Apple (NASDAQ:AAPL) Stock Price Expected to Rise, JPMorgan Chase & Co. Analyst Says

Apple (NASDAQ:AAPL - Get Free Report) had its price objective raised by investment analysts at JPMorgan Chase & Co. from $230.00 to $250.00 in a research note issued on Thursday,Benzinga reports. The firm presently has an "overweight" rating on the iPhone maker's stock. JPMorgan Chase & Co.'s target price would suggest a potential upside of 18.50% from the company's current price.

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AAPL has been the topic of several other research reports. Evercore ISI upped their price target on Apple to $250.00 and gave the company a "buy" rating in a report on Friday, June 6th. Citigroup reaffirmed a "buy" rating on shares of Apple in a report on Tuesday, June 10th. UBS Group set a $210.00 price target on Apple and gave the company a "neutral" rating in a report on Thursday, July 3rd. Needham & Company LLC reaffirmed a "hold" rating on shares of Apple in a report on Tuesday, June 10th. Finally, DA Davidson boosted their target price on shares of Apple from $230.00 to $250.00 and gave the company a "buy" rating in a research note on Friday, May 2nd. Two research analysts have rated the stock with a sell rating, twelve have assigned a hold rating, seventeen have assigned a buy rating and two have issued a strong buy rating to the stock. According to MarketBeat, Apple currently has an average rating of "Moderate Buy" and an average target price of $235.91.

View Our Latest Stock Report on AAPL

Apple Stock Up 0.4%

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NASDAQ:AAPL traded up $0.82 during mid-day trading on Thursday, reaching $210.98. The stock had a trading volume of 30,699,770 shares, compared to its average volume of 53,151,028. The company has a market capitalization of $3.15 trillion, a price-to-earnings ratio of 32.86, a price-to-earnings-growth ratio of 2.34 and a beta of 1.20. Apple has a 1-year low of $169.21 and a 1-year high of $260.10. The stock's 50 day simple moving average is $204.07 and its two-hundred day simple moving average is $216.41. The company has a debt-to-equity ratio of 1.18, a current ratio of 0.82 and a quick ratio of 0.78.

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 (EPS) for the quarter, topping the consensus estimate of $1.62 by $0.03. Apple had a return on equity of 167.24% and a net margin of 24.30%. The business had revenue of $95.36 billion during the quarter, compared to the consensus estimate of $94.04 billion. During the same period in the previous year, the firm posted $1.53 earnings per share. The business's revenue was up 5.1% on a year-over-year basis. Equities analysts anticipate that Apple will post 7.28 EPS for the current year.

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Apple announced that its board has approved a share buyback plan on Thursday, May 1st that permits the company to repurchase $100.00 billion in outstanding shares. This repurchase authorization permits the iPhone maker to repurchase up to 3.1% of its shares through open market purchases. Shares repurchase plans are generally an indication that the company's board believes its stock is undervalued.

Insiders Place Their Bets

In other news, CFO Kevan Parekh sold 4,570 shares of the company's stock in a transaction on Wednesday, April 23rd. The shares were sold at an average price of $206.00, for a total value of $941,420.00. Following the sale, the chief financial officer directly owned 4,569 shares of the company's stock, valued at approximately $941,214. This represents a 50.01% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, insider Chris Kondo sold 4,486 shares of the business's stock in a transaction 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 transaction, the insider owned 15,533 shares in the company, valued at $3,233,815.27. The trade was a 22.41% decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 0.06% of the company's stock.

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the business. Drystone LLC purchased a new stake in shares of Apple in the fourth quarter valued at about $25,000. Ryan Investment Management Inc. purchased a new stake in Apple during the second quarter worth about $31,000. ROSS JOHNSON & Associates LLC increased its holdings in Apple by 1,800.0% during the first 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 purchased a new stake in Apple during the fourth quarter worth about $47,000. Finally, Elite Financial Inc. bought a new position in Apple during the first quarter worth about $58,000. Institutional investors and hedge funds 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.

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This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.

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