Todays Report: The Apple Inc. (AAPL) Receives “Buy” Rating from Canaccord Genuity

The Apple Inc. (AAPL) Receives “Buy” Rating from Canaccord Genuity

Canaccord Genuity restated their buy rating on shares of Apple Inc. (NASDAQ:AAPL) in a research report report published on Saturday. Canaccord Genuity currently has a $140.00 price target on the iPhone maker’s stock.

Several other research firms also recently commented on AAPL. Stifel Nicolaus reissued a buy rating and set a $120.00 price objective on shares of Apple in a report on Friday, September 16th. Piper Jaffray Cos. raised shares of Apple to an overweight rating and set a $151.00 price objective for the company in a report on Friday, September 16th. Credit Agricole SA increased their price objective on shares of Apple from $120.00 to $130.00 and gave the company a buy rating in a report on Friday, September 16th. RBC Capital Markets restated an outperform rating and set a $120.00 target price (up from $117.00) on shares of Apple in a research report on Friday, September 16th. Finally, BMO Capital Markets restated an outperform rating and set a $140.00 target price (up from $116.00) on shares of Apple in a research report on Monday, September 19th. Four equities research analysts have rated the stock with a sell rating, nine have issued a hold rating, forty-one have given a buy rating and two have assigned a strong buy rating to the company’s stock. The stock currently has an average rating of Buy and an average price target of $126.13.

Shares of Apple (NASDAQ:AAPL) opened at 114.06 on Friday. Apple has a 1-year low of $89.47 and a 1-year high of $123.82. The company has a market capitalization of $614.61 billion, a PE ratio of 13.30 and a beta of 1.22. The company has a 50 day moving average price of $110.36 and a 200 day moving average price of $103.24.

Apple (NASDAQ:AAPL) last released its quarterly earnings data on Tuesday, July 26th. The iPhone maker reported $1.42 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 business earned $42.36 billion during the quarter, compared to the consensus estimate of $42.35 billion. During the same quarter in the prior year, the firm earned $1.85 EPS. The business’s revenue was down 14.6% on a year-over-year basis. Equities analysts predict that Apple will post $8.26 EPS for the current fiscal year.

In related news, SVP D Bruce Sewell sold 23,305 shares of the stock in a transaction on Friday, August 5th. The shares were sold at an average price of $107.49, for a total transaction of $2,505,054.45. Following the completion of the sale, the senior vice president now owns 239,329 shares in the company, valued at approximately $25,725,474.21. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, SVP Angela J. Ahrendts sold 25,000 shares of the stock in a transaction on Monday, July 18th. The stock was sold at an average price of $100.00, for a total transaction of $2,500,000.00. Following the sale, the senior vice president now owns 105,839 shares of the company’s stock, valued at approximately $10,583,900. 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 AAPL. Advisory Services Network LLC boosted its stake in shares of Apple by 3.5% in the third quarter. Advisory Services Network LLC now owns 83,070 shares of the iPhone maker’s stock worth $9,391,000 after buying an additional 2,796 shares in the last quarter. Lawson Kroeker Investment Management Inc. NE purchased a new position in shares of Apple during the third quarter worth approximately $243,000. Stokes & Hubbell Capital Management LLC increased its position in shares of Apple by 1.1% in the third quarter. Stokes & Hubbell Capital Management LLC now owns 46,794 shares of the iPhone maker’s stock worth $5,290,000 after buying an additional 505 shares during the last quarter. Oliver Luxxe Assets LLC increased its position in shares of Apple by 8.4% in the third quarter. Oliver Luxxe Assets LLC now owns 47,831 shares of the iPhone maker’s stock worth $5,407,000 after buying an additional 3,712 shares during the last quarter. Finally, Woodstock Corp increased its position in shares of Apple by 2.4% in the third quarter. Woodstock Corp now owns 62,122 shares of the iPhone maker’s stock worth $7,023,000 after buying an additional 1,440 shares during the last quarter. Hedge funds and other institutional investors own 56.46% of the company’s stock.

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