Trading Report: The Apple Inc. (AAPL) Given New $129.00 Price Target at Pacific Crest

The Apple Inc. (AAPL) Given New $129.00 Price Target at Pacific Crest

Apple Inc. (NASDAQ:AAPL) had its price objective lifted by Pacific Crest from $121.00 to $129.00 in a research report sent to investors on Thursday morning. Pacific Crest currently has an overweight rating on the iPhone maker’s stock.

AAPL has been the subject of several other reports. Drexel Hamilton reiterated a buy rating and issued a $185.00 target price on shares of Apple in a report on Wednesday, September 14th. Piper Jaffray Cos. raised Apple to an overweight rating and set a $151.00 price target for the company in a research report on Friday, September 16th. Canaccord Genuity reissued a buy rating and issued a $140.00 price target (up from $120.00) on shares of Apple in a research report on Monday, September 12th. Nomura boosted their price target on Apple from $120.00 to $135.00 and gave the stock a buy rating in a research report on Thursday, September 22nd. Finally, Mizuho reissued a buy rating and issued a $120.00 price target on shares of Apple in a research report on Thursday, September 1st. Three investment analysts have rated the stock with a sell rating, eight have given a hold rating, forty-three have assigned a buy rating and two have given a strong buy rating to the company. The stock currently has an average rating of Buy and an average price target of $126.74.

Shares of Apple (NASDAQ:AAPL) traded up 0.41% on Thursday, reaching $117.46. The company’s stock had a trading volume of 18,339,369 shares. The firm has a 50 day moving average price of $111.28 and a 200-day moving average price of $103.56. Apple has a 12-month low of $89.47 and a 12-month high of $123.82. The stock has a market cap of $632.93 billion, a PE ratio of 13.70 and a beta of 1.22.

Apple (NASDAQ:AAPL) last issued its earnings results on Tuesday, July 26th. The iPhone maker reported $1.42 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $1.38 by $0.04. Apple had a return on equity of 37.89% and a net margin of 21.70%. The business earned $42.36 billion during the quarter, compared to analysts’ expectations of $42.35 billion. During the same period in the prior year, the business earned $1.85 EPS. The business’s revenue for the quarter was down 14.6% compared to the same quarter last year. Equities research analysts expect that Apple will post $8.26 EPS for the current year.

In related news, SVP Angela J. Ahrendts sold 35,797 shares of the firm’s stock in a transaction that occurred on Tuesday, July 19th. The shares were sold at an average price of $100.00, for a total transaction of $3,579,700.00. Following the completion of the sale, the senior vice president now directly owns 105,839 shares in the company, valued at $10,583,900. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, SVP D Bruce Sewell sold 23,305 shares of the firm’s stock in a transaction that occurred on Friday, August 5th. The stock was sold at an average price of $107.49, for a total transaction of $2,505,054.45. Following the sale, the senior vice president now owns 239,329 shares of the company’s stock, valued at $25,725,474.21. The disclosure for this sale can be found here. Corporate insiders own 0.08% of the company’s stock.

A number of hedge funds have recently modified their holdings of the company. Vanguard Group Inc. raised its position in Apple by 0.4% in the second quarter. Vanguard Group Inc. now owns 331,395,817 shares of the iPhone maker’s stock worth $31,681,440,000 after buying an additional 1,408,642 shares in the last quarter. BlackRock Group LTD raised its position in Apple by 1.6% in the second quarter. BlackRock Group LTD now owns 48,083,386 shares of the iPhone maker’s stock worth $4,596,772,000 after buying an additional 759,339 shares in the last quarter. TIAA CREF Investment Management LLC raised its position in Apple by 0.8% in the first quarter. TIAA CREF Investment Management LLC now owns 36,623,863 shares of the iPhone maker’s stock worth $3,991,635,000 after buying an additional 301,502 shares in the last quarter. Legal & General Group Plc raised its position in Apple by 2.6% in the second quarter. Legal & General Group Plc now owns 24,474,691 shares of the iPhone maker’s stock worth $2,339,700,000 after buying an additional 625,760 shares in the last quarter. Finally, Cohen & Steers Inc. raised its position in 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. Hedge funds and other institutional investors own 56.46% of the company’s stock.

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