Apple (NASDAQ:AAPL) Downgraded to Sell at Maxim Group

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Apple (NASDAQ:AAPL) was downgraded by analysts at Maxim Group from a “hold” rating to a “sell” rating in a research report issued to clients and investors on Thursday, MarketBeat.com reports. They currently have a $190.00 price objective on the iPhone maker’s stock. Maxim Group’s price objective would suggest a potential downside of 28.51% from the stock’s previous close.

Several other equities analysts have also recently issued reports on AAPL. Goldman Sachs Group set a $192.00 price objective on Apple and gave the stock a “neutral” rating in a report on Wednesday, November 6th. Canaccord Genuity lifted their price objective on Apple from $260.00 to $275.00 and gave the stock a “buy” rating in a report on Thursday, October 31st. ValuEngine cut Apple from a “buy” rating to a “hold” rating in a report on Monday, October 7th. Loop Capital lifted their price objective on Apple to $250.00 and gave the stock a “hold” rating in a report on Thursday, October 31st. Finally, Nomura lifted their price objective on Apple from $205.00 to $225.00 and gave the stock a “neutral” rating in a report on Thursday, October 31st. Five investment analysts have rated the stock with a sell rating, thirteen have issued a hold rating, twenty-three have issued a buy rating and one has assigned a strong buy rating to the company. The company has a consensus rating of “Hold” and a consensus target price of $244.54.

NASDAQ:AAPL traded up $3.12 during mid-day trading on Thursday, reaching $265.76. 24,924,500 shares of the stock were exchanged, compared to its average volume of 24,032,838. The company has a quick ratio of 1.50, a current ratio of 1.54 and a debt-to-equity ratio of 1.01. Apple has a 1 year low of $142.00 and a 1 year high of $265.78. The stock has a market capitalization of $1,175.11 billion, a P/E ratio of 22.35, a P/E/G ratio of 1.88 and a beta of 1.25. The company has a 50 day simple moving average of $240.62 and a 200-day simple moving average of $211.23.

Apple (NASDAQ:AAPL) last posted its quarterly earnings results on Wednesday, October 30th. The iPhone maker reported $3.03 earnings per share for the quarter, beating the Zacks’ 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 firm had revenue of $64.04 billion for the quarter, compared to the consensus estimate of $62.86 billion. During the same period in the previous year, the business earned $2.91 earnings per share. The company’s revenue for the quarter was up 1.8% compared to the same quarter last year. As a group, research analysts predict that Apple will post 13.17 EPS for the current year.

In related news, Director Arthur D. Levinson sold 37,394 shares of the company’s stock in a transaction on Tuesday, November 5th. The stock was sold at an average price of $257.79, for a total value of $9,639,799.26. Following the completion of the transaction, the director now directly owns 1,170,677 shares in the company, valued at $301,788,823.83. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Timothy D. Cook sold 265,160 shares of the company’s stock in a transaction on Monday, August 26th. The shares were sold at an average price of $206.17, for a total value of $54,668,037.20. The disclosure for this sale can be found here. Over the last three months, insiders sold 448,158 shares of company stock valued at $97,019,630. Insiders own 0.05% of the company’s stock.

A number of institutional investors have recently added to or reduced their stakes in AAPL. Centaurus Financial Inc. grew its position in Apple by 17.9% during the first quarter. Centaurus Financial Inc. now owns 8,318 shares of the iPhone maker’s stock valued at $44,000 after acquiring an additional 1,262 shares during the period. Avondale Wealth Management grew its position in Apple by 25.4% during the second quarter. Avondale Wealth Management now owns 316 shares of the iPhone maker’s stock valued at $63,000 after acquiring an additional 64 shares during the period. NuWave Investment Management LLC grew its position in Apple by 2,245.0% during the second quarter. NuWave Investment Management LLC now owns 469 shares of the iPhone maker’s stock valued at $93,000 after acquiring an additional 449 shares during the period. Horan Securities Inc. grew its position in Apple by 64.2% during the second quarter. Horan Securities Inc. now owns 565 shares of the iPhone maker’s stock valued at $112,000 after acquiring an additional 221 shares during the period. Finally, Kahn Brothers Group Inc. DE purchased a new stake in Apple during the third quarter valued at about $112,000. Hedge funds and other institutional investors own 59.62% of the company’s stock.

About Apple

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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