Apple (NASDAQ:AAPL) Given New $260.00 Price Target at Bank of America

Apple (NASDAQ:AAPL - Get Free Report) had its price objective upped by analysts at Bank of America from $250.00 to $260.00 in a research report issued to clients and investors on Wednesday,Benzinga reports. The firm currently has a "buy" rating on the iPhone maker's stock. Bank of America's price objective suggests a potential upside of 10.26% from the company's current price.

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A number of other brokerages have also recently commented on AAPL. Barclays boosted their price target on Apple from $173.00 to $180.00 and gave the stock an "underweight" rating in a research report on Friday, August 1st. Raymond James Financial reissued an "outperform" rating and issued a $240.00 price target (up from $230.00) on shares of Apple in a research report on Friday, August 1st. Citigroup boosted their price target on Apple from $240.00 to $245.00 and gave the stock a "buy" rating in a research report on Friday, August 1st. Wedbush reissued an "outperform" rating and issued a $270.00 price target on shares of Apple in a research report on Wednesday. Finally, Evercore ISI reissued an "outperform" rating and issued a $250.00 price target on shares of Apple in a research report on Wednesday, August 13th. Two investment analysts have rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating, eleven have assigned a Hold rating and two have issued a Sell rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $237.73.

View Our Latest Stock Report on Apple

Apple Price Performance

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NASDAQ:AAPL traded up $6.09 during trading hours on Wednesday, hitting $235.81. 30,462,316 shares of the company's stock traded hands, compared to its average volume of 56,604,809. The firm has a market cap of $3.50 trillion, a P/E ratio of 35.81, a P/E/G ratio of 2.42 and a beta of 1.11. Apple has a 52 week low of $169.21 and a 52 week high of $260.10. The business's fifty day simple moving average is $216.99 and its two-hundred day simple moving average is $212.75. The company has a quick ratio of 0.83, a current ratio of 0.87 and a debt-to-equity ratio of 1.25.

Apple (NASDAQ:AAPL - Get Free Report) last released its quarterly earnings data on Thursday, July 31st. The iPhone maker reported $1.57 EPS for the quarter, topping the consensus estimate of $1.43 by $0.14. Apple had a return on equity of 170.91% and a net margin of 24.30%.The firm had revenue of $94.04 billion for the quarter, compared to the consensus estimate of $88.64 billion. During the same quarter in the previous year, the business earned $1.40 earnings per share. The company's quarterly revenue was up 9.6% on a year-over-year basis. On average, research analysts anticipate that Apple will post 7.28 earnings per share for the current fiscal year.

Insider Transactions at Apple

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In other Apple news, SVP Deirdre O'brien sold 34,821 shares of the firm's stock in a transaction dated Friday, August 8th. The shares were sold at an average price of $223.20, for a total value of $7,772,047.20. Following the completion of the sale, the senior vice president owned 136,687 shares of the company's stock, valued at $30,508,538.40. This trade represents a 20.30% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. 0.06% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Apple

Several institutional investors have recently bought and sold shares of the company. Kingstone Capital Partners Texas LLC lifted its position in Apple by 573,627.2% during the second quarter. Kingstone Capital Partners Texas LLC now owns 205,692,660 shares of the iPhone maker's stock valued at $39,065,374,000 after purchasing an additional 205,656,808 shares during the period. Norges Bank acquired a new position in Apple during the second quarter valued at $38,942,255,000. Nuveen LLC purchased a new position in Apple in the first quarter valued at $17,472,482,000. GAMMA Investing LLC increased its holdings in Apple by 25,934.1% in the first quarter. GAMMA Investing LLC now owns 60,066,398 shares of the iPhone maker's stock valued at $133,425,490,000 after buying an additional 59,835,676 shares in the last quarter. Finally, PKS Advisory Services LLC increased its holdings in Apple by 98,917.0% in the second quarter. PKS Advisory Services LLC now owns 57,956,620 shares of the iPhone maker's stock valued at $12,106,000 after buying an additional 57,898,088 shares in the last quarter. 67.73% of the stock is currently owned by institutional investors and hedge funds.

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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