Piper Jaffray Companies Trims Apple (AAPL) Target Price to $187.00

Apple (NASDAQ:AAPL) had its price target lowered by Piper Jaffray Companies from $222.00 to $187.00 in a research report sent to investors on Thursday, January 3rd, The Fly reports. The firm currently has an overweight rating on the iPhone maker’s stock. Piper Jaffray Companies also issued estimates for Apple’s Q3 2019 earnings at $2.51 EPS, FY2019 earnings at $12.78 EPS, Q1 2020 earnings at $4.75 EPS, Q2 2020 earnings at $3.33 EPS, Q3 2020 earnings at $2.76 EPS and FY2020 earnings at $14.21 EPS.

Several other research firms also recently commented on AAPL. New Street Research reissued a sell rating on shares of Apple in a research report on Tuesday, September 18th. Needham & Company LLC upped their price target on shares of Apple from $220.00 to $260.00 and gave the company a buy rating in a report on Thursday, September 13th. Citigroup decreased their price target on shares of Apple from $265.00 to $240.00 and set a buy rating for the company in a report on Friday, November 2nd. Bank of America restated a buy rating on shares of Apple in a report on Tuesday, October 9th. Finally, Goldman Sachs Group restated a neutral rating and set a $182.00 price target (down from $209.00) on shares of Apple in a report on Tuesday, November 20th. Three investment analysts have rated the stock with a sell rating, twenty-six have given a hold rating and twenty-two have given a buy rating to the company. The stock has an average rating of Hold and a consensus target price of $195.19.

AAPL opened at $152.29 on Thursday. Apple has a 12-month low of $142.00 and a 12-month high of $233.47. The company has a quick ratio of 1.09, a current ratio of 1.12 and a debt-to-equity ratio of 0.87. The firm has a market capitalization of $753.54 billion, a PE ratio of 12.79, a price-to-earnings-growth ratio of 1.45 and a beta of 1.23.

Apple (NASDAQ:AAPL) last posted its earnings results on Thursday, November 1st. The iPhone maker reported $2.91 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $2.78 by $0.13. The firm had revenue of $62.90 billion for the quarter, compared to the consensus estimate of $61.55 billion. Apple had a net margin of 22.41% and a return on equity of 48.68%. The business’s quarterly revenue was up 19.6% on a year-over-year basis. During the same period in the prior year, the business posted $2.07 earnings per share. Sell-side analysts anticipate that Apple will post 12.1 EPS for the current fiscal year.

In other Apple news, insider Chris Kondo sold 3,408 shares of Apple stock in a transaction on Monday, November 19th. The shares were sold at an average price of $190.00, for a total transaction of $647,520.00. Following the completion of the sale, the insider now owns 8,940 shares of the company’s stock, valued at approximately $1,698,600. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Company insiders own 0.06% of the company’s stock.

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. Parkside Advisors LLC boosted its position in shares of Apple by 3.6% during the fourth quarter. Parkside Advisors LLC now owns 4,018 shares of the iPhone maker’s stock worth $634,000 after purchasing an additional 139 shares in the last quarter. Accurate Investment Solutions Inc. boosted its position in shares of Apple by 5.8% during the fourth quarter. Accurate Investment Solutions Inc. now owns 6,785 shares of the iPhone maker’s stock worth $1,070,000 after purchasing an additional 369 shares in the last quarter. Edge Wealth Management LLC boosted its position in shares of Apple by 20.1% during the fourth quarter. Edge Wealth Management LLC now owns 104,783 shares of the iPhone maker’s stock worth $16,528,000 after purchasing an additional 17,524 shares in the last quarter. Pure Financial Advisors Inc. boosted its position in shares of Apple by 14.7% during the fourth quarter. Pure Financial Advisors Inc. now owns 24,065 shares of the iPhone maker’s stock worth $3,796,000 after purchasing an additional 3,087 shares in the last quarter. Finally, YHB Investment Advisors Inc. boosted its position in shares of Apple by 6.4% during the fourth quarter. YHB Investment Advisors Inc. now owns 129,006 shares of the iPhone maker’s stock worth $20,349,000 after purchasing an additional 7,715 shares in the last quarter. 57.06% 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. 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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