Needham & Company LLC Raises Apple (NASDAQ:AAPL) Price Target to $260.00

Apple (NASDAQ:AAPLGet Free Report) had its price target lifted by equities research analysts at Needham & Company LLC from $220.00 to $260.00 in a research report issued to clients and investors on Wednesday, Benzinga reports. The brokerage presently has a “buy” rating on the iPhone maker’s stock. Needham & Company LLC’s target price would suggest a potential upside of 13.70% from the stock’s current price.

Several other equities research analysts also recently issued reports on AAPL. Tigress Financial raised their price objective on shares of Apple from $240.00 to $245.00 and gave the stock a “strong-buy” rating in a research note on Thursday, May 30th. Canaccord Genuity Group raised their target price on Apple from $200.00 to $215.00 and gave the stock a “buy” rating in a research report on Friday, May 3rd. DA Davidson raised Apple from a “neutral” rating to a “buy” rating and raised their target price for the stock from $200.00 to $230.00 in a research report on Tuesday, June 11th. Morgan Stanley reaffirmed an “overweight” rating and issued a $216.00 target price on shares of Apple in a research report on Tuesday, June 11th. Finally, Piper Sandler Companies reaffirmed a “neutral” rating and issued a $225.00 target price (up from $190.00) on shares of Apple in a research report on Tuesday. One investment analyst has rated the stock with a sell rating, eleven have given a hold rating, twenty-four have given a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $218.43.

Check Out Our Latest Report on AAPL

Apple Trading Up 0.4 %

Shares of AAPL stock opened at $228.68 on Wednesday. The business’s 50 day moving average is $199.69 and its two-hundred day moving average is $186.66. The company has a market cap of $3.51 trillion, a PE ratio of 35.56, a price-to-earnings-growth ratio of 2.75 and a beta of 1.24. The company has a quick ratio of 0.99, a current ratio of 1.04 and a debt-to-equity ratio of 1.24. Apple has a 12 month low of $164.07 and a 12 month high of $229.40.

Apple (NASDAQ:AAPLGet Free Report) last announced its quarterly earnings data on Thursday, May 2nd. The iPhone maker reported $1.53 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.51 by $0.02. The business had revenue of $90.75 billion for the quarter, compared to the consensus estimate of $90.37 billion. Apple had a net margin of 26.31% and a return on equity of 148.33%. Apple’s quarterly revenue was down 4.3% on a year-over-year basis. During the same quarter last year, the company posted $1.52 earnings per share. Equities analysts predict that Apple will post 6.59 EPS for the current year.

Apple declared that its Board of Directors has initiated a stock buyback plan on Thursday, May 2nd that allows the company to repurchase $110.00 billion in shares. This repurchase authorization allows the iPhone maker to repurchase up to 3.9% of its stock through open market purchases. Stock repurchase plans are generally a sign that the company’s board believes its shares are undervalued.

Insider Activity at Apple

In related news, CFO Luca Maestri sold 53,194 shares of the business’s stock in a transaction that occurred on Thursday, April 11th. The stock was sold at an average price of $174.12, for a total value of $9,262,139.28. Following the completion of the transaction, the chief financial officer now directly owns 107,788 shares in the company, valued at approximately $18,768,046.56. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In other Apple news, CFO Luca Maestri sold 53,194 shares of the business’s stock in a transaction that occurred on Thursday, April 11th. The stock was sold at an average price of $174.12, for a total value of $9,262,139.28. Following the sale, the chief financial officer now owns 107,788 shares in the company, valued at approximately $18,768,046.56. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Arthur D. Levinson sold 75,000 shares of the business’s stock in a transaction that occurred on Thursday, May 30th. The shares were sold at an average price of $191.58, for a total value of $14,368,500.00. Following the completion of the sale, the director now owns 4,359,576 shares in the company, valued at approximately $835,207,570.08. The disclosure for this sale can be found here. In the last three months, insiders sold 192,355 shares of company stock worth $34,771,329. 0.06% of the stock is owned by company insiders.

Institutional Investors Weigh In On Apple

Institutional investors and hedge funds have recently made changes to their positions in the stock. Flagstone Financial Management increased its holdings in shares of Apple by 0.9% during the 4th quarter. Flagstone Financial Management now owns 6,092 shares of the iPhone maker’s stock worth $1,173,000 after acquiring an additional 56 shares during the last quarter. Hoese & Co LLP increased its holdings in shares of Apple by 6.7% during the 2nd quarter. Hoese & Co LLP now owns 912 shares of the iPhone maker’s stock worth $175,000 after acquiring an additional 57 shares during the last quarter. High Pines Wealth Management LLC increased its holdings in shares of Apple by 0.7% during the 4th quarter. High Pines Wealth Management LLC now owns 8,506 shares of the iPhone maker’s stock worth $1,638,000 after acquiring an additional 58 shares during the last quarter. Asset Planning Corporation increased its holdings in shares of Apple by 1.0% during the 4th quarter. Asset Planning Corporation now owns 6,135 shares of the iPhone maker’s stock worth $1,181,000 after acquiring an additional 59 shares during the last quarter. Finally, Columbus Macro LLC increased its holdings in shares of Apple by 0.5% during the 4th quarter. Columbus Macro LLC now owns 11,224 shares of the iPhone maker’s stock worth $2,120,000 after acquiring an additional 59 shares during the last quarter. Institutional investors own 60.41% of the company’s stock.

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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