Cowen and Company Reaffirms Outperform Rating for Apple Inc. (AAPL)
Apple Inc. (NASDAQ:AAPL)‘s stock had its “outperform” rating reaffirmed by equities research analysts at Cowen and Company in a note issued to investors on Wednesday. They presently have a $125.00 price objective on the iPhone maker’s stock. Cowen and Company’s target price would suggest a potential upside of 15.60% from the company’s previous close.
Several other equities research analysts also recently weighed in on the stock. Robert W. Baird reaffirmed a “buy” rating on shares of Apple in a report on Thursday, June 2nd. Piper Jaffray Cos. reaffirmed a “buy” rating and issued a $153.00 price objective on shares of Apple in a report on Wednesday, June 8th. Goldman Sachs Group Inc. set a $136.00 price objective on shares of Apple and gave the stock a “buy” rating in a report on Tuesday, May 17th. Nomura reaffirmed a “buy” rating and issued a $120.00 price objective on shares of Apple in a report on Monday, May 23rd. Finally, RBC Capital Markets reaffirmed an “outperform” rating and issued a $115.00 price objective on shares of Apple in a report on Friday, August 5th. Four equities research analysts have rated the stock with a sell rating, eight have issued a hold rating, forty-three have issued a buy rating and two have given a strong buy rating to the stock. The stock currently has a consensus rating of “Buy” and a consensus price target of $125.08.
Apple (NASDAQ:AAPL) traded up 3.99% during midday trading on Wednesday, hitting $112.26. 44,446,564 shares of the company’s stock traded hands. The company has a market capitalization of $604.91 billion, a PE ratio of 13.09 and a beta of 1.14. The company has a 50 day moving average of $106.77 and a 200-day moving average of $101.83. Apple has a 52 week low of $89.47 and a 52 week high of $123.82.
This story is the sole property of American Banking News and it was originally published by American Banking News. If you are reading this story on another website, that means this article was illegally copied and re-published to this website in violation of U.S. and International copyright law. The original version of this article is available at http://www.americanbankingnews.com/2016/09/14/cowen-and-company-reaffirms-outperform-rating-for-apple-inc-aapl.html
Apple (NASDAQ:AAPL) last announced its quarterly earnings results on Tuesday, July 26th. The iPhone maker reported $1.42 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.38 by $0.04. Apple had a net margin of 21.70% and a return on equity of 37.89%. The company earned $42.36 billion during the quarter, compared to the consensus estimate of $42.35 billion. During the same quarter in the previous year, the company posted $1.85 earnings per share. The company’s revenue for the quarter was down 14.6% compared to the same quarter last year. Equities research analysts predict that Apple will post $8.26 earnings per share for the current year.
In other news, SVP Angela J. Ahrendts sold 25,000 shares of Apple stock in a transaction dated Monday, July 18th. The stock was sold at an average price of $100.00, for a total value of $2,500,000.00. Following the transaction, the senior vice president now owns 105,839 shares in the company, valued at $10,583,900. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, SVP Angela J. Ahrendts sold 35,797 shares of Apple stock in a transaction dated Tuesday, July 19th. The stock was sold at an average price of $100.00, for a total value of $3,579,700.00. Following the completion of the transaction, the senior vice president now owns 105,839 shares in the company, valued at approximately $10,583,900. The disclosure for this sale can be found here. 0.08% of the stock is owned by insiders.
Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Norges Bank acquired a new position in shares of Apple during the fourth quarter worth about $5,068,068,000. Cohen & Steers Inc. increased its position in shares of Apple by 6,771.0% in the second quarter. Cohen & Steers Inc. now owns 22,633,195 shares of the iPhone maker’s stock worth $999,482,000 after buying an additional 22,303,795 shares in the last quarter. Magellan Asset Management Ltd increased its position in shares of Apple by 56.9% in the second quarter. Magellan Asset Management Ltd now owns 15,294,140 shares of the iPhone maker’s stock worth $1,462,120,000 after buying an additional 5,543,465 shares in the last quarter. Nordea Investment Management AB increased its position in shares of Apple by 87.4% in the second quarter. Nordea Investment Management AB now owns 10,195,750 shares of the iPhone maker’s stock worth $974,714,000 after buying an additional 4,755,361 shares in the last quarter. Finally, NN Investment Partners Holdings N.V. acquired a new position in shares of Apple during the first quarter worth about $325,287,000. Hedge funds and other institutional investors own 56.52% of the company’s stock.
Apple Inc (Apple) designs, manufactures and markets mobile communication and media devices, personal computers, and portable digital music players, and a variety of related software, services, peripherals, networking solutions, and third-party digital content and applications. The Company’s products and services include iPhone, iPad, Mac, iPod, Apple TV, a portfolio of consumer and professional software applications, the iOS and OS X operating systems, iCloud, and a variety of accessory, service and support offerings.
Receive News & Ratings for Apple Inc. Daily – Enter your email address below to receive a concise daily summary of the latest news and analysts’ ratings for Apple Inc. and related companies with MarketBeat.com’s FREE daily email newsletter.