JPMorgan Chase & Co. Issues Pessimistic Forecast for Apple (NASDAQ:AAPL) Stock Price

Apple (NASDAQ:AAPL) had its price target dropped by analysts at JPMorgan Chase & Co. from $265.00 to $260.00 in a research note issued on Thursday,BayStreet.CA reports. JPMorgan Chase & Co.‘s target price indicates a potential upside of 10.17% from the stock’s previous close.

A number of other equities research analysts also recently weighed in on the stock. Piper Sandler reaffirmed a “neutral” rating and issued a $225.00 target price on shares of Apple in a research note on Wednesday, October 9th. Monness Crespi & Hardt raised their price objective on shares of Apple to $245.00 and gave the company a “buy” rating in a research report on Wednesday, January 22nd. Needham & Company LLC reiterated a “buy” rating and issued a $260.00 target price on shares of Apple in a research report on Tuesday, January 21st. Barclays lowered their price target on Apple from $184.00 to $183.00 and set an “underweight” rating on the stock in a research report on Wednesday, January 22nd. Finally, UBS Group reiterated a “neutral” rating and issued a $236.00 price objective on shares of Apple in a report on Monday, December 2nd. Four research analysts have rated the stock with a sell rating, ten have issued a hold rating, twenty-one have assigned a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $242.52.

Apple Stock Down 0.7 %

AAPL opened at $236.00 on Thursday. The firm has a market capitalization of $3.55 trillion, a P/E ratio of 38.82, a price-to-earnings-growth ratio of 2.39 and a beta of 1.20. Apple has a one year low of $164.07 and a one year high of $260.10. The company has a fifty day moving average price of $241.56 and a 200-day moving average price of $230.86. The company has a debt-to-equity ratio of 1.51, a current ratio of 0.87 and a quick ratio of 0.83.

Apple (NASDAQ:AAPL) last posted its earnings results on Thursday, January 30th. The iPhone maker reported $2.40 EPS for the quarter, topping the consensus estimate of $2.36 by $0.04. Apple had a return on equity of 152.94% and a net margin of 23.97%. Equities research analysts expect that Apple will post 7.34 earnings per share for the current fiscal year.

Insider Activity

In other news, insider Chris Kondo sold 4,130 shares of the business’s stock in a transaction that occurred on Monday, November 18th. The stock was sold at an average price of $228.87, for a total value of $945,233.10. Following the sale, the insider now directly owns 15,419 shares of the company’s stock, valued at $3,528,946.53. The trade was a 21.13 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, COO Jeffrey E. Williams sold 100,000 shares of the firm’s stock in a transaction that occurred on Monday, December 16th. The shares were sold at an average price of $249.97, for a total value of $24,997,000.00. Following the transaction, the chief operating officer now directly owns 389,944 shares of the company’s stock, valued at approximately $97,474,301.68. This trade represents a 20.41 % decrease in their position. The disclosure for this sale can be found here. Company insiders own 0.06% of the company’s stock.

Hedge Funds Weigh In On Apple

A number of hedge funds have recently bought and sold shares of the company. Drystone LLC bought a new position in shares of Apple in the fourth quarter worth approximately $25,000. Bull Oak Capital LLC lifted its position in 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 acquiring an additional 111 shares in the last quarter. Hershey Financial Advisers LLC purchased a new stake in Apple during the 2nd quarter valued at $42,000. SPX Gestao de Recursos Ltda bought a new stake in shares of Apple in the 3rd quarter worth $71,000. Finally, Christopher J. Hasenberg Inc raised its stake in shares of Apple by 88.9% in the third quarter. Christopher J. Hasenberg Inc now owns 306 shares of the iPhone maker’s stock worth $69,000 after purchasing an additional 144 shares during the last quarter. Institutional investors own 67.73% of the company’s stock.

Apple Company Profile

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.