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Apple's (NASDAQ:AAPL) Outperform Rating Reiterated at Wedbush – jj
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Apple's (NASDAQ:AAPL) Outperform Rating Reiterated at Wedbush

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Wedbush restated their outperform rating on shares of Apple (NASDAQ:AAPL) in a research note released on Friday, June 28th, Stock Target Advisor reports. They currently have a $235.00 target price on the iPhone maker’s stock.

A number of other research analysts also recently weighed in on the company. Robert W. Baird upped their target price on Thermo Fisher Scientific from $270.00 to $288.00 and gave the stock an outperform rating in a report on Tuesday, March 26th. Jefferies Financial Group upped their target price on EXACT Sciences from $100.00 to $115.00 and gave the stock a buy rating in a report on Wednesday, May 1st. New Street Research cut Apple from a neutral rating to a sell rating and set a $170.00 price target on the stock. in a research report on Friday, April 12th. Credit Suisse Group set a €21.78 ($25.33) price target on Deutsche Lufthansa and gave the stock a buy rating in a research report on Monday, June 17th. Finally, Maxim Group reissued a buy rating on shares of Abeona Therapeutics in a research report on Wednesday, May 1st. Four analysts have rated the stock with a sell rating, nineteen have given a hold rating, twenty-four have issued a buy rating and one has given a strong buy rating to the company. Apple presently has a consensus rating of Hold and a consensus price target of $209.27.

AAPL opened at $203.30 on Friday. The stock has a market capitalization of $935.08 billion, a P/E ratio of 17.07, a P/E/G ratio of 1.72 and a beta of 1.23. The business has a 50-day moving average of $192.74. The company has a debt-to-equity ratio of 0.85, a quick ratio of 1.26 and a current ratio of 1.32. Apple has a 12 month low of $142.00 and a 12 month high of $233.47.

Apple (NASDAQ:AAPL) last announced its quarterly earnings results on Tuesday, April 30th. The iPhone maker reported $2.46 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.37 by $0.09. Apple had a return on equity of 51.29% and a net margin of 22.12%. The company had revenue of $58.02 billion for the quarter, compared to the consensus estimate of $57.40 billion. During the same quarter in the previous year, the business earned $2.73 EPS. Apple’s revenue was down 5.1% compared to the same quarter last year. Analysts expect that Apple will post 11.47 earnings per share for the current year.

Apple declared that its board has authorized a share repurchase plan on Tuesday, April 30th that permits the company to repurchase $75.00 billion in shares. This repurchase authorization permits the iPhone maker to buy up to 7.6% of its shares through open market purchases. Shares repurchase plans are usually a sign that the company’s board believes its shares are undervalued.

In other Apple news, COO Jeffrey E. Williams sold 56,411 shares of the stock in a transaction that occurred on Thursday, May 2nd. The shares were sold at an average price of $210.36, for a total value of $11,866,617.96. Following the sale, the chief operating officer now directly owns 151,187 shares of the company’s stock, valued at approximately $31,803,697.32. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, Director Arthur D. Levinson sold 35,000 shares of the stock in a transaction on Friday, May 3rd. The shares were sold at an average price of $210.86, for a total transaction of $7,380,100.00. Following the completion of the transaction, the director now directly owns 1,168,283 shares in the company, valued at $246,344,153.38. The disclosure for this sale can be found here. 0.05% of the stock is owned by insiders.

Several hedge funds and other institutional investors have recently bought and sold shares of AAPL. Semmax Financial Advisors Inc. purchased a new position in Apple during the 4th quarter valued at about $50,000. Contravisory Investment Management Inc. grew its holdings in shares of Apple by 30.6% during the fourth quarter. Contravisory Investment Management Inc. now owns 614 shares of the iPhone maker’s stock worth $97,000 after buying an additional 144 shares in the last quarter. INR Advisory Services LLC purchased a new stake in shares of Apple during the fourth quarter worth about $124,000. CKW Financial Group grew its holdings in shares of Apple by 15.0% during the fourth quarter. CKW Financial Group now owns 807 shares of the iPhone maker’s stock worth $127,000 after buying an additional 105 shares in the last quarter. Finally, Denali Advisors LLC grew its holdings in shares of Apple by 12.5% during the second quarter. Denali Advisors LLC now owns 900 shares of the iPhone maker’s stock worth $178,000 after buying an additional 100 shares in the last quarter. 58.54% of the stock is currently owned by hedge funds and other institutional investors.

Apple Company Profile

Apple Inc designs, manufactures, and markets mobile communication and media devices, and personal computers. It also sells various related software, services, accessories, and third-party digital content and applications. The company offers iPhone, a line of smartphones; iPad, a line of multi-purpose tablets; and Mac, a line of desktop and portable personal computers, as well as iOS, macOS, watchOS, and tvOS operating systems.

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