Citigroup Cuts Apple (NASDAQ:AAPL) Price Target to $210.00

Apple (NASDAQ:AAPL - Get Free Report) had its target price cut by equities research analysts at Citigroup from $220.00 to $210.00 in a research report issued on Monday, Benzinga reports. The firm presently has a "buy" rating on the iPhone maker's stock. Citigroup's price objective points to a potential upside of 21.04% from the stock's previous close.

A number of other analysts have also issued reports on AAPL. Wedbush reiterated an "outperform" rating and issued a $250.00 price target on shares of Apple in a report on Tuesday, April 9th. Rosenblatt Securities reiterated a "neutral" rating and issued a $189.00 price target on shares of Apple in a report on Tuesday, March 5th. Needham & Company LLC reiterated a "buy" rating and issued a $220.00 price target on shares of Apple in a report on Tuesday, April 16th. UBS Group reiterated a "hold" rating and issued a $190.00 price target on shares of Apple in a report on Monday, March 25th. Finally, The Goldman Sachs Group upped their target price on Apple from $223.00 to $232.00 and gave the stock a "buy" rating in a report on Friday, February 2nd. One equities research analyst has rated the stock with a sell rating, twelve have given a hold rating, twenty-two have assigned a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average price target of $202.62.

Apple Trading Up 2.5 %

Shares of AAPL traded up $4.20 during mid-day trading on Monday, reaching $173.50. 66,161,781 shares of the company's stock traded hands, compared to its average volume of 60,497,953. The stock has a market cap of $2.68 trillion, a P/E ratio of 27.25, a P/E/G ratio of 2.04 and a beta of 1.27. The stock's 50-day moving average is $173.04 and its two-hundred day moving average is $181.83. Apple has a 12 month low of $164.07 and a 12 month high of $199.62. The company has a debt-to-equity ratio of 1.28, a current ratio of 1.07 and a quick ratio of 1.02.

Apple (NASDAQ:AAPL - Get Free Report) last released its earnings results on Thursday, February 1st. The iPhone maker reported $2.18 EPS for the quarter, beating analysts' consensus estimates of $2.09 by $0.09. The firm had revenue of $119.60 billion for the quarter, compared to analysts' expectations of $117.99 billion. Apple had a return on equity of 156.04% and a net margin of 26.16%. The company's quarterly revenue was up 2.1% on a year-over-year basis. During the same quarter in the prior year, the firm posted $1.88 earnings per share. Research analysts forecast that Apple will post 6.54 earnings per share for the current fiscal year.

Insider Activity at Apple

In related news, Director Arthur D. Levinson sold 100,000 shares of the firm's stock in a transaction dated Thursday, February 29th. The shares were sold at an average price of $180.94, for a total value of $18,094,000.00. Following the transaction, the director now directly owns 4,434,576 shares of the company's stock, valued at approximately $802,392,181.44. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. In other Apple news, SVP Deirdre O'brien sold 54,732 shares of Apple stock in a transaction dated Tuesday, April 2nd. The shares were sold at an average price of $168.91, for a total transaction of $9,244,782.12. Following the transaction, the senior vice president now directly owns 136,572 shares of the company's stock, valued at $23,068,376.52. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Arthur D. Levinson sold 100,000 shares of the firm's stock in a transaction that occurred on Thursday, February 29th. The stock was sold at an average price of $180.94, for a total transaction of $18,094,000.00. Following the sale, the director now owns 4,434,576 shares of the company's stock, valued at approximately $802,392,181.44. The disclosure for this sale can be found here. In the last three months, insiders have sold 366,271 shares of company stock valued at $63,653,887. 0.06% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the business. Vanguard Group Inc. increased its position in shares of Apple by 1.4% during the 4th quarter. Vanguard Group Inc. now owns 1,318,064,349 shares of the iPhone maker's stock worth $253,766,929,000 after purchasing an additional 18,067,216 shares during the last quarter. Morgan Stanley boosted its holdings in Apple by 1.0% during the 3rd quarter. Morgan Stanley now owns 206,732,960 shares of the iPhone maker's stock valued at $35,394,751,000 after acquiring an additional 2,018,010 shares during the period. Norges Bank purchased a new position in Apple during the 4th quarter valued at about $33,912,466,000. International Assets Investment Management LLC boosted its holdings in Apple by 14,395.4% during the 4th quarter. International Assets Investment Management LLC now owns 70,700,395 shares of the iPhone maker's stock valued at $136,119,470,000 after acquiring an additional 70,212,651 shares during the period. Finally, Wellington Management Group LLP boosted its holdings in Apple by 3.6% during the 4th quarter. Wellington Management Group LLP now owns 60,651,275 shares of the iPhone maker's stock valued at $11,677,190,000 after acquiring an additional 2,096,360 shares during the period. 60.41% 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.