Bank of America Corp Raises Apple Inc. (AAPL) Price Target to $155.00

Apple Inc. (NASDAQ:AAPL) had its price objective raised by Bank of America Corp from $145.00 to $155.00 in a report published on Thursday morning. Bank of America Corp currently has a buy rating on the iPhone maker’s stock.

Other equities analysts have also issued research reports about the stock. Nomura set a $135.00 price target on shares of Apple and gave the stock a buy rating in a research report on Wednesday, January 4th. Raymond James Financial, Inc. reaffirmed an outperform rating on shares of Apple in a research report on Thursday, December 22nd. Stifel Nicolaus reaffirmed a hold rating and set a $130.00 price target on shares of Apple in a research report on Friday, March 3rd. Canaccord Genuity reaffirmed a buy rating and set a $140.00 price target on shares of Apple in a research report on Thursday, December 15th. Finally, Rosenblatt Securities set a $102.00 price target on shares of Apple and gave the stock a hold rating in a research report on Wednesday, December 7th. Two analysts have rated the stock with a sell rating, nine have assigned a hold rating, thirty-eight have issued a buy rating and two have issued a strong buy rating to the stock. The stock has an average rating of Buy and an average target price of $140.24.

Shares of Apple (NASDAQ:AAPL) opened at 141.46 on Thursday. Apple has a one year low of $89.47 and a one year high of $141.50. The firm has a market cap of $742.18 billion, a P/E ratio of 16.98 and a beta of 1.26. The stock’s 50 day moving average is $134.83 and its 200-day moving average is $119.06.

Apple (NASDAQ:AAPL) last issued its quarterly earnings results on Tuesday, January 31st. The iPhone maker reported $3.36 EPS for the quarter, topping the consensus estimate of $3.22 by $0.14. Apple had a net margin of 20.73% and a return on equity of 34.94%. The firm earned $78.35 billion during the quarter, compared to analyst estimates of $77.37 billion. During the same quarter in the prior year, the business posted $3.28 earnings per share. Apple’s revenue for the quarter was up 3.3% compared to the same quarter last year. Analysts anticipate that Apple will post $8.94 EPS for the current fiscal year.

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In other Apple news, CEO Timothy D. Cook sold 30,000 shares of the firm’s stock in a transaction dated Thursday, January 19th. The shares were sold at an average price of $120.00, for a total value of $3,600,000.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Luca Maestri sold 2,300 shares of the firm’s stock in a transaction dated Wednesday, December 28th. The stock was sold at an average price of $117.67, for a total transaction of $270,641.00. Following the completion of the transaction, the insider now owns 4,632 shares of the company’s stock, valued at $545,047.44. The disclosure for this sale can be found here. Over the last quarter, insiders sold 403,844 shares of company stock valued at $51,434,527. Corporate insiders own 0.08% of the company’s stock.

Several hedge funds and other institutional investors have recently made changes to their positions in the company. Cullinan Associates Inc. boosted its position in shares of Apple by 0.6% in the third quarter. Cullinan Associates Inc. now owns 196,464 shares of the iPhone maker’s stock valued at $22,210,000 after buying an additional 1,231 shares during the last quarter. Carnick & Kubik Group LLC purchased a new position in shares of Apple during the second quarter valued at approximately $1,471,000. Williams Jones & Associates LLC boosted its position in shares of Apple by 14.4% in the second quarter. Williams Jones & Associates LLC now owns 768,506 shares of the iPhone maker’s stock valued at $73,469,000 after buying an additional 96,464 shares during the last quarter. Springowl Associates LLC purchased a new position in shares of Apple during the second quarter valued at approximately $860,000. Finally, Kentucky Retirement Systems Insurance Trust Fund purchased a new position in shares of Apple during the second quarter valued at approximately $21,143,000. Institutional investors own 58.76% of the company’s stock.

Apple Company Profile

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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