Needham & Company LLC Raises Apple (NASDAQ:AAPL) Price Target to $250.00

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Apple (NASDAQ:AAPL) had its price objective upped by Needham & Company LLC from $225.00 to $250.00 in a report issued on Wednesday, BenzingaRatingsTable reports. They currently have a strong-buy rating on the iPhone maker’s stock.

A number of other research analysts have also recently issued reports on the company. Goldman Sachs Group reiterated a neutral rating and issued a $189.00 target price on shares of Apple in a research report on Friday, August 2nd. Maxim Group decreased their target price on Apple to $211.00 and set a hold rating on the stock in a research report on Wednesday, July 31st. Monness Crespi & Hardt reiterated a buy rating and issued a $265.00 target price (up previously from $245.00) on shares of Apple in a research report on Wednesday, July 31st. UBS Group set a $235.00 target price on Apple and gave the company a buy rating in a research report on Friday, August 16th. Finally, Cowen set a $250.00 target price on Apple and gave the company a buy rating in a research report on Wednesday, August 21st. Four equities research analysts have rated the stock with a sell rating, eighteen have issued a hold rating, twenty-three have assigned a buy rating and one has issued a strong buy rating to the stock. Apple has an average rating of Hold and a consensus target price of $217.25.

AAPL stock opened at $218.75 on Wednesday. The company has a market cap of $1,010.44 billion, a PE ratio of 18.37, a price-to-earnings-growth ratio of 1.85 and a beta of 1.24. The business has a 50-day simple moving average of $207.36 and a 200 day simple moving average of $196.71. Apple has a 52 week low of $142.00 and a 52 week high of $233.47. The company has a quick ratio of 1.47, a current ratio of 1.50 and a debt-to-equity ratio of 0.88.

Apple (NASDAQ:AAPL) last posted its quarterly earnings results on Tuesday, July 30th. The iPhone maker reported $2.18 EPS for the quarter, beating the Zacks’ consensus estimate of $2.10 by $0.08. Apple had a return on equity of 52.13% and a net margin of 21.50%. The business had revenue of $53.81 billion during the quarter, compared to the consensus estimate of $53.39 billion. During the same quarter in the previous year, the firm earned $2.34 earnings per share. Apple’s revenue for the quarter was up 1.0% compared to the same quarter last year. On average, analysts anticipate that Apple will post 11.68 EPS for the current fiscal year.

In related news, CEO Timothy D. Cook sold 265,160 shares of Apple stock in a transaction that occurred on Monday, August 26th. The stock was sold at an average price of $206.17, for a total value of $54,668,037.20. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, insider Chris Kondo sold 4,376 shares of Apple stock in a transaction that occurred on Thursday, August 1st. The stock was sold at an average price of $217.47, for a total value of $951,648.72. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 304,536 shares of company stock worth $62,894,611. 0.05% of the stock is owned by insiders.

Institutional investors have recently bought and sold shares of the stock. Invesco Ltd. lifted its stake in Apple by 2.6% in the second quarter. Invesco Ltd. now owns 46,879,136 shares of the iPhone maker’s stock valued at $9,278,319,000 after buying an additional 1,203,705 shares during the period. Morgan Stanley lifted its stake in Apple by 5.8% in the second quarter. Morgan Stanley now owns 36,261,306 shares of the iPhone maker’s stock valued at $7,176,836,000 after buying an additional 1,996,126 shares during the period. Nuveen Asset Management LLC lifted its stake in Apple by 2,874.9% in the second quarter. Nuveen Asset Management LLC now owns 35,914,893 shares of the iPhone maker’s stock valued at $7,108,275,000 after buying an additional 34,707,634 shares during the period. Charles Schwab Investment Management Inc. lifted its stake in Apple by 0.8% in the second quarter. Charles Schwab Investment Management Inc. now owns 20,240,790 shares of the iPhone maker’s stock valued at $4,006,058,000 after buying an additional 161,912 shares during the period. Finally, Parametric Portfolio Associates LLC lifted its stake in Apple by 1.6% in the second quarter. Parametric Portfolio Associates LLC now owns 13,752,244 shares of the iPhone maker’s stock valued at $2,721,844,000 after buying an additional 214,362 shares during the period. 58.77% of the stock is currently owned by institutional investors.

Apple Company Profile

Apple Inc designs, manufactures, and markets mobile communication and media devices, and personal computers. It also sells various related software, services, accessories, and third-party digital content and applications. The company offers iPhone, a line of smartphones; iPad, a line of multi-purpose tablets; and Mac, a line of desktop and portable personal computers, as well as iOS, macOS, watchOS, and tvOS operating systems.

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