Apple (NASDAQ:AAPL) Upgraded to Buy at Erste Group Bank

Apple (NASDAQ:AAPLGet Free Report) was upgraded by stock analysts at Erste Group Bank from a “hold” rating to a “buy” rating in a report released on Friday, Benzinga reports.

Several other brokerages have also recently issued reports on AAPL. Bank of America reissued a “buy” rating and issued a $230.00 price objective on shares of Apple in a report on Wednesday. Citigroup cut their target price on shares of Apple from $220.00 to $210.00 and set a “buy” rating for the company in a report on Monday, April 29th. UBS Group restated a “neutral” rating and set a $190.00 price target on shares of Apple in a research report on Tuesday. Canaccord Genuity Group upped their price objective on shares of Apple from $200.00 to $215.00 and gave the stock a “buy” rating in a research report on Friday, May 3rd. Finally, Maxim Group initiated coverage on shares of Apple in a research note on Wednesday, April 17th. They set a “hold” rating and a $178.00 target price on the stock. One research analyst has rated the stock with a sell rating, twelve have issued a hold rating, twenty-two have assigned a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $207.47.

Get Our Latest Stock Analysis on Apple

Apple Stock Performance

Shares of Apple stock traded down $2.04 on Friday, reaching $212.20. 32,125,678 shares of the stock were exchanged, compared to its average volume of 62,658,254. Apple has a twelve month low of $164.07 and a twelve month high of $220.20. The business has a 50 day moving average price of $182.91 and a two-hundred day moving average price of $183.93. The company has a quick ratio of 0.99, a current ratio of 1.04 and a debt-to-equity ratio of 1.24. The firm has a market capitalization of $3.25 trillion, a price-to-earnings ratio of 33.07, a PEG ratio of 2.59 and a beta of 1.25.

Apple (NASDAQ:AAPLGet Free Report) last released its quarterly earnings data on Thursday, May 2nd. The iPhone maker reported $1.53 EPS for the quarter, beating the consensus estimate of $1.51 by $0.02. Apple had a net margin of 26.31% and a return on equity of 148.33%. The business had revenue of $90.75 billion for the quarter, compared to the consensus estimate of $90.37 billion. During the same period in the prior year, the firm earned $1.52 EPS. The business’s revenue for the quarter was down 4.3% on a year-over-year basis. Analysts anticipate that Apple will post 6.58 earnings per share for the current fiscal year.

Apple declared that its board has authorized a share buyback program on Thursday, May 2nd that authorizes the company to buyback $110.00 billion in shares. This buyback authorization authorizes the iPhone maker to buy up to 3.9% of its shares through open market purchases. Shares buyback programs are generally a sign that the company’s board believes its stock is undervalued.

Insider Activity at Apple

In other Apple news, Director Arthur D. Levinson sold 75,000 shares of the company’s stock in a transaction on Thursday, May 30th. The stock was sold at an average price of $191.58, for a total transaction of $14,368,500.00. Following the transaction, the director now directly owns 4,359,576 shares in the company, valued at $835,207,570.08. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, CEO Timothy D. Cook sold 99,183 shares of Apple stock in a transaction dated Monday, April 1st. The stock was sold at an average price of $170.03, for a total value of $16,864,085.49. Following the completion of the transaction, the chief executive officer now owns 3,377,407 shares in the company, valued at approximately $574,260,512.21. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Arthur D. Levinson sold 75,000 shares of the company’s stock in a transaction that occurred on Thursday, May 30th. The stock was sold at an average price of $191.58, for a total transaction of $14,368,500.00. Following the sale, the director now owns 4,359,576 shares in the company, valued at $835,207,570.08. The disclosure for this sale can be found here. In the last quarter, insiders sold 346,270 shares of company stock worth $60,880,196. Insiders own 0.06% of the company’s stock.

Hedge Funds Weigh In On Apple

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. Wyrmwood Management LLC grew its position in shares of Apple by 69.0% in the 4th quarter. Wyrmwood Management LLC now owns 169 shares of the iPhone maker’s stock valued at $33,000 after buying an additional 69 shares during the last quarter. Christopher J. Hasenberg Inc acquired a new position in Apple in the first quarter valued at $35,000. Fidelis Capital Partners LLC grew its holdings in shares of Apple by 17.9% during the first quarter. Fidelis Capital Partners LLC now owns 206,455 shares of the iPhone maker’s stock worth $35,000 after purchasing an additional 31,278 shares during the last quarter. A.P. Gilfoyle & Co. L.P. acquired a new stake in shares of Apple during the fourth quarter worth about $39,000. Finally, Gilfoyle & Co LLC lifted its holdings in shares of Apple by 118.0% in the 4th quarter. Gilfoyle & Co LLC now owns 218 shares of the iPhone maker’s stock valued at $40,000 after purchasing an additional 118 shares during the last quarter. 60.41% of the stock is owned by institutional investors and hedge funds.

Apple Company Profile

(Get Free Report)

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.

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Analyst Recommendations for Apple (NASDAQ:AAPL)

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