Loop Capital Issues Pessimistic Forecast for Apple (NASDAQ:AAPL) Stock Price

Apple (NASDAQ:AAPL) had its target price reduced by stock analysts at Loop Capital from $300.00 to $275.00 in a report issued on Monday, Marketbeat reports. The firm currently has a “buy” rating on the iPhone maker’s stock. Loop Capital’s target price would suggest a potential upside of 23.07% from the company’s previous close.

Several other brokerages have also recently commented on AAPL. Robert W. Baird raised their price objective on shares of Apple from $200.00 to $240.00 and gave the company an “outperform” rating in a research note on Thursday, July 25th. JPMorgan Chase & Co. reiterated an “overweight” rating and issued a $265.00 price objective on shares of Apple in a research note on Tuesday, September 10th. Morgan Stanley reiterated an “overweight” rating and issued a $273.00 price objective on shares of Apple in a research note on Tuesday, September 10th. Piper Sandler Companies reiterated a “neutral” rating and issued a $225.00 price objective (up previously from $190.00) on shares of Apple in a research note on Tuesday, July 9th. Finally, Piper Sandler reaffirmed a “neutral” rating and issued a $225.00 price target on shares of Apple in a report on Wednesday, October 9th. Two research analysts have rated the stock with a sell rating, twelve have issued a hold rating, twenty-two have assigned a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, Apple currently has a consensus rating of “Moderate Buy” and an average price target of $235.51.

Apple Stock Up 0.6 %

Shares of NASDAQ:AAPL opened at $223.45 on Monday. The company has a market cap of $3.40 trillion, a price-to-earnings ratio of 36.75, a PEG ratio of 2.39 and a beta of 1.24. The firm’s 50-day simple moving average is $226.98 and its 200-day simple moving average is $213.44. The company has a quick ratio of 0.83, a current ratio of 0.87 and a debt-to-equity ratio of 1.51. Apple has a fifty-two week low of $164.07 and a fifty-two week high of $237.49.

Apple (NASDAQ:AAPL) last announced its quarterly earnings data on Thursday, October 31st. The iPhone maker reported $1.64 EPS for the quarter, beating the consensus estimate of $1.60 by $0.04. Apple had a net margin of 23.97% and a return on equity of 152.94%. The firm had revenue of $94.93 billion during the quarter, compared to analysts’ expectations of $94.52 billion. During the same quarter last year, the business earned $1.46 earnings per share. The business’s revenue for the quarter was up 6.1% compared to the same quarter last year. As a group, equities research analysts predict that Apple will post 7.45 earnings per share for the current year.

Insider Activity

In other news, SVP Katherine L. Adams sold 61,019 shares of Apple stock in a transaction dated Wednesday, October 2nd. The stock was sold at an average price of $226.20, for a total value of $13,802,497.80. Following the transaction, the senior vice president now directly owns 187,043 shares of the company’s stock, valued at $42,309,126.60. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this link. In related news, SVP Katherine L. Adams sold 61,019 shares of the business’s stock in a transaction that occurred on Wednesday, October 2nd. The stock was sold at an average price of $226.20, for a total transaction of $13,802,497.80. Following the transaction, the senior vice president now directly owns 187,043 shares of the company’s stock, valued at approximately $42,309,126.60. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, insider Chris Kondo sold 5,178 shares of the business’s stock in a transaction that occurred on Friday, August 9th. The stock was sold at an average price of $216.50, for a total value of $1,121,037.00. Following the transaction, the insider now directly owns 24,125 shares in the company, valued at $5,223,062.50. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 417,924 shares of company stock valued at $94,142,399 in the last three months. Corporate insiders own 0.06% of the company’s stock.

Hedge Funds Weigh In On Apple

A number of institutional investors have recently made changes to their positions in AAPL. Fidelis Capital Partners LLC raised its position in shares of Apple by 17.9% in the 1st quarter. Fidelis Capital Partners LLC now owns 206,455 shares of the iPhone maker’s stock valued at $35,000 after purchasing an additional 31,278 shares in the last quarter. Bull Oak Capital LLC raised its position in shares of Apple by 252.3% in the 3rd quarter. Bull Oak Capital LLC now owns 155 shares of the iPhone maker’s stock valued at $36,000 after purchasing an additional 111 shares in the last quarter. Hershey Financial Advisers LLC acquired a new position in shares of Apple in the 2nd quarter valued at approximately $42,000. Christopher J. Hasenberg Inc raised its position in shares of Apple by 88.9% in the 3rd quarter. Christopher J. Hasenberg Inc now owns 306 shares of the iPhone maker’s stock valued at $69,000 after purchasing an additional 144 shares in the last quarter. Finally, ARK Investment Management LLC acquired a new position in shares of Apple in the 3rd quarter valued at approximately $110,000. 60.41% of the stock is owned by institutional investors and hedge funds.

About Apple

Apple Inc designs, manufactures, and markets smartphones, personal computers, tablets, wearables, and accessories worldwide. The company offers iPhone, a line of smartphones; Mac, a line of personal computers; iPad, a line of multi-purpose tablets; and wearables, home, and accessories comprising AirPods, Apple TV, Apple Watch, Beats products, and HomePod.