JPMorgan Chase & Co. Boosts Apple (NASDAQ:AAPL) Price Target to $250.00

Apple (NASDAQ:AAPL - Get Free Report) had its target price upped by investment analysts at JPMorgan Chase & Co. from $230.00 to $250.00 in a report issued on Thursday,Benzinga reports. The firm currently has an "overweight" rating on the iPhone maker's stock. JPMorgan Chase & Co.'s target price would indicate a potential upside of 18.69% from the stock's current price.

Several other equities analysts have also recently issued reports on the stock. Monness Crespi & Hardt upped their price target on shares of Apple to $245.00 and gave the company a "buy" rating in a research report on Tuesday, June 10th. TD Cowen decreased their price target on shares of Apple from $290.00 to $275.00 and set a "buy" rating for the company in a research report on Friday, May 2nd. The Goldman Sachs Group reiterated a "buy" rating on shares of Apple in a research report on Wednesday, May 21st. Needham & Company LLC reiterated a "hold" rating on shares of Apple in a research report on Tuesday, June 10th. Finally, Citigroup reiterated a "buy" rating on shares of Apple in a research report on Tuesday, June 10th. Two investment analysts have rated the stock with a sell rating, twelve have assigned a hold rating, sixteen have given a buy rating and two have assigned a strong buy rating to the company's stock. According to MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $235.11.

Apple Price Performance

NASDAQ:AAPL traded up $0.61 on Thursday, hitting $210.63. The company had a trading volume of 19,517,189 shares, compared to its average volume of 53,067,124. The stock has a market capitalization of $3.15 trillion, a price-to-earnings ratio of 32.81, a PEG ratio of 2.35 and a beta of 1.20. The company has a current ratio of 0.82, a quick ratio of 0.78 and a debt-to-equity ratio of 1.18. The firm has a 50 day moving average of $204.32 and a two-hundred day moving average of $216.12. Apple has a 52 week low of $169.21 and a 52 week high of $260.10.

Apple (NASDAQ:AAPL - Get Free Report) last issued its quarterly earnings data on Thursday, May 1st. The iPhone maker reported $1.65 EPS for the quarter, beating the consensus estimate of $1.62 by $0.03. The business had revenue of $95.36 billion during the quarter, compared to the consensus estimate of $94.04 billion. Apple had a net margin of 24.30% and a return on equity of 167.24%. The firm's revenue was up 5.1% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $1.53 EPS. On average, research analysts anticipate that Apple will post 7.28 earnings per share for the current year.

Apple announced that its Board of Directors has approved a share buyback plan on Thursday, May 1st that allows the company to buyback $100.00 billion in outstanding shares. This buyback authorization allows the iPhone maker to purchase up to 3.1% of its stock through open market purchases. Stock buyback plans are generally a sign that the company's management believes its stock is undervalued.

Insider Buying and Selling

In related news, insider Chris Kondo sold 4,486 shares of the company's stock in a transaction that occurred on Monday, May 12th. The shares were sold at an average price of $208.19, for a total transaction of $933,940.34. Following the sale, the insider directly owned 15,533 shares in the company, valued at approximately $3,233,815.27. This represents a 22.41% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, CFO Kevan Parekh sold 4,570 shares of the company's stock in a transaction that occurred on Wednesday, April 23rd. The shares were sold at an average price of $206.00, for a total transaction of $941,420.00. Following the sale, the chief financial officer owned 4,569 shares in the company, valued at $941,214. The trade was a 50.01% decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 0.06% of the company's stock.

Institutional Trading of Apple

A number of institutional investors have recently modified their holdings of the business. Drystone LLC bought a new stake in Apple during the 4th quarter worth approximately $25,000. Ryan Investment Management Inc. bought a new stake in Apple during the 2nd quarter worth approximately $31,000. ROSS JOHNSON & Associates LLC increased its holdings in shares of Apple by 1,800.0% in the 1st quarter. ROSS JOHNSON & Associates LLC now owns 190 shares of the iPhone maker's stock worth $42,000 after buying an additional 180 shares during the last quarter. Life Planning Partners Inc bought a new position in shares of Apple in the 4th quarter worth $47,000. Finally, Elite Financial Inc. bought a new position in shares of Apple in the 1st quarter worth $58,000. 67.73% of the stock is currently owned by hedge funds and other 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.