Apple (NASDAQ:AAPL) Price Target Raised to $300.00 at Rosenblatt Securities

Key Points

• Rosenblatt Securities raised Apple’s price target from $276 to $300 while maintaining a “neutral” rating, implying roughly 10% downside from the stock’s current price.
• Apple reported strong quarterly results, with revenue up 16.4% year over year to $109.42 billion and EPS of $2.02 beating the $1.89 consensus estimate.
• Analyst sentiment remains broadly positive: Apple has a “Moderate Buy” consensus rating and an average price target of $328.60, although targets range widely from $245 to $366.

Apple (NASDAQ:AAPL - Get Free Report) had its target price upped by equities researchers at Rosenblatt Securities from $276.00 to $300.00 in a research report issued on Friday,Benzinga reports. The firm presently has a "neutral" rating on the iPhone maker's stock. Rosenblatt Securities' price objective indicates a potential downside of 10.03% from the stock's current price.

Several other research firms have also issued reports on AAPL. Evercore restated an "outperform" rating on shares of Apple in a research report on Wednesday, July 8th. Barclays reissued an "underweight" rating and issued a $245.00 target price (down from $253.00) on shares of Apple in a research note on Friday. HSBC upgraded Apple from a "hold" rating to a "buy" rating and raised their target price for the stock from $260.00 to $366.00 in a report on Thursday, July 16th. UBS Group set a $365.00 target price on Apple in a research report on Tuesday, July 21st. Finally, Raymond James Financial reiterated a "market perform" rating on shares of Apple in a research report on Friday. One investment analyst has rated the stock with a Strong Buy rating, twenty-three have given a Buy rating, nine have given a Hold rating and two have given a Sell rating to the company. According to MarketBeat.com, Apple has an average rating of "Moderate Buy" and an average price target of $328.60.

Apple Trading Down 1.4%

Shares of NASDAQ AAPL opened at $333.43 on Friday. The company's 50 day simple moving average is $309.51 and its 200 day simple moving average is $281.25. Apple has a fifty-two week low of $201.50 and a fifty-two week high of $344.57. The firm has a market capitalization of $4.90 trillion, a P/E ratio of 40.32, a P/E/G ratio of 2.92 and a beta of 1.10. The company has a debt-to-equity ratio of 0.70, a current ratio of 1.07 and a quick ratio of 1.02.

Apple (NASDAQ:AAPL - Get Free Report) last released its earnings results on Thursday, July 30th. The iPhone maker reported $2.02 EPS for the quarter, topping analysts' consensus estimates of $1.89 by $0.13. The firm had revenue of $109.42 billion during the quarter, compared to analyst estimates of $109.04 billion. Apple had a net margin of 27.15% and a return on equity of 146.69%. The business's quarterly revenue was up 16.4% compared to the same quarter last year. During the same quarter in the previous year, the business earned $1.57 EPS. On average, analysts predict that Apple will post 8.76 EPS for the current year.

Insider Buying and Selling at Apple

In related news, insider Ben Borders sold 1,274 shares of the business's stock in a transaction that occurred on Friday, May 8th. The stock was sold at an average price of $290.00, for a total value of $369,460.00. Following the completion of the transaction, the insider directly owned 38,713 shares in the company, valued at approximately $11,226,770. The trade was a 3.19% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. 0.06% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in AAPL. First National Bank of Hutchinson boosted its position in Apple by 24.6% during the fourth quarter. First National Bank of Hutchinson now owns 35,319 shares of the iPhone maker's stock valued at $8,845,000 after purchasing an additional 6,982 shares during the last quarter. Eagle Capital Management LLC increased its position in shares of Apple by 0.5% during the 4th quarter. Eagle Capital Management LLC now owns 54,085 shares of the iPhone maker's stock worth $13,544,000 after purchasing an additional 272 shares during the last quarter. Brighton Jones LLC increased its position in shares of Apple by 14.8% during the 4th quarter. Brighton Jones LLC now owns 537,314 shares of the iPhone maker's stock worth $134,554,000 after purchasing an additional 69,207 shares during the last quarter. Revolve Wealth Partners LLC raised its stake in shares of Apple by 4.2% during the 4th quarter. Revolve Wealth Partners LLC now owns 66,857 shares of the iPhone maker's stock worth $16,742,000 after purchasing an additional 2,695 shares in the last quarter. Finally, Highview Capital Management LLC DE raised its stake in shares of Apple by 2.4% during the 4th quarter. Highview Capital Management LLC DE now owns 50,264 shares of the iPhone maker's stock worth $12,587,000 after purchasing an additional 1,155 shares in the last quarter. Institutional investors and hedge funds own 67.73% of the company's stock.

Key Stories Impacting Apple

Here are the key news stories impacting Apple this week:

• Positive Sentiment: Apple reported record quarterly revenue of $109.4 billion, up 16.4% year over year, while diluted EPS of $2.02 exceeded Wall Street’s $1.89 estimate. iPhone revenue rose 22% to $54.3 billion and Mac revenue increased 29% to $10.4 billion. Apple reports third quarter results
• Positive Sentiment: Analysts at Baird, Goldman Sachs and Citi reiterated Buy ratings, citing premium hardware pricing, stabilizing high-margin Services growth, and longer-term opportunities from Apple’s artificial-intelligence strategy. Price targets ranged from $330 to $365. Goldman Sachs reiterates Buy rating
• Positive Sentiment: Apple’s new leasing program, supported by Klarna, could encourage more frequent upgrades and increase sales of higher-priced devices. The company also highlighted an all-time-high installed base and potential AI-related growth, including a possible paid tier for advanced Siri features. Apple leasing program

About Apple

Apple Inc NASDAQ: AAPL is a multinational technology company headquartered in Cupertino, California, founded in 1976 by Steve Jobs, Steve Wozniak and Ronald Wayne. The company designs, develops and sells consumer electronics, software and services. Over its history Apple has evolved from personal computers to a broad portfolio that spans mobile devices, wearables, home entertainment and digital services.

Apple's principal hardware products include the iPhone smartphone, iPad tablet, Mac personal computers, Apple Watch wearable devices and a range of accessories such as AirPods and HomePod.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.