Evercore ISI Reiterates Buy Rating for Apple (NASDAQ:AAPL)

Apple (NASDAQ:AAPL)‘s stock had its “buy” rating reissued by analysts at Evercore ISI in a report released on Thursday, Stock Target Advisor reports. They currently have a $250.00 target price on the iPhone maker’s stock. Evercore ISI’s target price indicates a potential upside of 9.75% from the company’s current price.

AAPL has been the subject of several other reports. Oppenheimer restated an “outperform” rating and set a $250.00 price target on shares of Apple in a research report on Tuesday, September 10th. Monness Crespi & Hardt reissued a “buy” rating and set a $245.00 price objective on shares of Apple in a research report on Monday, September 9th. Cfra lifted their target price on shares of Apple from $240.00 to $260.00 and gave the company a “buy” rating in a research note on Wednesday, July 17th. Piper Sandler restated a “neutral” rating and set a $225.00 target price on shares of Apple in a research report on Tuesday, September 10th. Finally, Bank of America reiterated a “buy” rating and set a $256.00 price target on shares of Apple in a report on Thursday, September 5th. One analyst has rated the stock with a sell rating, eleven have issued a hold rating, twenty-four have issued a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, Apple has an average rating of “Moderate Buy” and an average target price of $238.76.

Apple Stock Up 0.1 %

Shares of NASDAQ:AAPL opened at $227.79 on Thursday. The firm has a market cap of $3.49 trillion, a P/E ratio of 35.54, a P/E/G ratio of 2.66 and a beta of 1.24. The company has a quick ratio of 0.91, a current ratio of 0.95 and a debt-to-equity ratio of 1.29. Apple has a 12-month low of $164.07 and a 12-month high of $237.23. The business has a fifty day simple moving average of $222.12 and a 200 day simple moving average of $201.57.

Apple (NASDAQ:AAPL) last announced its earnings results on Thursday, August 1st. The iPhone maker reported $1.40 earnings per share for the quarter, topping analysts’ consensus estimates of $1.34 by $0.06. The firm had revenue of $85.78 billion for the quarter, compared to the consensus estimate of $84.43 billion. Apple had a return on equity of 147.15% and a net margin of 26.44%. The company’s revenue was up 4.9% compared to the same quarter last year. During the same quarter in the previous year, the business earned $1.26 EPS. Analysts predict that Apple will post 6.7 earnings per share for the current year.

Insider Buying and Selling

In other news, insider Chris Kondo sold 8,706 shares of the company’s stock in a transaction that occurred on Thursday, August 15th. The stock was sold at an average price of $225.00, for a total transaction of $1,958,850.00. Following the transaction, the insider now owns 15,419 shares of the company’s stock, valued at $3,469,275. The transaction was disclosed in a legal filing with the SEC, which is available at this link. In other news, SVP Katherine L. Adams sold 100,000 shares of the stock in a transaction on Monday, August 5th. The stock was sold at an average price of $206.44, for a total transaction of $20,644,000.00. Following the completion of the sale, the senior vice president now owns 191,543 shares in the company, valued at approximately $39,542,136.92. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, insider Chris Kondo sold 8,706 shares of the company’s stock in a transaction on Thursday, August 15th. The shares were sold at an average price of $225.00, for a total value of $1,958,850.00. Following the completion of the transaction, the insider now directly owns 15,419 shares in the company, valued at $3,469,275. The disclosure for this sale can be found here. Over the last three months, insiders have sold 113,884 shares of company stock worth $23,723,887. Corporate insiders own 0.06% of the company’s stock.

Institutional Investors Weigh In On Apple

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Sage Advisors LLC lifted its stake in Apple by 3.3% in the 2nd quarter. Sage Advisors LLC now owns 44,403 shares of the iPhone maker’s stock valued at $9,352,000 after buying an additional 1,416 shares in the last quarter. Alternative Investment Advisors LLC. purchased a new stake in shares of Apple during the 2nd quarter valued at approximately $1,151,000. Passive Capital Management LLC. raised its position in shares of Apple by 52.6% during the 2nd quarter. Passive Capital Management LLC. now owns 4,244 shares of the iPhone maker’s stock valued at $894,000 after buying an additional 1,462 shares during the period. Greater Midwest Financial Group LLC raised its position in shares of Apple by 5.0% during the 2nd quarter. Greater Midwest Financial Group LLC now owns 51,783 shares of the iPhone maker’s stock valued at $11,481,000 after buying an additional 2,488 shares during the period. Finally, Centaurus Financial Inc. increased its holdings in Apple by 26.1% in the 2nd quarter. Centaurus Financial Inc. now owns 198,136 shares of the iPhone maker’s stock valued at $41,731,000 after purchasing an additional 41,004 shares during the last quarter. 60.41% of the stock is owned by institutional investors and hedge funds.

Apple Company Profile

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.