JPMorgan Chase & Co. Cuts Apple (NASDAQ:AAPL) Price Target to $260.00

Apple (NASDAQ:AAPL) had its price objective lowered by equities researchers at JPMorgan Chase & Co. from $265.00 to $260.00 in a research note issued on Thursday,BayStreet.CA reports. JPMorgan Chase & Co.‘s target price points to a potential upside of 10.17% from the stock’s current price.

AAPL has been the subject of several other research reports. Wedbush reaffirmed an “outperform” rating and set a $325.00 price target on shares of Apple in a research report on Thursday, January 23rd. Bank of America reaffirmed a “buy” rating and set a $253.00 target price (down from $256.00) on shares of Apple in a report on Friday, January 24th. Monness Crespi & Hardt increased their price target on shares of Apple to $245.00 and gave the stock a “buy” rating in a research report on Wednesday, January 22nd. Needham & Company LLC reissued a “buy” rating and set a $260.00 price objective on shares of Apple in a research report on Tuesday, January 21st. Finally, Piper Sandler reaffirmed a “neutral” rating and issued a $225.00 target price on shares of Apple in a report on Wednesday, October 9th. Four research analysts have rated the stock with a sell rating, ten have assigned a hold rating, twenty-one have issued a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, Apple currently has an average rating of “Moderate Buy” and an average price target of $242.52.

Apple Trading Down 0.7 %

NASDAQ:AAPL opened at $236.00 on Thursday. The company has a market cap of $3.55 trillion, a PE ratio of 38.82, a price-to-earnings-growth ratio of 2.39 and a beta of 1.20. The company has a current ratio of 0.87, a quick ratio of 0.83 and a debt-to-equity ratio of 1.51. The company has a 50 day simple moving average of $241.56 and a two-hundred day simple moving average of $230.86. Apple has a 12 month low of $164.07 and a 12 month high of $260.10.

Apple (NASDAQ:AAPL) last released its quarterly earnings results on Thursday, January 30th. The iPhone maker reported $2.40 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.36 by $0.04. Apple had a return on equity of 152.94% and a net margin of 23.97%. Research analysts forecast that Apple will post 7.34 earnings per share for the current year.

Insider Activity at Apple

In other news, COO Jeffrey E. Williams sold 100,000 shares of the company’s stock in a transaction dated Monday, December 16th. The shares were sold at an average price of $249.97, for a total transaction of $24,997,000.00. Following the sale, the chief operating officer now directly owns 389,944 shares in the company, valued at approximately $97,474,301.68. This represents a 20.41 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Chris Kondo sold 4,130 shares of Apple stock in a transaction dated Monday, November 18th. The stock was sold at an average price of $228.87, for a total value of $945,233.10. Following the completion of the transaction, the insider now owns 15,419 shares of the company’s stock, valued at approximately $3,528,946.53. This represents a 21.13 % decrease in their position. The disclosure for this sale can be found here. 0.06% of the stock is owned by insiders.

Institutional Investors Weigh In On Apple

Several institutional investors have recently made changes to their positions in the company. O Connor Financial Group LLC boosted its position in shares of Apple by 1.2% during the fourth quarter. O Connor Financial Group LLC now owns 3,578 shares of the iPhone maker’s stock valued at $896,000 after buying an additional 41 shares during the period. 1620 Investment Advisors Inc. lifted its stake in shares of 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 acquiring an additional 45 shares during the last quarter. Carolina Wealth Advisors LLC boosted its holdings in Apple by 1.3% during the 3rd quarter. Carolina Wealth Advisors LLC now owns 3,489 shares of the iPhone maker’s stock valued at $813,000 after acquiring an additional 46 shares during the period. Verus Financial Partners Inc. boosted its holdings in Apple by 0.3% during the 2nd quarter. Verus Financial Partners Inc. now owns 16,929 shares of the iPhone maker’s stock valued at $3,566,000 after acquiring an additional 48 shares during the period. Finally, Menard Financial Group LLC grew its position in Apple by 0.4% in the 3rd quarter. Menard Financial Group LLC now owns 12,221 shares of the iPhone maker’s stock valued at $2,848,000 after acquiring an additional 48 shares during the last quarter. Institutional investors own 67.73% of the company’s stock.

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.