Trade Report: The Apple Inc. (AAPL) Given a $124.00 Price Target by Goldman Sachs Group Inc. Analysts

The Apple Inc. (AAPL) Given a $124.00 Price Target by Goldman Sachs Group Inc. Analysts

Goldman Sachs Group Inc. set a $124.00 price target on Apple Inc. (NASDAQ:AAPL) in a report released on Wednesday. The brokerage currently has a a buy rating on the iPhone maker’s stock.

Several other equities research analysts also recently issued reports on AAPL. Cowen and Company reiterated an outperform rating and issued a $125.00 price objective on shares of Apple in a report on Tuesday, June 14th. Needham & Company LLC restated a strong-buy rating and set a $150.00 price target on shares of Apple in a report on Tuesday, June 14th. Sanford C. Bernstein restated a buy rating and set a $135.00 price target on shares of Apple in a report on Tuesday, June 14th. Bank of America Corp. restated a buy rating and set a $120.00 price target on shares of Apple in a report on Tuesday, June 14th. Finally, Drexel Hamilton restated a buy rating on shares of Apple in a report on Tuesday, June 14th. Three investment analysts have rated the stock with a sell rating, eight have assigned a hold rating, forty-three have assigned a buy rating and two have issued a strong buy rating to the company. Apple currently has an average rating of Buy and a consensus target price of $126.34.

Shares of Apple (NASDAQ:AAPL) opened at 116.9762 on Wednesday. The firm has a market cap of $630.32 billion, a P/E ratio of 13.6399 and a beta of 1.22. Apple has a one year low of $89.47 and a one year high of $123.82. The firm has a 50-day moving average price of $111.02 and a 200 day moving average price of $103.46.

Apple (NASDAQ:AAPL) last posted its quarterly earnings data on Tuesday, July 26th. The iPhone maker reported $1.42 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $1.38 by $0.04. The firm had revenue of $42.36 billion for the quarter, compared to the consensus estimate of $42.35 billion. Apple had a return on equity of 37.89% and a net margin of 21.70%. The company’s quarterly revenue was down 14.6% compared to the same quarter last year. During the same quarter in the previous year, the business earned $1.85 EPS. On average, analysts forecast that Apple will post $8.26 earnings per share for the current fiscal year.

In other news, SVP Angela J. Ahrendts sold 25,000 shares of Apple stock in a transaction dated Monday, July 18th. The shares were sold at an average price of $100.00, for a total value of $2,500,000.00. Following the completion of the transaction, the senior vice president now owns 105,839 shares of the company’s stock, valued at approximately $10,583,900. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, insider Daniel J. Riccio sold 22,381 shares of Apple stock in a transaction dated Wednesday, September 21st. The shares were sold at an average price of $113.06, for a total transaction of $2,530,395.86. Following the completion of the transaction, the insider now directly owns 47,043 shares of the company’s stock, valued at approximately $5,318,681.58. The disclosure for this sale can be found here. 0.08% of the stock is currently owned by corporate insiders.

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Weaver C. Barksdale & Associates Inc. purchased a new position in shares of Apple during the third quarter worth approximately $122,000. Penserra Capital Management LLC increased its position in shares of Apple by 39.2% in the second quarter. Penserra Capital Management LLC now owns 1,080 shares of the iPhone maker’s stock worth $103,000 after buying an additional 304 shares during the period. Delphi Private Advisors LLC increased its position in shares of Apple by 5.0% in the second quarter. Delphi Private Advisors LLC now owns 1,462 shares of the iPhone maker’s stock worth $140,000 after buying an additional 69 shares during the period. Hussman Strategic Advisors Inc. purchased a new position in shares of Apple during the second quarter worth approximately $143,000. Finally, River & Mercantile Asset Management LLP increased its position in shares of Apple by 22.8% in the second quarter. River & Mercantile Asset Management LLP now owns 1,800 shares of the iPhone maker’s stock worth $172,000 after buying an additional 334 shares during the period. 56.46% of the stock is owned by institutional investors.

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