Apple (NASDAQ:AAPL) Raised to Buy at DA Davidson

Apple (NASDAQ:AAPLGet Free Report) was upgraded by equities researchers at DA Davidson from a “neutral” rating to a “buy” rating in a research report issued to clients and investors on Tuesday, Briefing.com reports. The firm presently has a $230.00 target price on the iPhone maker’s stock, up from their previous target price of $200.00. DA Davidson’s target price points to a potential upside of 19.10% from the stock’s previous close.

AAPL has been the topic of several other reports. Wedbush boosted their target price on Apple from $250.00 to $275.00 and gave the stock an “outperform” rating in a report on Friday, May 24th. Canaccord Genuity Group increased their target price on Apple from $200.00 to $215.00 and gave the stock a “buy” rating in a report on Friday, May 3rd. Canaccord Genuity Group lifted their price target on Apple from $200.00 to $215.00 and gave the company a “buy” rating in a report on Saturday, May 4th. Sanford C. Bernstein raised shares of Apple from a “market perform” rating to an “outperform” rating and set a $195.00 price objective on the stock in a report on Monday, April 29th. Finally, Bank of America reaffirmed a “buy” rating and issued a $230.00 target price on shares of Apple in a research note on Wednesday, May 29th. One equities research analyst has rated the stock with a sell rating, twelve have given a hold rating, twenty-one have assigned a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, Apple has an average rating of “Moderate Buy” and an average target price of $207.47.

Read Our Latest Stock Report on AAPL

Apple Stock Down 1.9 %

NASDAQ AAPL opened at $193.12 on Tuesday. Apple has a 1-year low of $164.07 and a 1-year high of $199.62. The company has a market capitalization of $2.96 trillion, a price-to-earnings ratio of 30.03, a PEG ratio of 2.40 and a beta of 1.25. The stock’s 50 day moving average is $180.37 and its two-hundred day moving average is $183.39. The company has a current ratio of 1.04, a quick ratio of 0.99 and a debt-to-equity ratio of 1.24.

Apple (NASDAQ:AAPLGet Free Report) last issued its quarterly earnings data on Thursday, May 2nd. The iPhone maker reported $1.53 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.51 by $0.02. The company had revenue of $90.75 billion during the quarter, compared to analysts’ expectations of $90.37 billion. Apple had a return on equity of 148.33% and a net margin of 26.31%. The business’s revenue was down 4.3% on a year-over-year basis. During the same period last year, the business earned $1.52 earnings per share. Equities analysts forecast that Apple will post 6.57 earnings per share for the current fiscal year.

Apple declared that its board has approved a share buyback program on Thursday, May 2nd that authorizes the company to buyback $110.00 billion in shares. This buyback authorization authorizes the iPhone maker to purchase up to 3.9% of its shares through open market purchases. Shares buyback programs are usually an indication that the company’s board of directors believes its stock is undervalued.

Insider Activity

In related news, CEO Timothy D. Cook sold 99,183 shares of the company’s stock in a transaction dated Monday, April 1st. The shares were sold at an average price of $170.03, for a total value of $16,864,085.49. Following the transaction, the chief executive officer now owns 3,377,407 shares in the company, valued at approximately $574,260,512.21. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. In other Apple news, CEO Timothy D. Cook sold 99,183 shares of the company’s stock in a transaction on Monday, April 1st. The stock was sold at an average price of $170.03, for a total value of $16,864,085.49. Following the transaction, the chief executive officer now directly owns 3,377,407 shares of the company’s stock, valued at approximately $574,260,512.21. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider Chris Kondo sold 4,999 shares of Apple stock in a transaction on Wednesday, May 15th. The stock was sold at an average price of $190.40, for a total value of $951,809.60. Following the sale, the insider now directly owns 29,278 shares of the company’s stock, valued at approximately $5,574,531.20. The disclosure for this sale can be found here. Insiders have sold 346,270 shares of company stock valued at $60,880,196 over the last ninety days. 0.06% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Several hedge funds have recently made changes to their positions in AAPL. Conservest Capital Advisors Inc. increased its holdings in Apple by 0.3% in the 3rd quarter. Conservest Capital Advisors Inc. now owns 16,802 shares of the iPhone maker’s stock valued at $2,877,000 after buying an additional 55 shares during the period. Flagstone Financial Management raised its stake in shares of Apple by 0.9% during the fourth quarter. Flagstone Financial Management now owns 6,092 shares of the iPhone maker’s stock valued at $1,173,000 after acquiring an additional 56 shares during the last quarter. High Pines Wealth Management LLC raised its stake in shares of Apple by 0.7% during the fourth quarter. High Pines Wealth Management LLC now owns 8,506 shares of the iPhone maker’s stock valued at $1,638,000 after acquiring an additional 58 shares during the last quarter. Asset Planning Corporation lifted its holdings in shares of Apple by 1.0% during the fourth quarter. Asset Planning Corporation now owns 6,135 shares of the iPhone maker’s stock worth $1,181,000 after purchasing an additional 59 shares during the period. Finally, Columbus Macro LLC grew its stake in shares of Apple by 0.5% in the fourth quarter. Columbus Macro LLC now owns 11,224 shares of the iPhone maker’s stock worth $2,120,000 after purchasing an additional 59 shares during the last quarter. 60.41% of the stock is owned by institutional investors.

Apple Company Profile

(Get Free Report)

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.

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