Apple (NASDAQ:AAPL) Given "Hold" Rating at Needham & Company LLC

Key Points

• Needham & Company LLC has reaffirmed its "hold" rating on Apple's stock, with analysts noting varied ratings from others, including a "buy" from DA Davidson and a restated "hold" from UBS Group.
• Apple's recent quarterly earnings showed strong growth, reporting $1.65 EPS and revenue of $95.36 billion, surpassing analyst expectations.
• The company has initiated a substantial stock buyback plan, authorizing the repurchase of up to $100 billion in shares, indicating management's belief in the stock's undervaluation.

Apple (NASDAQ:AAPL - Get Free Report)'s stock had its "hold" rating reissued by stock analysts at Needham & Company LLC in a research note issued on Friday,Benzinga reports.

AAPL has been the topic of several other research reports. UBS Group reaffirmed a "hold" rating on shares of Apple in a research report on Friday, July 18th. Raymond James Financial lowered their price target on shares of Apple from $250.00 to $230.00 and set an "outperform" rating on the stock in a research report on Wednesday, April 30th. Bank of America reaffirmed a "buy" rating and set a $235.00 price target on shares of Apple in a research report on Tuesday, June 10th. The Goldman Sachs Group reaffirmed a "buy" rating on shares of Apple in a research report on Wednesday, May 21st. Finally, Jefferies Financial Group raised shares of Apple from an "underperform" rating to a "hold" rating in a research report on Friday, July 18th. Two research analysts have rated the stock with a sell rating, twelve have issued a hold rating, fifteen have assigned a buy rating and two have assigned a strong buy rating to the company. According to MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus price target of $234.94.

Apple Trading Down 0.1%

Apple stock traded down $0.21 during mid-day trading on Friday, hitting $213.67. 16,399,456 shares of the company's stock were exchanged, compared to its average volume of 56,464,910. The firm has a market capitalization of $3.19 trillion, a P/E ratio of 33.26, a PEG ratio of 2.39 and a beta of 1.20. Apple has a fifty-two week low of $169.21 and a fifty-two week high of $260.10. The company has a quick ratio of 0.78, a current ratio of 0.82 and a debt-to-equity ratio of 1.18. The company's 50 day simple moving average is $204.77 and its 200-day simple moving average is $214.38.

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

Apple declared that its board has approved a stock repurchase program 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 shares through open market purchases. Shares buyback programs are usually a sign that the company's board believes its stock is undervalued.

Insider Activity at Apple

In related news, insider Chris Kondo sold 4,486 shares of Apple stock in a transaction on Monday, May 12th. The shares were sold at an average price of $208.19, for a total value of $933,940.34. Following the transaction, the insider directly owned 15,533 shares of the company's stock, valued at $3,233,815.27. The trade was a 22.41% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Company insiders own 0.06% of the company's stock.

Institutional Trading of Apple

Large investors have recently added to or reduced their stakes in the stock. Ryan Investment Management Inc. bought a new stake in Apple in the second quarter valued at $31,000. ROSS JOHNSON & Associates LLC boosted its holdings in shares of Apple by 1,800.0% during the 1st quarter. ROSS JOHNSON & Associates LLC now owns 190 shares of the iPhone maker's stock valued at $42,000 after buying an additional 180 shares in the last quarter. Conquis Financial LLC bought a new stake in shares of Apple during the 4th quarter valued at $63,000. LSV Asset Management bought a new stake in shares of Apple during the 4th quarter valued at $65,000. Finally, Elite Financial Inc. bought a new stake in shares of Apple during the 1st quarter valued at $58,000. 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.