Apple (NASDAQ:AAPL) PT Raised to $420.00

Apple (NASDAQ:AAPL) had its price target upped by equities research analysts at BofA Securities from $410.00 to $420.00 in a research report issued to clients and investors on Friday, Briefing.com Automated Import reports. The brokerage presently has a “buy” rating on the iPhone maker’s stock. BofA Securities’ target price would suggest a potential downside of 1.19% from the stock’s previous close.

AAPL has been the topic of a number of other research reports. Bank of America reiterated a “buy” rating and issued a $410.00 price target on shares of Apple in a research note on Wednesday, July 15th. Daiwa Capital Markets upped their target price on shares of Apple from $297.00 to $320.00 and gave the stock an “outperform” rating in a research note on Wednesday, May 6th. Piper Sandler raised their price target on shares of Apple from $310.00 to $450.00 and gave the company an “overweight” rating in a research report on Friday. Nomura Instinet boosted their price objective on shares of Apple from $240.00 to $250.00 and gave the stock a “neutral” rating in a report on Friday, May 1st. Finally, DA Davidson increased their target price on Apple from $355.00 to $480.00 and gave the company a “buy” rating in a research note on Friday. Four investment analysts have rated the stock with a sell rating, fourteen have assigned a hold rating and thirty-one have assigned a buy rating to the stock. The stock presently has a consensus rating of “Buy” and an average target price of $370.23.

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

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 created shares will be distributed to shareholders after the market closes on Friday, August 28th.

Apple (NASDAQ:AAPL) last issued its quarterly earnings results on Thursday, July 30th. The iPhone maker reported $2.58 EPS for the quarter, topping analysts’ consensus estimates of $2.03 by $0.55. Apple had a return on equity of 67.82% and a net margin of 21.33%. The firm had revenue of $59.69 billion for the quarter, compared to analysts’ expectations of $51.94 billion. On average, equities analysts anticipate that Apple will post 12.43 EPS for the current year.

In other Apple news, insider Chris Kondo sold 4,491 shares of the firm’s stock in a transaction dated Friday, May 8th. The stock was sold at an average price of $305.62, for a total transaction of $1,372,539.42. Following the sale, the insider now directly owns 7,370 shares of the company’s stock, valued at $2,252,419.40. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Corporate insiders own 0.05% of the company’s stock.

Institutional investors and hedge funds have recently made changes to their positions in the business. Stralem & Co. Inc. purchased a new position in shares of Apple in the first quarter worth $39,000. Sycomore Asset Management bought a new stake in Apple in the 1st quarter valued at $50,000. Heard Capital LLC purchased a new stake in Apple in the 1st quarter worth $51,000. Sofos Investments Inc. boosted its holdings in shares of Apple by 16.9% during the 1st quarter. Sofos Investments Inc. now owns 940 shares of the iPhone maker’s stock valued at $99,000 after purchasing an additional 136 shares during the last quarter. Finally, Contravisory Investment Management Inc. boosted its holdings in shares of Apple by 35.6% during the 1st quarter. Contravisory Investment Management Inc. now owns 484 shares of the iPhone maker’s stock valued at $123,000 after purchasing an additional 127 shares during the last quarter. 61.96% of the stock is owned by institutional investors and hedge funds.

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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