Apple (NASDAQ:AAPL) Given New $350.00 Price Target at JPMorgan Chase & Co.

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Apple (NASDAQ:AAPL) had its price target increased by analysts at JPMorgan Chase & Co. from $300.00 to $350.00 in a note issued to investors on Wednesday, MarketBeat.com reports. The brokerage currently has a “buy” rating on the iPhone maker’s stock. JPMorgan Chase & Co.‘s price objective points to a potential upside of 10.17% from the company’s current price.

AAPL has been the subject of several other reports. Argus reaffirmed a “buy” rating and set a $350.00 price objective (up from $300.00) on shares of Apple in a research report on Friday, January 10th. Jefferies Financial Group upped their price objective on Apple from $285.00 to $350.00 and gave the stock a “buy” rating in a research report on Thursday, January 9th. Bank of America upped their price objective on Apple from to in a research report on Thursday, January 23rd. Needham & Company LLC cut Apple from a “strong-buy” rating to a “buy” rating and upped their price objective for the stock from $280.00 to $350.00 in a research report on Monday, January 6th. Finally, Credit Suisse Group upped their price objective on Apple to $275.00 and gave the stock a “neutral” rating in a research report on Monday. They noted that the move was a valuation call. Five equities research analysts have rated the stock with a sell rating, thirteen have issued a hold rating, twenty-six have given a buy rating and one has assigned a strong buy rating to the stock. Apple presently has an average rating of “Buy” and an average price target of $298.38.

AAPL stock opened at $317.69 on Wednesday. The company has a debt-to-equity ratio of 1.01, a current ratio of 1.54 and a quick ratio of 1.50. The stock has a market capitalization of $1,392.76 billion, a P/E ratio of 26.81, a P/E/G ratio of 2.30 and a beta of 1.25. The business has a 50-day moving average of $297.71 and a 200-day moving average of $245.77. Apple has a fifty-two week low of $154.11 and a fifty-two week high of $323.33.

Apple (NASDAQ:AAPL) last posted its quarterly earnings data on Tuesday, January 28th. The iPhone maker reported $4.99 earnings per share for the quarter, topping the consensus estimate of $4.54 by $0.45. The company had revenue of $91.80 billion during the quarter, compared to analysts’ expectations of $88.41 billion. Apple had a return on equity of 53.82% and a net margin of 21.24%. Apple’s revenue for the quarter was up 8.9% compared to the same quarter last year. During the same period in the prior year, the firm earned $4.18 earnings per share. Equities analysts expect that Apple will post 13.16 EPS for the current year.

In other Apple news, Director Arthur D. Levinson sold 37,394 shares of the firm’s stock in a transaction dated Tuesday, November 5th. The shares were sold at an average price of $257.79, for a total value of $9,639,799.26. Following the transaction, the director now directly owns 1,170,677 shares of the company’s stock, valued at approximately $301,788,823.83. The transaction was disclosed in a legal filing with the SEC, which is available through this link. 0.05% of the stock is owned by company insiders.

Several institutional investors have recently modified their holdings of the company. CXI Advisors bought a new stake in shares of Apple during the 4th quarter worth $68,000. Kahn Brothers Group Inc. DE acquired a new stake in Apple in the third quarter valued at about $112,000. Belvedere Advisors LLC bought a new position in Apple in the second quarter valued at about $119,000. Fulcrum Equity Management bought a new position in Apple in the third quarter valued at about $135,000. Finally, Avondale Wealth Management grew its position in Apple by 68.0% in the fourth quarter. Avondale Wealth Management now owns 531 shares of the iPhone maker’s stock valued at $156,000 after acquiring an additional 215 shares during the last quarter. 60.28% of the stock is owned by institutional investors.

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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