Citigroup Cuts Apple (NASDAQ:AAPL) Price Target to $210.00

Apple (NASDAQ:AAPL) had its price objective reduced by Citigroup from $220.00 to $210.00 in a research report released on Monday morning, Benzinga reports. They currently have a buy rating on the iPhone maker’s stock.

A number of other brokerages have also commented on AAPL. Sanford C. Bernstein upgraded shares of Apple from a market perform rating to an outperform rating and set a $195.00 price target for the company in a research note on Monday. Maxim Group assumed coverage on shares of Apple in a research note on Wednesday, April 17th. They set a hold rating and a $178.00 target price for the company. Oppenheimer reissued an outperform rating and set a $200.00 price target on shares of Apple in a report on Friday, February 2nd. Monness Crespi & Hardt lifted their price objective on Apple from $189.00 to $200.00 and gave the stock a buy rating in a report on Friday, February 2nd. Finally, Piper Sandler Companies downgraded Apple to a neutral rating and lowered their target price for the company from $220.00 to $205.00 in a report on Thursday, January 4th. One analyst has rated the stock with a sell rating, twelve have assigned a hold rating, twenty-two have given a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of Moderate Buy and a consensus target price of $202.62.

Apple Trading Down 0.6 %

NASDAQ:AAPL opened at $169.30 on Monday. The firm has a market capitalization of $2.61 trillion, a P/E ratio of 26.37, a PEG ratio of 2.09 and a beta of 1.27. The company has a debt-to-equity ratio of 1.28, a current ratio of 1.07 and a quick ratio of 1.02. Apple has a one year low of $164.07 and a one year high of $199.62. The company’s 50-day simple moving average is $172.38 and its 200 day simple moving average is $181.63.

Apple (NASDAQ:AAPL) last announced its quarterly earnings data on Thursday, February 1st. The iPhone maker reported $2.18 EPS for the quarter, beating the consensus estimate of $2.09 by $0.09. The company had revenue of $119.60 billion for the quarter, compared to the consensus estimate of $117.99 billion. Apple had a net margin of 26.16% and a return on equity of 156.04%. Apple’s revenue for the quarter was up 2.1% on a year-over-year basis. During the same period in the prior year, the firm posted $1.88 EPS. As a group, analysts forecast that Apple will post 6.54 EPS for the current fiscal year.

Insider Activity

In other Apple news, SVP Deirdre O’brien sold 54,732 shares of the company’s stock in a transaction on Tuesday, April 2nd. The stock was sold at an average price of $168.91, for a total transaction of $9,244,782.12. Following the completion of the sale, the senior vice president now owns 136,572 shares in the company, valued at $23,068,376.52. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. In other news, SVP Deirdre O’brien sold 54,732 shares of the firm’s stock in a transaction dated Tuesday, April 2nd. The shares were sold at an average price of $168.91, for a total value of $9,244,782.12. Following the sale, the senior vice president now directly owns 136,572 shares in the company, valued at approximately $23,068,376.52. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Timothy D. Cook sold 99,183 shares of the business’s stock in a transaction that occurred on Monday, April 1st. The stock was sold at an average price of $170.03, for a total transaction of $16,864,085.49. Following the transaction, the chief executive officer now owns 3,377,407 shares of the company’s stock, valued at approximately $574,260,512.21. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 366,271 shares of company stock worth $63,653,887. Corporate insiders own 0.06% of the company’s stock.

Institutional Trading of Apple

A number of institutional investors have recently made changes to their positions in the business. Kingdom Financial Group LLC. boosted its stake in Apple by 5.5% in the 3rd quarter. Kingdom Financial Group LLC. now owns 11,464 shares of the iPhone maker’s stock worth $1,963,000 after purchasing an additional 598 shares in the last quarter. RFG Advisory LLC grew its holdings in shares of Apple by 13.6% during the third quarter. RFG Advisory LLC now owns 172,823 shares of the iPhone maker’s stock valued at $29,589,000 after buying an additional 20,737 shares during the last quarter. Headinvest LLC increased its position in shares of Apple by 1.7% in the 3rd quarter. Headinvest LLC now owns 53,155 shares of the iPhone maker’s stock valued at $9,236,000 after acquiring an additional 872 shares during the period. Sound Income Strategies LLC raised its stake in Apple by 16.1% in the 4th quarter. Sound Income Strategies LLC now owns 75,110 shares of the iPhone maker’s stock worth $14,461,000 after acquiring an additional 10,425 shares during the last quarter. Finally, DNB Asset Management AS lifted its position in Apple by 6.9% during the 4th quarter. DNB Asset Management AS now owns 4,307,068 shares of the iPhone maker’s stock worth $829,240,000 after acquiring an additional 279,311 shares during the period. Institutional investors and hedge funds own 60.41% of the company’s stock.

About Apple

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.