Loop Capital Lowers Apple (NASDAQ:AAPL) Price Target to $226.00

Key Points

• Loop Capital has reduced its price target for Apple (NASDAQ:AAPL) from $230.00 to $226.00, maintaining a "hold" rating on its stock.
• Other analysts have provided mixed ratings, with two strong buy ratings, sixteen buy ratings, and a consensus price target of $237.98 for the stock.
• Apple's Board of Directors approved a $100 billion stock buyback plan, indicating confidence in the company's value amid ongoing market fluctuations.

Apple (NASDAQ:AAPL - Get Free Report) had its price objective decreased by investment analysts at Loop Capital from $230.00 to $226.00 in a report released on Thursday, Marketbeat Ratings reports. The brokerage presently has a "hold" rating on the iPhone maker's stock. Loop Capital's target price points to a potential downside of 0.77% from the company's previous close.

A number of other equities analysts have also weighed in on AAPL. Morgan Stanley upped their price objective on Apple from $235.00 to $240.00 and gave the stock an "overweight" rating in a research note on Friday, August 1st. BMO Capital Markets restated a "buy" rating on shares of Apple in a research note on Wednesday, August 13th. Raymond James Financial reaffirmed an "outperform" rating and set a $240.00 price objective (up from $230.00) on shares of Apple in a report on Friday, August 1st. Wedbush restated an "outperform" rating and set a $270.00 target price on shares of Apple in a research report on Thursday, August 7th. Finally, DA Davidson restated a "buy" rating and set a $250.00 target price on shares of Apple in a research report on Friday, August 1st. Two equities research analysts have rated the stock with a Strong Buy rating, sixteen have given a Buy rating, eleven have issued a Hold rating and two have given a Sell rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $237.98.

Apple Price Performance

Shares of NASDAQ AAPL traded up $2.86 during midday trading on Thursday, reaching $227.76. The stock had a trading volume of 42,431,176 shares, compared to its average volume of 61,854,304. The company has a market capitalization of $3.38 trillion, a price-to-earnings ratio of 34.56, a price-to-earnings-growth ratio of 2.35 and a beta of 1.16. Apple has a 12-month low of $169.21 and a 12-month high of $260.10. The stock has a 50-day moving average of $212.52 and a 200-day moving average of $213.09. The company has a debt-to-equity ratio of 1.25, a quick ratio of 0.83 and a current ratio of 0.87.

Apple (NASDAQ:AAPL - Get Free Report) last released its earnings results on Thursday, July 31st. The iPhone maker reported $1.57 earnings per share for the quarter, beating analysts' consensus estimates of $1.43 by $0.14. Apple had a net margin of 24.30% and a return on equity of 170.91%. The company had revenue of $94.04 billion for the quarter, compared to analysts' expectations of $88.64 billion. During the same quarter in the previous year, the company earned $1.40 EPS. Apple's revenue for the quarter was up 9.6% on a year-over-year basis. As a group, research analysts anticipate that Apple will post 7.28 EPS for the current fiscal year.

Apple announced that its Board of Directors has authorized a stock buyback program on Thursday, May 1st that permits the company to repurchase $100.00 billion in shares. This repurchase authorization permits the iPhone maker to purchase up to 3.1% of its stock through open market purchases. Stock repurchase programs are generally a sign that the company's management believes its shares are undervalued.

Insider Activity at Apple

In other news, SVP Deirdre O'brien sold 34,821 shares of the firm's stock in a transaction on Friday, August 8th. The stock was sold at an average price of $223.20, for a total transaction of $7,772,047.20. Following the transaction, the senior vice president owned 136,687 shares in the company, valued at approximately $30,508,538.40. This trade represents a 20.30% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this link. Corporate insiders own 0.06% of the company's stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Advanced Portfolio Management LLC raised its position in Apple by 0.3% in the 4th quarter. Advanced Portfolio Management LLC now owns 13,815 shares of the iPhone maker's stock worth $3,260,000 after purchasing an additional 47 shares during the last quarter. Baker Boyer National Bank increased its stake in shares of Apple by 0.3% in the 2nd quarter. Baker Boyer National Bank now owns 18,011 shares of the iPhone maker's stock valued at $3,695,000 after buying an additional 47 shares during the period. Beddow Capital Management Inc. raised its position in shares of Apple by 1.8% during the second quarter. Beddow Capital Management Inc. now owns 2,597 shares of the iPhone maker's stock worth $533,000 after acquiring an additional 47 shares during the last quarter. Salus Financial Advisors LLC lifted its stake in shares of Apple by 3.9% during the first quarter. Salus Financial Advisors LLC now owns 1,310 shares of the iPhone maker's stock valued at $291,000 after acquiring an additional 49 shares during the period. Finally, Red Tortoise LLC boosted its holdings in Apple by 0.9% in the second quarter. Red Tortoise LLC now owns 5,717 shares of the iPhone maker's stock valued at $1,173,000 after acquiring an additional 49 shares during the last quarter. 67.73% of the stock is currently owned by institutional investors.

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.