Apple (NASDAQ:AAPL) PT Raised to $475.00

Apple (NASDAQ:AAPL) had its target price raised by analysts at Wedbush from $450.00 to $475.00 in a research report issued to clients and investors on Friday, BenzingaRatingsTable reports. The firm presently has an “outperform” rating on the iPhone maker’s stock. Wedbush’s price objective suggests a potential upside of 11.75% from the company’s previous close.

Other analysts also recently issued reports about the stock. Cowen lifted their price target on shares of Apple from $400.00 to $470.00 and gave the company an “outperform” rating in a report on Friday. Piper Sandler lifted their target price on Apple from $310.00 to $450.00 and gave the stock an “overweight” rating in a report on Friday. Needham & Company LLC boosted their target price on Apple from $350.00 to $450.00 and gave the stock a “buy” rating in a research report on Wednesday, July 15th. DZ Bank restated a “buy” rating on shares of Apple in a report on Wednesday, June 3rd. Finally, Jefferies Financial Group upped their price objective on Apple from $370.00 to $405.00 and gave the stock a “buy” rating in a report on Friday, June 19th. Four investment analysts have rated the stock with a sell rating, fourteen have assigned a hold rating and thirty-one have given a buy rating to the stock. Apple presently has a consensus rating of “Buy” and an average target price of $370.23.

NASDAQ AAPL opened at $425.04 on Friday. The firm has a market cap of $1,842.27 billion, a price-to-earnings ratio of 32.32, a price-to-earnings-growth ratio of 3.13 and a beta of 1.18. The company has a quick ratio of 1.46, a current ratio of 1.50 and a debt-to-equity ratio of 1.14. The business has a 50-day moving average price of $367.96 and a 200-day moving average price of $313.71. Apple has a twelve month low of $192.58 and a twelve month high of $425.66.

Shares of Apple are scheduled to split before the market opens on Monday, August 31st. The 4-1 split was announced on Thursday, July 30th. The newly minted shares will be distributed to shareholders after the market closes on Friday, August 28th.

Apple (NASDAQ:AAPL) last posted its quarterly earnings results on Thursday, July 30th. The iPhone maker reported $2.58 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $2.03 by $0.55. The business had revenue of $59.69 billion during the quarter, compared to the consensus estimate of $51.94 billion. Apple had a return on equity of 67.82% and a net margin of 21.33%. Research analysts expect that Apple will post 12.43 EPS for the current fiscal year.

In other Apple news, insider Chris Kondo sold 4,491 shares of Apple stock in a transaction dated Friday, May 8th. The stock was sold at an average price of $305.62, for a total value of $1,372,539.42. Following the transaction, the insider now owns 7,370 shares in the company, valued at $2,252,419.40. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 0.05% of the stock is owned by company insiders.

Several large investors have recently added to or reduced their stakes in the company. HM Capital Management LLC raised its stake in shares of Apple by 0.9% during the 2nd quarter. HM Capital Management LLC now owns 3,314 shares of the iPhone maker’s stock worth $1,209,000 after acquiring an additional 28 shares in the last quarter. Hummer Financial Advisory Services Inc grew its holdings in Apple by 2.1% in the second quarter. Hummer Financial Advisory Services Inc now owns 1,467 shares of the iPhone maker’s stock worth $535,000 after purchasing an additional 30 shares during the last quarter. Defender Capital LLC. increased its position in shares of Apple by 1.3% during the second quarter. Defender Capital LLC. now owns 2,396 shares of the iPhone maker’s stock worth $874,000 after purchasing an additional 31 shares in the last quarter. Pathway Financial Advisors LLC lifted its holdings in shares of Apple by 0.7% during the 2nd quarter. Pathway Financial Advisors LLC now owns 4,702 shares of the iPhone maker’s stock valued at $1,715,000 after purchasing an additional 31 shares during the last quarter. Finally, Malaga Cove Capital LLC boosted its position in shares of Apple by 1.1% in the 2nd quarter. Malaga Cove Capital LLC now owns 2,747 shares of the iPhone maker’s stock worth $1,002,000 after purchasing an additional 31 shares in the last quarter. Institutional investors and hedge funds own 61.96% of the company’s stock.

About Apple

Apple Inc designs, manufactures, and markets smartphones, personal computers, tablets, wearables, and accessories worldwide. It also sells various related services. 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, HomePod, iPod touch, and other Apple-branded and third-party accessories.

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