Apple (NASDAQ:AAPL) Given New $230.00 Price Target at JPMorgan Chase & Co.

Apple (NASDAQ:AAPL - Get Free Report) had its target price lowered by investment analysts at JPMorgan Chase & Co. from $245.00 to $230.00 in a report issued on Thursday, Marketbeat.com reports. The firm presently has an "overweight" rating on the iPhone maker's stock. JPMorgan Chase & Co.'s price objective indicates a potential upside of 14.11% from the stock's previous close.

A number of other analysts have also recently commented on AAPL. Citigroup restated a "buy" rating on shares of Apple in a research report on Tuesday, June 10th. TD Cowen dropped their price objective on shares of Apple from $290.00 to $275.00 and set a "buy" rating for the company in a report on Friday, May 2nd. Raymond James Financial cut their target price on shares of Apple from $250.00 to $230.00 and set an "outperform" rating for the company in a report on Wednesday, April 30th. Barclays dropped their price target on Apple from $197.00 to $173.00 and set an "underweight" rating for the company in a research report on Wednesday, April 30th. Finally, Loop Capital cut their price objective on shares of Apple from $230.00 to $215.00 and set a "hold" rating on the stock in a research report on Wednesday, April 30th. Three analysts have rated the stock with a sell rating, eleven have issued a hold rating, eighteen have given a buy rating and two have assigned a strong buy rating to the company's stock. According to MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average price target of $234.39.

Apple Trading Up 0.6%

Shares of NASDAQ:AAPL opened at $201.56 on Thursday. The stock has a market capitalization of $3.01 trillion, a price-to-earnings ratio of 31.40, a PEG ratio of 2.24 and a beta of 1.22. The company has a debt-to-equity ratio of 1.18, a quick ratio of 0.78 and a current ratio of 0.82. The stock's 50-day simple moving average is $202.44 and its two-hundred day simple moving average is $220.85. 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 earnings per share for the quarter, topping the consensus estimate of $1.62 by $0.03. The firm had revenue of $95.36 billion for 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 business's quarterly revenue was up 5.1% on a year-over-year basis. During the same quarter in the prior year, the business earned $1.53 EPS. Analysts expect that Apple will post 7.28 EPS for the current year.

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

Insider Activity

In other news, CFO Kevan Parekh sold 4,570 shares of the company's stock in a transaction dated Wednesday, April 23rd. The shares were sold at an average price of $206.00, for a total transaction of $941,420.00. Following the transaction, the chief financial officer now owns 4,569 shares in the company, valued at $941,214. This represents a 50.01% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CEO Timothy D. Cook sold 108,136 shares of the business's stock in a transaction that occurred on Wednesday, April 2nd. The stock was sold at an average price of $223.65, for a total transaction of $24,184,616.40. Following the sale, the chief executive officer now directly owns 3,280,295 shares in the company, valued at approximately $733,637,976.75. This represents a 3.19% decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 191,507 shares of company stock worth $42,694,080. 0.06% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Apple

Institutional investors and hedge funds have recently made changes to their positions in the stock. Swedbank AB lifted its position in Apple by 2.4% during the first quarter. Swedbank AB now owns 19,179,656 shares of the iPhone maker's stock valued at $4,260,377,000 after purchasing an additional 453,774 shares during the period. Voya Investment Management LLC raised its stake in shares of Apple by 10.8% during the 1st quarter. Voya Investment Management LLC now owns 15,917,703 shares of the iPhone maker's stock valued at $3,534,260,000 after buying an additional 1,556,183 shares during the last quarter. Guinness Asset Management LTD lifted its holdings in shares of Apple by 5.3% in the 1st quarter. Guinness Asset Management LTD now owns 178,541 shares of the iPhone maker's stock valued at $39,647,000 after buying an additional 8,957 shares during the period. Maple Capital Management Inc. boosted its stake in shares of Apple by 0.5% in the first quarter. Maple Capital Management Inc. now owns 509,560 shares of the iPhone maker's stock worth $113,189,000 after buying an additional 2,786 shares during the last quarter. Finally, Lynx Investment Advisory boosted its stake in shares of Apple by 0.8% in the first quarter. Lynx Investment Advisory now owns 26,599 shares of the iPhone maker's stock worth $5,908,000 after buying an additional 210 shares during the last quarter. 67.73% of the stock is currently owned by institutional investors and hedge funds.

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.