Apple (NASDAQ:AAPL) Price Target Raised to $260.00 at Evercore ISI

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 price target lifted by Evercore ISI from $250.00 to $260.00 in a research report issued on Wednesday, Marketbeat.com reports. The brokerage presently has an "outperform" rating on the iPhone maker's stock. Evercore ISI's target price indicates a potential upside of 11.08% from the stock's previous close.

Several other research analysts also recently commented on the company. Monness Crespi & Hardt lifted their price objective on Apple from $245.00 to $270.00 and gave the stock a "buy" rating in a report on Friday, August 1st. Wedbush reiterated an "outperform" rating and issued a $270.00 price objective on shares of Apple in a report on Tuesday, September 9th. HSBC set a $220.00 price objective on Apple and gave the stock a "hold" rating in a report on Monday, September 8th. UBS Group reiterated a "neutral" rating on shares of Apple in a report on Monday, September 8th. Finally, Moffett Nathanson upgraded Apple from a "sell" rating to a "neutral" rating and set a $225.00 price objective on the stock in a report on Thursday, September 4th. Two analysts have rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating, fourteen have issued a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, Apple currently has an average rating of "Moderate Buy" and a consensus target price of $240.80.

Apple Price Performance

NASDAQ AAPL traded up $4.04 during trading hours on Wednesday, reaching $234.07. 55,768,555 shares of the stock traded hands, compared to its average volume of 45,223,864. The stock has a 50 day simple moving average of $221.50 and a two-hundred day simple moving average of $212.20. Apple has a 1 year low of $169.21 and a 1 year high of $260.10. 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 company has a market cap of $3.47 trillion, a price-to-earnings ratio of 35.52, a price-to-earnings-growth ratio of 2.39 and a beta of 1.11.

Apple (NASDAQ:AAPL - Get Free Report) last released its quarterly 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 return on equity of 170.91% and a net margin of 24.30%.The business had revenue of $94.04 billion for the quarter, compared to the consensus estimate of $88.64 billion. During the same quarter last year, the business posted $1.40 earnings per share. The company's revenue for the quarter was up 9.6% on a year-over-year basis. On average, analysts predict that Apple will post 7.28 EPS for the current fiscal year.

Insider Activity

In related news, SVP Deirdre O'brien sold 34,821 shares of the firm's stock in a transaction dated Friday, August 8th. The stock was sold at an average price of $223.20, for a total value of $7,772,047.20. Following the sale, the senior vice president directly owned 136,687 shares of the company's stock, valued at $30,508,538.40. This trade represents a 20.30% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 0.06% of the stock is owned by insiders.

Institutional Trading of Apple

Large investors have recently modified their holdings of the business. Advanced Portfolio Management LLC boosted its position in Apple by 0.3% during the 4th quarter. Advanced Portfolio Management LLC now owns 13,815 shares of the iPhone maker's stock valued at $3,260,000 after acquiring an additional 47 shares in the last quarter. Baker Boyer National Bank boosted its position in Apple by 0.3% during the 2nd quarter. Baker Boyer National Bank now owns 18,011 shares of the iPhone maker's stock valued at $3,695,000 after acquiring an additional 47 shares in the last quarter. Beddow Capital Management Inc. boosted its position in Apple by 1.8% during the 2nd quarter. Beddow Capital Management Inc. now owns 2,597 shares of the iPhone maker's stock valued at $533,000 after acquiring an additional 47 shares in the last quarter. Salus Financial Advisors LLC boosted its position in Apple by 3.9% during the 1st 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 in the last quarter. Finally, Red Tortoise LLC boosted its position in Apple by 0.9% during the 2nd 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 in the last quarter. 67.73% of the stock is owned by institutional investors.

About Apple

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.