Raymond James Reaffirms “Outperform” Rating for Apple (NASDAQ:AAPL)

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Apple (NASDAQ:AAPL)‘s stock had its “outperform” rating reiterated by analysts at Raymond James in a research note issued on Monday, The Fly reports. They currently have a $280.00 target price on the iPhone maker’s stock, up from their previous target price of $250.00. Raymond James’ target price suggests a potential upside of 18.44% from the stock’s current price.

Several other research analysts also recently commented on the stock. Bank of America restated a “buy” rating and set a $250.00 price objective (up from $240.00) on shares of Apple in a research report on Wednesday, September 11th. DZ Bank reiterated a “neutral” rating on shares of Apple in a report on Wednesday, September 11th. Longbow Research upgraded shares of Apple from a “neutral” rating to a “buy” rating and set a $260.00 price target for the company in a report on Thursday, October 10th. Needham & Company LLC upped their price target on shares of Apple from $225.00 to $250.00 and gave the stock a “strong-buy” rating in a report on Wednesday, September 11th. Finally, Zacks Investment Research downgraded shares of Apple from a “hold” rating to a “sell” rating and set a $248.00 price target for the company. in a report on Monday, October 14th. Four research analysts have rated the stock with a sell rating, fifteen have issued a hold rating, twenty-two have given a buy rating and two have issued a strong buy rating to the company. Apple presently has a consensus rating of “Buy” and a consensus target price of $224.46.

Shares of AAPL opened at $236.41 on Monday. Apple has a one year low of $142.00 and a one year high of $238.13. The company has a market cap of $1,068.38 billion, a P/E ratio of 19.85, a P/E/G ratio of 2.07 and a beta of 1.24. The company has a debt-to-equity ratio of 0.88, a current ratio of 1.50 and a quick ratio of 1.47. The firm has a 50 day simple moving average of $220.99 and a two-hundred day simple moving average of $204.27.

Apple (NASDAQ:AAPL) last announced its quarterly earnings data on Tuesday, July 30th. The iPhone maker reported $2.18 EPS for the quarter, beating the consensus estimate of $2.10 by $0.08. Apple had a net margin of 21.50% and a return on equity of 52.13%. The business had revenue of $53.81 billion during the quarter, compared to the consensus estimate of $53.39 billion. During the same period in the previous year, the business earned $2.34 earnings per share. The company’s revenue was up 1.0% on a year-over-year basis. On average, analysts expect that Apple will post 11.68 earnings per share for the current fiscal year.

In other Apple news, Director Arthur D. Levinson sold 17,500 shares of the company’s stock in a transaction on Thursday, August 1st. The shares were sold at an average price of $214.02, for a total transaction of $3,745,350.00. Following the sale, the director now owns 1,150,783 shares of the company’s stock, valued at $246,290,577.66. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, SVP Deirdre O’brien sold 12,459 shares of the company’s stock in a transaction on Wednesday, October 16th. The shares were sold at an average price of $234.04, for a total transaction of $2,915,904.36. Following the sale, the senior vice president now directly owns 57,819 shares in the company, valued at approximately $13,531,958.76. The disclosure for this sale can be found here. Insiders have sold 450,140 shares of company stock worth $95,606,404 in the last ninety days. Insiders own 0.05% of the company’s stock.

A number of institutional investors and hedge funds have recently modified their holdings of AAPL. Nuveen Asset Management LLC boosted its position in Apple by 2,874.9% during the second quarter. Nuveen Asset Management LLC now owns 35,914,893 shares of the iPhone maker’s stock valued at $7,108,275,000 after acquiring an additional 34,707,634 shares during the last quarter. Thoroughbred Financial Services LLC raised its holdings in shares of Apple by 19,949.3% during the second quarter. Thoroughbred Financial Services LLC now owns 10,055,128 shares of the iPhone maker’s stock valued at $1,005,513,000 after purchasing an additional 10,004,976 shares during the period. Great West Life Assurance Co. Can acquired a new position in shares of Apple during the second quarter valued at about $809,074,000. Renaissance Technologies LLC acquired a new position in shares of Apple during the second quarter valued at about $459,677,000. Finally, Morgan Stanley raised its holdings in shares of Apple by 5.8% during the second quarter. Morgan Stanley now owns 36,261,306 shares of the iPhone maker’s stock valued at $7,176,836,000 after purchasing an additional 1,996,126 shares during the period. 58.65% of the stock is currently owned by institutional investors and hedge funds.

About Apple

Apple Inc designs, manufactures, and markets mobile communication and media devices, and personal computers. It also sells various related software, services, accessories, and third-party digital content and applications. The company offers iPhone, a line of smartphones; iPad, a line of multi-purpose tablets; and Mac, a line of desktop and portable personal computers, as well as iOS, macOS, watchOS, and tvOS operating systems.

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Analyst Recommendations for Apple (NASDAQ:AAPL)

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