Apple (NASDAQ:AAPL) was upgraded by stock analysts at BNP Paribas from an "underperform" rating to an "outperform" rating in a note issued to investors on Friday, The Fly reports. The firm presently has a $140.00 price target on the iPhone maker's stock, up from their previous price target of $77.00. BNP Paribas' target price points to a potential upside of 26.64% from the company's previous close.
Other research analysts have also recently issued reports about the company. Citigroup boosted their target price on Apple from $112.50 to $125.00 and gave the stock a "buy" rating in a research note on Monday. Wells Fargo & Company boosted their price objective on Apple from $112.50 to $121.25 and gave the stock an "overweight" rating in a research report on Wednesday, August 5th. UBS Group reaffirmed a "neutral" rating and issued a $115.00 target price on shares of Apple in a report on Wednesday. Atlantic Securities reiterated a "sell" rating and set a $96.00 price target on shares of Apple in a report on Tuesday, September 8th. Finally, Goldman Sachs Group set a $80.00 price objective on shares of Apple and gave the company a "sell" rating in a research report on Wednesday, September 16th. Five research analysts have rated the stock with a sell rating, fifteen have issued a hold rating, twenty-eight have assigned a buy rating and two have assigned a strong buy rating to the stock. The stock currently has an average rating of "Buy" and a consensus price target of $106.56.
Shares of NASDAQ AAPL traded up $2.33 during midday trading on Friday, hitting $110.55. The company's stock had a trading volume of 3,226,525 shares, compared to its average volume of 172,994,266. The company has a debt-to-equity ratio of 1.30, a current ratio of 1.47 and a quick ratio of 1.43. The firm has a market capitalization of $1,876.25 billion, a price-to-earnings ratio of 33.57, a price-to-earnings-growth ratio of 3.24 and a beta of 1.28. The business's fifty day simple moving average is $116.92 and its two-hundred day simple moving average is $88.91. Apple has a 1 year low of $53.15 and a 1 year high of $137.98.
Apple (NASDAQ:AAPL) last released its earnings results on Thursday, July 30th. The iPhone maker reported $0.64 earnings per share (EPS) for the quarter, topping the Zacks' consensus estimate of $0.51 by $0.13. The company had revenue of $59.69 billion for the quarter, compared to analyst estimates of $51.94 billion. Apple had a net margin of 21.33% and a return on equity of 70.66%. Analysts anticipate that Apple will post 3.24 EPS for the current fiscal year.
In other Apple news, CEO Timothy D. Cook sold 265,160 shares of the business's stock in a transaction on Tuesday, August 25th. The shares were sold at an average price of $496.91, for a total transaction of $131,760,655.60. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Corporate insiders own 0.05% of the company's stock.
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in AAPL. Advisor Group Holdings Inc. purchased a new position in shares of Apple during the 1st quarter worth approximately $536,884,000. Laidlaw Wealth Management LLC lifted its position in shares of Apple by 113,515.1% in the second quarter. Laidlaw Wealth Management LLC now owns 40,356,072 shares of the iPhone maker's stock valued at $111,000 after acquiring an additional 40,320,552 shares in the last quarter. Nordea Investment Management AB boosted its stake in shares of Apple by 106.3% during the second quarter. Nordea Investment Management AB now owns 9,495,180 shares of the iPhone maker's stock valued at $3,456,816,000 after acquiring an additional 4,893,053 shares during the last quarter. Wellington Management Group LLP increased its position in Apple by 18.2% during the 1st quarter. Wellington Management Group LLP now owns 26,941,525 shares of the iPhone maker's stock worth $6,850,960,000 after purchasing an additional 4,148,565 shares in the last quarter. Finally, Swiss National Bank raised its stake in Apple by 21.0% in the 1st quarter. Swiss National Bank now owns 17,300,399 shares of the iPhone maker's stock valued at $4,399,318,000 after purchasing an additional 3,000,800 shares during the last quarter. 59.65% of the stock is owned by hedge funds and other institutional investors.
Apple Inc designs, manufactures, and markets smartphones, personal computers, tablets, wearables, and accessories worldwide. It also sells various related services. 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, HomePod, iPod touch, and other Apple-branded and third-party accessories.
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10 Stocks to Buy On Fears of a Second Coronavirus Wave
Ever since the U.S. economy began to re-open (and honestly before that), there was concern over the impending “second wave” of the novel coronavirus. And although the second wave of the virus was not expected to hit until the fall, the concerns have been escalating as case numbers rise in multiple states.
And despite the Trump administration’s vehement statements that the economy would not shut down, we learned on February 25 that Texas was now pausing, and in some cases rolling back, its reopening measures in an effort to stem the spread of the virus.
And this is happening as the Centers for Disease Control (CDC) is now saying that it’s possible that 20 million Americans may have the coronavirus based on a sample of blood tests that are showing who has the antibodies in their system.
For its part, the stock market reacted sharply to the move. It was a move that undoubtedly frustrated many weary investors. In fact, you might be among those that have had just about enough of the Covid-19 market. I understand, I’m there too.
But, institutional investors are forward-looking. And right now, they don’t like what they. So stocks are having another broad selloff.
However, in the midst of any selloff, there is money to be made. And the good news for investors is that many of the same stocks that were good buys in March, are still the stocks to buy right now. And while some of these stocks fit the classic definition of defensive stocks, you’ll find a few genuine growth stocks included on this list as well.
View the "10 Stocks to Buy On Fears of a Second Coronavirus Wave".