Apple (AAPL) Cut to Neutral at Atlantic Securities
Atlantic Securities cut shares of Apple (NASDAQ:AAPL) from an overweight rating to a neutral rating in a report issued on Monday morning, Marketbeat.com reports. Atlantic Securities currently has $190.00 price objective on the iPhone maker’s stock, up from their previous price objective of $177.35. The analysts noted that the move was a valuation call.
Several other equities analysts have also recently issued reports on AAPL. Nomura set a $185.00 price objective on Apple and gave the stock a buy rating in a research note on Monday, September 25th. Sanford C. Bernstein restated a buy rating and set a $175.00 price objective on shares of Apple in a research note on Tuesday, September 26th. Bank of America restated a buy rating and set a $180.00 price objective on shares of Apple in a research note on Tuesday, September 26th. Drexel Hamilton restated a buy rating and set a $208.00 price objective on shares of Apple in a research note on Monday, September 25th. Finally, Raymond James Financial restated an outperform rating and set a $180.00 price objective (up from $170.00) on shares of Apple in a research note on Tuesday, September 26th. One equities research analyst has rated the stock with a sell rating, twelve have issued a hold rating, thirty-seven have assigned a buy rating and one has issued a strong buy rating to the company’s stock. The company currently has a consensus rating of Buy and a consensus price target of $200.70.
Apple (NASDAQ AAPL) traded up $0.04 during mid-day trading on Monday, hitting $177.04. 32,400,000 shares of the stock were exchanged, compared to its average volume of 25,630,000. Apple has a twelve month low of $119.50 and a twelve month high of $180.10. The company has a debt-to-equity ratio of 0.73, a current ratio of 1.28 and a quick ratio of 1.23. The firm has a market capitalization of $908,980.00, a P/E ratio of 19.26, a P/E/G ratio of 1.44 and a beta of 1.23.
In other news, insider Daniel J. Riccio sold 15,641 shares of the company’s stock in a transaction on Friday, January 5th. The stock was sold at an average price of $174.78, for a total transaction of $2,733,733.98. Following the transaction, the insider now owns 13,739 shares of the company’s stock, valued at $2,401,302.42. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, SVP Johny Srouji sold 5,760 shares of the company’s stock in a transaction on Wednesday, November 22nd. The shares were sold at an average price of $174.40, for a total value of $1,004,544.00. Following the transaction, the senior vice president now directly owns 81,560 shares in the company, valued at approximately $14,224,064. The disclosure for this sale can be found here. In the last three months, insiders sold 128,412 shares of company stock worth $22,115,155. Insiders own 0.06% of the company’s stock.
Several institutional investors and hedge funds have recently modified their holdings of AAPL. Blue Sky Asset Management LLC acquired a new position in Apple in the second quarter valued at about $108,000. FNY Managed Accounts LLC lifted its stake in Apple by 852.4% in the second quarter. FNY Managed Accounts LLC now owns 800 shares of the iPhone maker’s stock valued at $115,000 after buying an additional 716 shares during the period. Private Vista LLC acquired a new position in Apple in the second quarter valued at about $122,000. Armbruster Capital Management Inc. lifted its stake in Apple by 9.4% in the second quarter. Armbruster Capital Management Inc. now owns 911 shares of the iPhone maker’s stock valued at $131,000 after buying an additional 78 shares during the period. Finally, State of Alaska Department of Revenue acquired a new position in Apple in the second quarter valued at about $149,000. 60.20% of the stock is currently owned by institutional investors and hedge funds.
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Apple Inc (Apple) designs, manufactures and markets mobile communication and media devices, personal computers, and portable digital music players, and a variety of related software, services, peripherals, networking solutions, and third-party digital content and applications. The Company’s products and services include iPhone, iPad, Mac, iPod, Apple TV, a portfolio of consumer and professional software applications, the iOS and OS X operating systems, iCloud, and a variety of accessory, service and support offerings.
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