Apple (NASDAQ:AAPL) PT Set at $170.00 by Sanford C. Bernstein

Apple (NASDAQ:AAPLGet Rating) has been given a $170.00 price objective by stock analysts at Sanford C. Bernstein in a research report issued to clients and investors on Monday, Borsen Zeitung reports. Sanford C. Bernstein’s price objective would suggest a potential upside of 7.83% from the stock’s previous close.

A number of other analysts also recently issued reports on the stock. Cowen raised their price objective on shares of Apple from $180.00 to $200.00 in a report on Friday, January 28th. Citigroup reissued a “buy” rating and issued a $200.00 price target on shares of Apple in a research report on Wednesday, January 19th. UBS Group set a $185.00 price target on shares of Apple in a research report on Friday. DA Davidson boosted their price target on shares of Apple from $170.00 to $185.00 in a research report on Friday, January 28th. Finally, Canaccord Genuity Group upped their target price on shares of Apple from $185.00 to $200.00 and gave the stock a “buy” rating in a report on Friday, January 28th. Eight investment analysts have rated the stock with a hold rating, twenty-six have assigned a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the company presently has an average rating of “Buy” and an average target price of $189.10.

AAPL opened at $157.65 on Monday. The company has a fifty day moving average price of $165.70 and a two-hundred day moving average price of $165.24. The company has a market cap of $2.57 trillion, a P/E ratio of 25.59, a price-to-earnings-growth ratio of 2.13 and a beta of 1.19. The company has a current ratio of 1.04, a quick ratio of 1.00 and a debt-to-equity ratio of 1.48. Apple has a 1-year low of $122.25 and a 1-year high of $182.94.

Apple (NASDAQ:AAPLGet Rating) last released its quarterly earnings data on Thursday, April 28th. The iPhone maker reported $1.52 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $1.43 by $0.09. Apple had a net margin of 26.41% and a return on equity of 153.44%. The firm had revenue of $97.28 billion for the quarter, compared to the consensus estimate of $93.99 billion. During the same quarter in the prior year, the company posted $1.40 earnings per share. The business’s revenue was up 8.6% on a year-over-year basis. On average, research analysts forecast that Apple will post 6.16 EPS for the current fiscal year.

Apple announced that its Board of Directors has authorized a share repurchase plan on Thursday, April 28th that allows the company to buyback $90.00 billion in shares. This buyback authorization allows the iPhone maker to reacquire up to 3.5% of its stock through open market purchases. Stock buyback plans are often an indication that the company’s leadership believes its shares are undervalued.

In other news, Director Arthur D. Levinson sold 1,986 shares of the business’s stock in a transaction on Tuesday, February 1st. The stock was sold at an average price of $173.29, for a total value of $344,153.94. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, SVP Deirdre O’brien sold 8,000 shares of the business’s stock in a transaction on Monday, April 18th. The stock was sold at an average price of $164.91, for a total value of $1,319,280.00. Following the completion of the sale, the senior vice president now directly owns 136,290 shares in the company, valued at approximately $22,475,583.90. The disclosure for this sale can be found here. In the last quarter, insiders sold 170,085 shares of company stock valued at $30,047,365. Insiders own 0.06% of the company’s stock.

Institutional investors have recently made changes to their positions in the company. State Street Corp boosted its position in Apple by 1.8% during the fourth quarter. State Street Corp now owns 633,115,246 shares of the iPhone maker’s stock worth $112,422,274,000 after purchasing an additional 10,951,705 shares during the period. Geode Capital Management LLC increased its stake in Apple by 1.7% during the fourth quarter. Geode Capital Management LLC now owns 264,351,901 shares of the iPhone maker’s stock valued at $46,812,958,000 after acquiring an additional 4,456,954 shares during the period. Norges Bank bought a new position in Apple during the fourth quarter valued at about $25,228,507,000. Morgan Stanley increased its stake in Apple by 1.9% during the third quarter. Morgan Stanley now owns 128,279,150 shares of the iPhone maker’s stock valued at $18,151,501,000 after acquiring an additional 2,419,441 shares during the period. Finally, Charles Schwab Investment Management Inc. increased its stake in Apple by 1.6% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 79,583,859 shares of the iPhone maker’s stock valued at $14,131,710,000 after acquiring an additional 1,273,148 shares during the period. 57.98% of the stock is currently owned by institutional investors.

About Apple (Get Rating)

Apple Inc designs, manufactures, and markets smartphones, personal computers, tablets, wearables, and accessories worldwide. It also sells various related services. In addition, the company offers iPhone, a line of smartphones; Mac, a line of personal computers; iPad, a line of multi-purpose tablets; AirPods Max, an over-ear wireless headphone; and wearables, home, and accessories comprising AirPods, Apple TV, Apple Watch, Beats products, HomePod, and iPod touch.

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