JPMorgan Chase & Co. Reiterates $239.00 Price Target for Apple (NASDAQ:AAPL)

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Apple (NASDAQ:AAPL) has been given a $239.00 price objective by analysts at JPMorgan Chase & Co. in a note issued to investors on Monday, July 29th, Stock Target Advisor reports. The firm presently has a “buy” rating on the iPhone maker’s stock. JPMorgan Chase & Co.‘s target price suggests a potential upside of 19.21% from the stock’s current price.

Other equities analysts also recently issued research reports about the stock. Cascend Securities reiterated a “buy” rating and issued a $240.00 target price (up previously from $210.00) on shares of Apple in a research note on Thursday, June 20th. Morgan Stanley lifted their target price on shares of Apple from $231.00 to $247.00 and gave the stock an “overweight” rating in a research note on Monday, July 22nd. Daiwa Capital Markets set a $212.00 target price on shares of Apple and gave the stock a “buy” rating in a research note on Wednesday, June 5th. HSBC set a $174.00 target price on shares of Apple and gave the stock a “sell” rating in a research note on Monday, May 20th. Finally, Canaccord Genuity reduced their target price on shares of Apple from $245.00 to $202.00 and set a “buy” rating for the company in a research note on Tuesday, June 4th. Four investment analysts have rated the stock with a sell rating, twenty have assigned a hold rating, twenty-three have assigned a buy rating and one has given a strong buy rating to the company’s stock. The company presently has an average rating of “Hold” and a consensus price target of $217.12.

Shares of AAPL stock opened at $200.48 on Monday. The company has a market capitalization of $919.34 billion, a price-to-earnings ratio of 16.83, a price-to-earnings-growth ratio of 1.71 and a beta of 1.25. The company has a current ratio of 1.50, a quick ratio of 1.47 and a debt-to-equity ratio of 0.88. Apple has a 52 week low of $142.00 and a 52 week high of $233.47. The stock has a 50-day moving average of $203.33.

Apple (NASDAQ:AAPL) last announced its quarterly earnings data on Tuesday, July 30th. The iPhone maker reported $2.18 EPS for the quarter, topping the consensus estimate of $2.10 by $0.08. The business had revenue of $53.81 billion for the quarter, compared to analyst estimates of $53.39 billion. Apple had a net margin of 21.50% and a return on equity of 52.13%. The company’s revenue for the quarter was up 1.0% on a year-over-year basis. During the same quarter in the previous year, the firm posted $2.34 earnings per share. As a group, analysts expect that Apple will post 11.58 earnings per share for the current year.

Apple announced that its Board of Directors has authorized a share buyback program on Tuesday, April 30th that allows the company to repurchase $75.00 billion in shares. This repurchase authorization allows the iPhone maker to purchase up to 7.6% of its stock through open market purchases. Stock repurchase programs are often an indication that the company’s board believes its stock is undervalued.

In other news, insider Chris Kondo sold 4,376 shares of the business’s stock in a transaction that occurred on Thursday, August 1st. The shares were sold at an average price of $217.47, for a total value of $951,648.72. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Arthur D. Levinson sold 17,500 shares of the business’s stock in a transaction that occurred on Thursday, August 1st. The stock was sold at an average price of $214.02, for a total transaction of $3,745,350.00. Following the completion of the sale, the director now owns 1,150,783 shares of the company’s stock, valued at $246,290,577.66. The disclosure for this sale can be found here. Insiders own 0.05% of the company’s stock.

Several institutional investors and hedge funds have recently made changes to their positions in AAPL. Centaurus Financial Inc. raised its holdings in Apple by 17.9% during the 1st quarter. Centaurus Financial Inc. now owns 8,318 shares of the iPhone maker’s stock valued at $44,000 after buying an additional 1,262 shares during the last quarter. Semmax Financial Advisors Inc. purchased a new position in Apple during the 4th quarter valued at $50,000. Avondale Wealth Management increased its position in Apple by 25.4% during the 2nd quarter. Avondale Wealth Management now owns 316 shares of the iPhone maker’s stock valued at $63,000 after purchasing an additional 64 shares during the period. NuWave Investment Management LLC increased its position in Apple by 2,245.0% during the 2nd quarter. NuWave Investment Management LLC now owns 469 shares of the iPhone maker’s stock valued at $93,000 after purchasing an additional 449 shares during the period. Finally, Contravisory Investment Management Inc. increased its position in Apple by 30.6% during the 4th quarter. Contravisory Investment Management Inc. now owns 614 shares of the iPhone maker’s stock valued at $97,000 after purchasing an additional 144 shares during the period. Hedge funds and other institutional investors own 58.65% of the company’s stock.

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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