Morgan Stanley Cuts Apple (NASDAQ:AAPL) Price Target to $180.00

Apple (NASDAQ:AAPLGet Rating) had its price target decreased by research analysts at Morgan Stanley from $185.00 to $180.00 in a research report issued to clients and investors on Wednesday, MarketBeat reports. The brokerage currently has an “overweight” rating on the iPhone maker’s stock. Morgan Stanley’s target price would suggest a potential upside of 15.87% from the company’s current price.

A number of other research firms also recently issued reports on AAPL. Bank of America cut their price objective on shares of Apple from $215.00 to $200.00 and set a “buy” rating for the company in a report on Thursday, May 19th. Fundamental Research cut their price objective on shares of Apple from $179.32 to $175.24 and set an “average” rating for the company in a report on Friday, May 6th. Credit Suisse Group set a $169.00 price objective on shares of Apple in a report on Friday, April 29th. Oppenheimer restated an “outperform” rating and issued a $190.00 target price on shares of Apple in a research report on Wednesday, June 8th. Finally, KeyCorp dropped their target price on shares of Apple from $191.00 to $173.00 and set an “overweight” rating for the company in a research report on Tuesday, July 12th. Nine equities research analysts have rated the stock with a hold rating, twenty-four have assigned a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, Apple presently has an average rating of “Moderate Buy” and an average price target of $182.73.

Apple Stock Performance

Shares of AAPL stock opened at $155.35 on Wednesday. The company has a market capitalization of $2.51 trillion, a price-to-earnings ratio of 25.22, a PEG ratio of 1.96 and a beta of 1.19. The company has a debt-to-equity ratio of 1.53, a quick ratio of 0.88 and a current ratio of 0.93. The company has a 50-day simple moving average of $142.76 and a 200 day simple moving average of $158.20. Apple has a 52 week low of $129.04 and a 52 week high of $182.94.

Apple (NASDAQ:AAPLGet Rating) last announced its earnings results on Thursday, April 28th. The iPhone maker reported $1.52 EPS for the quarter, topping the consensus estimate of $1.43 by $0.09. The business had revenue of $97.28 billion during the quarter, compared to the consensus estimate of $93.99 billion. Apple had a net margin of 26.41% and a return on equity of 152.88%. Apple’s revenue was up 8.6% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $1.40 EPS. On average, sell-side analysts predict that Apple will post 6.09 earnings per share for the current year.

Apple announced that its Board of Directors has approved a stock buyback plan on Thursday, April 28th that permits the company to repurchase $90.00 billion in shares. This repurchase authorization permits the iPhone maker to buy up to 3.5% of its stock through open market purchases. Stock repurchase plans are usually an indication that the company’s board of directors believes its stock is undervalued.

Insider Activity

In other news, SVP Katherine L. Adams sold 25,000 shares of the stock in a transaction dated Wednesday, May 4th. The shares were sold at an average price of $161.72, for a total value of $4,043,000.00. Following the completion of the sale, the senior vice president now owns 452,334 shares in the company, valued at $73,151,454.48. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. 0.06% of the stock is currently owned by corporate insiders.

Institutional Trading of Apple

A number of large investors have recently added to or reduced their stakes in AAPL. Norges Bank bought a new position in Apple during the fourth quarter worth about $25,228,507,000. Aaron Wealth Advisors LLC boosted its position in Apple by 30,391.8% during the first quarter. Aaron Wealth Advisors LLC now owns 26,075,085 shares of the iPhone maker’s stock worth $149,333,000 after purchasing an additional 25,989,570 shares during the period. State Street Corp boosted its position in Apple by 1.8% during the fourth quarter. State Street Corp now owns 633,115,246 shares of the iPhone maker’s stock worth $112,422,274,000 after purchasing an additional 10,951,705 shares during the period. Capital Research Global Investors boosted its position in Apple by 31.7% during the first quarter. Capital Research Global Investors now owns 38,903,911 shares of the iPhone maker’s stock worth $6,793,041,000 after purchasing an additional 9,354,484 shares during the period. Finally, Vanguard Group Inc. boosted its position in Apple by 0.7% during the first quarter. Vanguard Group Inc. now owns 1,269,995,750 shares of the iPhone maker’s stock worth $221,753,959,000 after purchasing an additional 8,734,393 shares during the period. Hedge funds and other institutional investors own 57.98% of the company’s stock.

Apple Company Profile

(Get Rating)

Apple Inc designs, manufactures, and markets smartphones, personal computers, tablets, wearables, and accessories worldwide. It also sells various related services. In addition, the company offers iPhone, a line of smartphones; Mac, a line of personal computers; iPad, a line of multi-purpose tablets; AirPods Max, an over-ear wireless headphone; and wearables, home, and accessories comprising AirPods, Apple TV, Apple Watch, Beats products, HomePod, and iPod touch.

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