Apple (AAPL) Receives New Coverage from Analysts at Wedbush

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Wedbush assumed coverage on shares of Apple (NASDAQ:AAPL) in a research report issued to clients and investors on Thursday, The Fly reports. The firm set an “outperform” rating on the iPhone maker’s stock.

Other equities analysts also recently issued reports about the company. BTIG Research upgraded Apple to a “buy” rating and raised their price objective for the stock from $207.00 to $235.00 in a research report on Wednesday, August 1st. Macquarie set a $214.00 price objective on Apple and gave the stock a “buy” rating in a research report on Wednesday, August 15th. Morgan Stanley restated a “buy” rating and set a $232.00 price objective on shares of Apple in a research report on Wednesday, August 22nd. S&P Equity Research raised their price objective on Apple to $250.00 and gave the stock an “in-line” rating in a research report on Tuesday, September 11th. They noted that the move was a valuation call. Finally, UBS Group assumed coverage on Apple in a research report on Wednesday, September 12th. Three analysts have rated the stock with a sell rating, nineteen have given a hold rating and thirty have issued a buy rating to the company’s stock. Apple presently has an average rating of “Buy” and an average target price of $222.50.

Apple stock traded down $5.17 during trading hours on Thursday, hitting $216.02. The stock had a trading volume of 32,432,600 shares, compared to its average volume of 31,382,939. The company has a current ratio of 1.31, a quick ratio of 1.24 and a debt-to-equity ratio of 0.84. The company has a market capitalization of $1,109.54 billion, a PE ratio of 23.45, a P/E/G ratio of 1.99 and a beta of 1.36. Apple has a one year low of $150.24 and a one year high of $233.47.

Apple (NASDAQ:AAPL) last posted its earnings results on Tuesday, July 31st. The iPhone maker reported $2.34 EPS for the quarter, beating the consensus estimate of $2.18 by $0.16. The firm had revenue of $53.27 billion during the quarter, compared to the consensus estimate of $52.43 billion. Apple had a return on equity of 43.50% and a net margin of 21.98%. The business’s quarterly revenue was up 17.3% on a year-over-year basis. During the same period last year, the company earned $1.67 earnings per share. As a group, analysts predict that Apple will post 11.76 earnings per share for the current fiscal year.

In other Apple news, insider Johny Srouji sold 14,140 shares of the firm’s stock in a transaction that occurred on Friday, August 17th. The stock was sold at an average price of $214.98, for a total value of $3,039,817.20. Following the completion of the sale, the insider now owns 68,302 shares of the company’s stock, valued at $14,683,563.96. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, SVP Angela J. Ahrendts sold 25,000 shares of the firm’s stock in a transaction that occurred on Wednesday, October 3rd. The shares were sold at an average price of $232.66, for a total value of $5,816,500.00. Following the completion of the sale, the senior vice president now directly owns 105,538 shares of the company’s stock, valued at approximately $24,554,471.08. The disclosure for this sale can be found here. Insiders sold 564,185 shares of company stock valued at $124,444,213 in the last three months. Insiders own 0.06% of the company’s stock.

A number of institutional investors have recently made changes to their positions in the business. Fort L.P. purchased a new position in shares of Apple during the second quarter valued at approximately $119,000. Delphi Private Advisors LLC purchased a new position in shares of Apple during the second quarter valued at approximately $120,000. Cranbrook Wealth Management LLC boosted its position in shares of Apple by 76.1% during the second quarter. Cranbrook Wealth Management LLC now owns 699 shares of the iPhone maker’s stock valued at $129,000 after buying an additional 302 shares during the last quarter. Quattro Financial Advisors LLC purchased a new position in shares of Apple during the first quarter valued at approximately $133,000. Finally, Smart Portfolios LLC purchased a new position in shares of Apple during the first quarter valued at approximately $134,000. 58.58% of the stock is owned by hedge funds and other institutional investors.

Apple Company Profile

Apple Inc designs, manufactures, and markets mobile communication and media devices, and personal computers to consumers, and small and mid-sized businesses; and education, enterprise, and government customers worldwide. The company also sells related software, services, accessories, networking solutions, and third-party digital content and applications.

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