Piper Jaffray Companies Raises Apple (NASDAQ:AAPL) Price Target to $270.00

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Apple (NASDAQ:AAPL) had its price objective hoisted by Piper Jaffray Companies from $243.00 to $270.00 in a research note issued to investors on Thursday, October 31st, The Fly reports. The firm presently has an “overweight” rating on the iPhone maker’s stock. Piper Jaffray Companies’ target price would suggest a potential upside of 3.79% from the stock’s previous close. Piper Jaffray Companies also issued estimates for Apple’s Q1 2020 earnings at $4.51 EPS, Q2 2020 earnings at $2.81 EPS, Q3 2020 earnings at $2.42 EPS, Q4 2020 earnings at $3.25 EPS, FY2020 earnings at $13.01 EPS and FY2021 earnings at $14.68 EPS.

Other analysts also recently issued research reports about the company. Monness Crespi & Hardt lifted their price objective on Apple from $265.00 to $300.00 and gave the stock a “buy” rating in a research note on Thursday, October 31st. Raymond James reaffirmed an “outperform” rating and issued a $280.00 price objective (up previously from $250.00) on shares of Apple in a research note on Monday, October 21st. Macquarie set a $210.00 price objective on Apple and gave the stock a “hold” rating in a research note on Tuesday, September 10th. Maxim Group cut their target price on Apple from $211.00 to $204.00 and set a “hold” rating on the stock in a research report on Wednesday, September 11th. Finally, Canaccord Genuity boosted their target price on Apple from $260.00 to $275.00 and gave the company a “buy” rating in a research report on Thursday, October 31st. Four investment analysts have rated the stock with a sell rating, fifteen have given a hold rating, twenty-three have issued a buy rating and one has given a strong buy rating to the company. The stock presently has an average rating of “Hold” and a consensus price target of $239.51.

AAPL traded up $0.71 during midday trading on Thursday, hitting $260.14. The stock had a trading volume of 17,496,500 shares, compared to its average volume of 28,496,354. The business has a fifty day moving average of $235.37 and a 200 day moving average of $209.53. The company has a market cap of $1,142.50 billion, a P/E ratio of 21.88, a price-to-earnings-growth ratio of 1.83 and a beta of 1.25. Apple has a 1 year low of $142.00 and a 1 year high of $260.44. The company has a debt-to-equity ratio of 1.01, a quick ratio of 1.50 and a current ratio of 1.54.

Apple (NASDAQ:AAPL) last issued its earnings results on Wednesday, October 30th. The iPhone maker reported $3.03 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.84 by $0.19. Apple had a return on equity of 53.82% and a net margin of 21.24%. The company had revenue of $64.04 billion for the quarter, compared to the consensus estimate of $62.86 billion. During the same quarter last year, the company earned $2.91 EPS. The firm’s quarterly revenue was up 1.8% on a year-over-year basis. On average, equities research analysts anticipate that Apple will post 13.17 earnings per share for the current year.

In related news, Director Arthur D. Levinson sold 17,500 shares of the company’s stock in a transaction on Monday, August 12th. The stock was sold at an average price of $201.69, for a total transaction of $3,529,575.00. Following the completion of the sale, the director now directly owns 1,150,783 shares in the company, valued at approximately $232,101,423.27. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Chris Kondo sold 3,932 shares of the company’s stock in a transaction on Wednesday, October 16th. The stock was sold at an average price of $233.26, for a total value of $917,178.32. Following the sale, the insider now owns 15,464 shares of the company’s stock, valued at $3,607,132.64. The disclosure for this sale can be found here. Insiders sold a total of 465,658 shares of company stock valued at $100,549,205 over the last quarter. Company insiders own 0.05% of the company’s stock.

Several hedge funds and other institutional investors have recently modified their holdings of the stock. 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 buying an additional 64 shares in the last quarter. 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 buying an additional 449 shares in the last quarter. Kahn Brothers Group Inc. DE acquired a new position in Apple during the 3rd quarter valued at about $112,000. Horan Securities Inc. increased its holdings in shares of Apple by 64.2% in the second quarter. Horan Securities Inc. now owns 565 shares of the iPhone maker’s stock valued at $112,000 after purchasing an additional 221 shares during the period. Finally, Fulcrum Equity Management acquired a new position in shares of Apple in the third quarter valued at about $135,000. Hedge funds and other institutional investors own 58.61% 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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