Bank of America Lowers Apple (NASDAQ:AAPL) Price Target to $208.00

Apple (NASDAQ:AAPL) had its target price cut by investment analysts at Bank of America from $210.00 to $208.00 in a research report issued on Wednesday, MarketBeat.com reports. The firm presently has a “neutral” rating on the iPhone maker’s stock. Bank of America‘s price target suggests a potential upside of 18.36% from the stock’s current price.

Several other equities research analysts have also recently commented on the company. Wedbush reissued an “outperform” rating and set a $240.00 target price (up previously from $230.00) on shares of Apple in a report on Thursday, September 7th. Sanford C. Bernstein upped their price objective on Apple from $175.00 to $195.00 and gave the company a “market perform” rating in a report on Thursday, July 27th. Credit Suisse Group lifted their target price on Apple from $200.00 to $220.00 and gave the stock an “outperform” rating in a report on Thursday, July 20th. UBS Group cut shares of Apple from a “buy” rating to a “neutral” rating and boosted their price target for the stock from $180.00 to $190.00 in a research report on Monday, June 12th. Finally, TD Cowen raised their price objective on shares of Apple from $195.00 to $220.00 and gave the company an “outperform” rating in a research report on Tuesday, August 1st. Ten analysts have rated the stock with a hold rating and twenty-six have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $199.41.

Apple Price Performance

Shares of AAPL opened at $175.74 on Wednesday. The firm has a market capitalization of $2.75 trillion, a price-to-earnings ratio of 29.54, a price-to-earnings-growth ratio of 2.59 and a beta of 1.27. The stock’s fifty day moving average is $185.33 and its 200-day moving average is $175.04. Apple has a one year low of $124.17 and a one year high of $198.23. The company has a debt-to-equity ratio of 1.63, a quick ratio of 0.92 and a current ratio of 0.98.

Apple (NASDAQ:AAPL) last released its earnings results on Thursday, August 3rd. The iPhone maker reported $1.26 EPS for the quarter, beating the consensus estimate of $1.19 by $0.07. The firm had revenue of $81.80 billion for the quarter, compared to analysts’ expectations of $81.79 billion. Apple had a net margin of 24.68% and a return on equity of 164.92%. Apple’s quarterly revenue was down 1.4% on a year-over-year basis. During the same quarter last year, the company earned $1.20 EPS. Equities analysts anticipate that Apple will post 6.05 EPS for the current year.

Insider Transactions at Apple

In other news, SVP Deirdre O’brien sold 15,419 shares of the firm’s stock in a transaction dated Monday, August 7th. The stock was sold at an average price of $178.56, for a total transaction of $2,753,216.64. Following the completion of the sale, the senior vice president now directly owns 136,445 shares of the company’s stock, valued at approximately $24,363,619.20. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.06% of the stock is currently owned by company insiders.

Institutional Trading of Apple

Large investors have recently added to or reduced their stakes in the business. Parker Financial LLC lifted its stake in Apple by 1.2% during the second quarter. Parker Financial LLC now owns 4,543 shares of the iPhone maker’s stock worth $881,000 after purchasing an additional 54 shares during the last quarter. Mokosak Advisory Group LLC lifted its position in shares of Apple by 1.1% during the 2nd quarter. Mokosak Advisory Group LLC now owns 5,562 shares of the iPhone maker’s stock worth $1,079,000 after buying an additional 59 shares during the last quarter. MKT Advisors LLC boosted its holdings in shares of Apple by 0.5% in the 2nd quarter. MKT Advisors LLC now owns 12,269 shares of the iPhone maker’s stock valued at $1,777,000 after buying an additional 60 shares in the last quarter. Professional Financial Advisors LLC grew its position in shares of Apple by 0.5% in the 2nd quarter. Professional Financial Advisors LLC now owns 13,213 shares of the iPhone maker’s stock valued at $2,563,000 after buying an additional 62 shares during the last quarter. Finally, Intrepid Capital Management Inc. raised its stake in Apple by 0.8% during the 2nd quarter. Intrepid Capital Management Inc. now owns 8,411 shares of the iPhone maker’s stock worth $1,631,000 after acquiring an additional 63 shares in the last quarter. 58.51% of the stock is owned by institutional investors.

Apple Company Profile

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.