock worth $123,000 after purchasing an additional 127 shares in the last quarter. 61.96% of the stock is owned by institutional investors and hedge funds.

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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