Apple (NASDAQ:AAPL) Upgraded to Buy by Loop Capital

Apple (NASDAQ:AAPL) was upgraded by equities research analysts at Loop Capital from a “hold” rating to a “buy” rating in a research report issued to clients and investors on Monday, Briefing.com reports. The brokerage currently has a $300.00 price target on the iPhone maker’s stock, up from their previous price target of $170.00. Loop Capital’s price target indicates a potential upside of 30.13% from the company’s current price.

A number of other equities research analysts have also recently issued reports on the stock. Wedbush reissued an “outperform” rating and set a $275.00 target price on shares of Apple in a report on Thursday. Barclays restated an “underweight” rating and issued a $164.00 target price on shares of Apple in a research note on Tuesday, June 11th. Itau BBA Securities upgraded Apple from an “underperform” rating to a “market perform” rating and upped their price target for the company from $162.00 to $188.00 in a research report on Friday, May 3rd. Canaccord Genuity Group raised their price objective on shares of Apple from $200.00 to $215.00 and gave the company a “buy” rating in a research report on Saturday, May 4th. Finally, Bank of America reaffirmed a “buy” rating and set a $230.00 target price on shares of Apple in a report on Tuesday, July 9th. One equities research analyst has rated the stock with a sell rating, ten have given a hold rating, twenty-five have given a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $222.14.

Apple Stock Up 1.3 %

Shares of NASDAQ AAPL opened at $230.54 on Monday. The business’s fifty day moving average price is $203.00 and its 200-day moving average price is $187.44. Apple has a one year low of $164.07 and a one year high of $233.08. The stock has a market capitalization of $3.54 trillion, a PE ratio of 35.85, a P/E/G ratio of 2.80 and a beta of 1.24. The company has a debt-to-equity ratio of 1.24, a current ratio of 1.04 and a quick ratio of 0.99.

Apple (NASDAQ:AAPL) last issued its earnings results on Thursday, May 2nd. The iPhone maker reported $1.53 earnings per share for the quarter, topping analysts’ consensus estimates of $1.51 by $0.02. Apple had a net margin of 26.31% and a return on equity of 148.33%. The firm had revenue of $90.75 billion during the quarter, compared to analyst estimates of $90.37 billion. During the same quarter last year, the business earned $1.52 earnings per share. The company’s quarterly revenue was down 4.3% on a year-over-year basis. On average, equities research analysts anticipate that Apple will post 6.59 EPS for the current year.

Apple declared that its Board of Directors has approved a stock buyback program on Thursday, May 2nd that authorizes the company to repurchase $110.00 billion in shares. This repurchase authorization authorizes the iPhone maker to purchase up to 3.9% of its stock through open market purchases. Stock repurchase programs are often a sign that the company’s management believes its shares are undervalued.

Insider Transactions at Apple

In related news, Director Arthur D. Levinson sold 75,000 shares of the stock in a transaction dated Thursday, May 30th. The shares were sold at an average price of $191.58, for a total value of $14,368,500.00. Following the completion of the transaction, the director now directly owns 4,359,576 shares of the company’s stock, valued at $835,207,570.08. The transaction was disclosed in a legal filing with the SEC, which is available through this link. In other news, Director Arthur D. Levinson sold 75,000 shares of the stock in a transaction that occurred on Thursday, May 30th. The shares were 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 transaction was disclosed in a filing with the SEC, which is available at this link. Also, insider Chris Kondo sold 4,999 shares of the business’s stock in a transaction dated Wednesday, May 15th. The stock was sold at an average price of $190.40, for a total value of $951,809.60. Following the completion of the transaction, the insider now directly owns 29,278 shares of the company’s stock, valued at approximately $5,574,531.20. The disclosure for this sale can be found here. Corporate insiders own 0.06% of the company’s stock.

Hedge Funds Weigh In On Apple

Hedge funds and other institutional investors have recently modified their holdings of the stock. Christopher J. Hasenberg Inc purchased a new position in Apple during the first quarter worth $35,000. Fidelis Capital Partners LLC grew its holdings in Apple by 17.9% during the 1st quarter. Fidelis Capital Partners LLC now owns 206,455 shares of the iPhone maker’s stock valued at $35,000 after purchasing an additional 31,278 shares during the last quarter. A.P. Gilfoyle & Co. L.P. purchased a new stake in Apple in the 4th quarter worth about $39,000. Gilfoyle & Co LLC lifted its stake in Apple by 118.0% in the fourth quarter. Gilfoyle & Co LLC now owns 218 shares of the iPhone maker’s stock worth $40,000 after purchasing an additional 118 shares during the last quarter. Finally, University of Texas Texas AM Investment Managment Co. boosted its position in shares of Apple by 657.1% during the fourth quarter. University of Texas Texas AM Investment Managment Co. now owns 424 shares of the iPhone maker’s stock valued at $82,000 after buying an additional 368 shares during the period. Institutional investors own 60.41% of the company’s stock.

Apple Company Profile

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.