Apple (NASDAQ:AAPL) Cut to “Underweight” at KeyCorp

Apple (NASDAQ:AAPL) was downgraded by analysts at KeyCorp from a “sector weight” rating to an “underweight” rating in a research note issued to investors on Friday, MarketBeat reports. They presently have a $200.00 target price on the iPhone maker’s stock. KeyCorp’s price objective would indicate a potential downside of 13.57% from the company’s current price. KeyCorp also issued estimates for Apple’s Q1 2025 earnings at $2.34 EPS, Q2 2025 earnings at $1.57 EPS, Q3 2025 earnings at $1.48 EPS, Q4 2025 earnings at $1.66 EPS and FY2025 earnings at $7.05 EPS.

Other analysts have also issued reports about the stock. Cfra boosted their price objective on shares of Apple from $240.00 to $260.00 and gave the company a “buy” rating in a report on Wednesday, July 17th. Morgan Stanley reissued an “overweight” rating and issued a $273.00 price target on shares of Apple in a research note on Tuesday, September 10th. Wedbush restated an “outperform” rating and issued a $285.00 price objective on shares of Apple in a report on Monday, September 9th. Needham & Company LLC reiterated a “buy” rating and issued a $260.00 target price on shares of Apple in a report on Thursday, September 19th. Finally, Jefferies Financial Group cut Apple from a “buy” rating to a “hold” rating and upped their price target for the stock from $205.00 to $212.92 in a research note on Monday, October 7th. Two investment analysts have rated the stock with a sell rating, eleven have given a hold rating, twenty-three have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, Apple currently has an average rating of “Moderate Buy” and a consensus price target of $235.91.

Apple Stock Performance

NASDAQ:AAPL opened at $231.41 on Friday. The company’s 50-day moving average is $226.86 and its two-hundred day moving average is $210.34. The firm has a market capitalization of $3.55 trillion, a price-to-earnings ratio of 35.99, a PEG ratio of 2.40 and a beta of 1.24. The company has a debt-to-equity ratio of 1.29, a current ratio of 0.95 and a quick ratio of 0.91. Apple has a 1-year low of $164.07 and a 1-year high of $237.49.

Apple (NASDAQ:AAPL) last issued its quarterly earnings data on Thursday, August 1st. The iPhone maker reported $1.40 earnings per share for the quarter, topping the consensus estimate of $1.34 by $0.06. Apple had a return on equity of 147.15% and a net margin of 26.44%. The company had revenue of $85.78 billion during the quarter, compared to analyst estimates of $84.43 billion. During the same period in the prior year, the business posted $1.26 earnings per share. The firm’s revenue for the quarter was up 4.9% compared to the same quarter last year. Analysts forecast that Apple will post 6.65 EPS for the current year.

Insider Transactions at Apple

In related news, insider Chris Kondo sold 5,178 shares of the stock in a transaction on Friday, August 9th. The shares were sold at an average price of $216.50, for a total value of $1,121,037.00. Following the transaction, the insider now directly owns 24,125 shares of the company’s stock, valued at $5,223,062.50. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. In other Apple news, insider Chris Kondo sold 5,178 shares of the firm’s stock in a transaction dated Friday, August 9th. The stock was sold at an average price of $216.50, for a total transaction of $1,121,037.00. Following the transaction, the insider now owns 24,125 shares of the company’s stock, valued at approximately $5,223,062.50. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CFO Luca Maestri sold 59,305 shares of Apple stock in a transaction dated Friday, October 4th. The stock was sold at an average price of $226.52, for a total value of $13,433,768.60. Following the sale, the chief financial officer now owns 107,788 shares in the company, valued at $24,416,137.76. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 517,924 shares of company stock worth $114,786,399. 0.06% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Apple

A number of hedge funds have recently modified their holdings of AAPL. 1620 Investment Advisors Inc. grew its position in Apple by 0.5% during the 3rd quarter. 1620 Investment Advisors Inc. now owns 9,654 shares of the iPhone maker’s stock worth $2,249,000 after purchasing an additional 45 shares during the last quarter. Carolina Wealth Advisors LLC boosted its stake in shares of Apple by 1.3% during the third quarter. Carolina Wealth Advisors LLC now owns 3,489 shares of the iPhone maker’s stock worth $813,000 after buying an additional 46 shares during the period. Verus Financial Partners Inc. grew its holdings in shares of Apple by 0.3% during the second quarter. Verus Financial Partners Inc. now owns 16,929 shares of the iPhone maker’s stock worth $3,566,000 after buying an additional 48 shares during the last quarter. Brown Financial Advisory increased its position in Apple by 3.8% in the 2nd quarter. Brown Financial Advisory now owns 1,364 shares of the iPhone maker’s stock valued at $287,000 after acquiring an additional 50 shares during the period. Finally, Core Wealth Management Inc. raised its stake in Apple by 1.7% during the 2nd quarter. Core Wealth Management Inc. now owns 2,968 shares of the iPhone maker’s stock valued at $625,000 after acquiring an additional 50 shares during the last quarter. 60.41% of the stock is currently owned by hedge funds and other institutional investors.

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.