Apple (NASDAQ:AAPL) Stock Price Expected to Rise, Evercore ISI Analyst Says

Key Points

• Evercore ISI has increased Apple's target stock price from $250.00 to $260.00, suggesting a potential upside of 10.95% from its previous close.
• Apple's recent quarterly earnings report showed $1.57 earnings per share, surpassing expectations, and a revenue of $94.04 billion, representing a 9.6% increase year-over-year.
• The stock currently holds a consensus rating of "Moderate Buy" from analysts, with an average price target of $240.17.

Apple (NASDAQ:AAPL - Get Free Report) had its target price hoisted by equities researchers at Evercore ISI from $250.00 to $260.00 in a report issued on Wednesday, Marketbeat.com reports. The brokerage currently has an "outperform" rating on the iPhone maker's stock. Evercore ISI's price objective points to a potential upside of 10.95% from the company's previous close.

Several other research analysts have also recently weighed in on the company. UBS Group reaffirmed a "neutral" rating on shares of Apple in a research report on Monday. JPMorgan Chase & Co. increased their price target on Apple from $250.00 to $255.00 and gave the company an "overweight" rating in a research report on Friday, August 1st. Rosenblatt Securities increased their price target on Apple from $223.00 to $241.00 and gave the company a "neutral" rating in a research report on Wednesday. HSBC set a $220.00 price target on Apple and gave the company a "hold" rating in a research report on Monday. Finally, Moffett Nathanson raised Apple from a "sell" rating to a "neutral" rating and set a $225.00 price target for the company in a research report on Thursday, September 4th. Two equities research analysts have rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating, thirteen have given a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average price target of $240.17.

Apple Stock Down 1.5%

AAPL stock opened at $234.35 on Wednesday. The company has a debt-to-equity ratio of 1.25, a current ratio of 0.87 and a quick ratio of 0.83. The stock has a market capitalization of $3.48 trillion, a P/E ratio of 35.56, a P/E/G ratio of 2.48 and a beta of 1.11. The business has a 50-day moving average of $220.46 and a 200-day moving average of $212.50. Apple has a fifty-two week low of $169.21 and a fifty-two week high of $260.10.

Apple (NASDAQ:AAPL - Get Free Report) last posted its quarterly earnings data on Thursday, July 31st. The iPhone maker reported $1.57 earnings per share for the quarter, topping the consensus estimate of $1.43 by $0.14. The company had revenue of $94.04 billion during the quarter, compared to analysts' expectations of $88.64 billion. Apple had a return on equity of 170.91% and a net margin of 24.30%.Apple's revenue for the quarter was up 9.6% compared to the same quarter last year. During the same period in the prior year, the firm earned $1.40 earnings per share. On average, sell-side analysts anticipate that Apple will post 7.28 earnings per share for the current fiscal year.

Insider Buying and Selling at Apple

In other news, SVP Deirdre O'brien sold 34,821 shares of the stock in a transaction that occurred 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 document filed with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 0.06% of the company's stock.

Hedge Funds Weigh In On Apple

A number of large investors have recently made changes to their positions in the company. Advanced Portfolio Management LLC increased its stake in shares of Apple by 0.3% during the fourth 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 period. Baker Boyer National Bank increased its stake in shares of Apple by 0.3% during the second quarter. Baker Boyer National Bank now owns 18,011 shares of the iPhone maker's stock worth $3,695,000 after purchasing an additional 47 shares during the period. Beddow Capital Management Inc. increased its stake 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 purchasing an additional 47 shares during the period. Salus Financial Advisors LLC increased its stake in Apple by 3.9% during the 1st quarter. Salus Financial Advisors LLC now owns 1,310 shares of the iPhone maker's stock worth $291,000 after acquiring an additional 49 shares during the period. Finally, Red Tortoise LLC increased its stake in Apple by 0.9% during the 2nd quarter. Red Tortoise LLC now owns 5,717 shares of the iPhone maker's stock worth $1,173,000 after acquiring an additional 49 shares during the period. Institutional investors own 67.73% of the company's stock.

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.

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