Apple (NASDAQ:AAPL) Price Target Raised to $475.00 at Wedbush

Apple (NASDAQ:AAPL) had its price objective lifted by Wedbush from $450.00 to $475.00 in a research note released on Friday, BenzingaRatingsTable reports. The firm currently has an outperform rating on the iPhone maker’s stock.

Several other equities analysts have also recently issued reports on AAPL. Nomura raised their price target on Apple from $240.00 to $250.00 and gave the company a neutral rating in a report on Friday, May 1st. Jefferies Financial Group lifted their price target on shares of Apple from $370.00 to $405.00 and gave the stock a buy rating in a research report on Friday, June 19th. JPMorgan Chase & Co. set a $460.00 price target on shares of Apple and gave the stock a buy rating in a research note on Friday. Royal Bank of Canada set a $390.00 price objective on shares of Apple and gave the company a buy rating in a research note on Tuesday. Finally, Monness Crespi & Hardt started coverage on shares of Apple in a research report on Tuesday, June 23rd. They set a buy rating and a $370.00 target price for the company. Four research analysts have rated the stock with a sell rating, fourteen have issued a hold rating and thirty-one have assigned a buy rating to the company. The stock currently has an average rating of Buy and a consensus target price of $370.23.

Shares of NASDAQ AAPL traded up $40.28 during trading on Friday, reaching $425.04. The company had a trading volume of 93,573,867 shares, compared to its average volume of 30,266,534. Apple has a 52 week low of $192.58 and a 52 week high of $425.66. The business’s 50 day moving average price is $367.96 and its 200-day moving average price is $313.71. The stock has a market cap of $1,842.26 billion, a PE ratio of 32.32, a PEG ratio of 2.83 and a beta of 1.18. The company has a debt-to-equity ratio of 1.14, a quick ratio of 1.46 and a current ratio of 1.50.

Apple shares are going to split before the market opens on Monday, August 31st. The 4-1 split was announced on Thursday, July 30th. The newly created shares will be payable to shareholders after the market closes on Friday, August 28th.

Apple (NASDAQ:AAPL) last posted its quarterly earnings data on Thursday, July 30th. The iPhone maker reported $2.58 earnings per share for the quarter, topping the consensus estimate of $2.03 by $0.55. The firm had revenue of $59.69 billion during the quarter, compared to analysts’ expectations of $51.94 billion. Apple had a net margin of 21.33% and a return on equity of 67.82%. Equities analysts anticipate that Apple will post 12.35 earnings per share for the current year.

In other Apple news, insider Chris Kondo sold 4,491 shares of the stock in a transaction that occurred on Friday, May 8th. The shares were sold at an average price of $305.62, for a total transaction of $1,372,539.42. Following the completion of the sale, the insider now owns 7,370 shares of the company’s stock, valued at approximately $2,252,419.40. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 0.05% of the company’s stock.

A number of institutional investors have recently modified their holdings of the business. HMS Capital Management LLC lifted its stake in shares of Apple by 45.7% in the 2nd quarter. HMS Capital Management LLC now owns 7,625 shares of the iPhone maker’s stock valued at $2,782,000 after purchasing an additional 2,392 shares during the period. Comerica Bank increased its holdings in Apple by 1.7% in the second quarter. Comerica Bank now owns 997,364 shares of the iPhone maker’s stock worth $388,065,000 after purchasing an additional 16,802 shares in the last quarter. Oldfather Financial Services LLC boosted its holdings in shares of Apple by 0.8% during the 2nd quarter. Oldfather Financial Services LLC now owns 3,794 shares of the iPhone maker’s stock worth $1,460,000 after buying an additional 31 shares in the last quarter. Valmark Advisers Inc. increased its stake in shares of Apple by 8.7% in the 2nd quarter. Valmark Advisers Inc. now owns 25,870 shares of the iPhone maker’s stock valued at $9,437,000 after acquiring an additional 2,076 shares in the last quarter. Finally, Hotaling Investment Management LLC lifted its position in shares of Apple by 2.6% during the 2nd quarter. Hotaling Investment Management LLC now owns 32,930 shares of the iPhone maker’s stock valued at $12,013,000 after acquiring an additional 830 shares during the period. Hedge funds and other institutional investors own 61.96% of the company’s stock.

About Apple

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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