Apple (NASDAQ:AAPL) Given New $420.00 Price Target at Bank of America

Apple (NASDAQ:AAPL) had its target price upped by Bank of America from $410.00 to $420.00 in a report released on Friday morning, Stock Target Advisor reports. The firm currently has a buy rating on the iPhone maker’s stock.

Other analysts have also recently issued research reports about the company. Deutsche Bank restated a buy rating and set a $440.00 target price (up previously from $400.00) on shares of Apple in a report on Friday. Nomura Securities increased their target price on Apple from $225.00 to $240.00 and gave the stock a neutral rating in a report on Thursday, April 9th. Oppenheimer increased their target price on Apple from $320.00 to $420.00 and gave the stock an outperform rating in a report on Friday. Jefferies Financial Group increased their target price on Apple from $370.00 to $405.00 and gave the stock a buy rating in a report on Friday, June 19th. Finally, Daiwa Capital Markets increased their target price on Apple from $297.00 to $320.00 and gave the stock an outperform rating in a report on Wednesday, May 6th. Four analysts have rated the stock with a sell rating, fourteen have assigned a hold rating and thirty-one have assigned a buy rating to the company’s stock. The stock presently has an average rating of Buy and a consensus price target of $370.23.

Apple stock traded up $40.28 during mid-day trading on Friday, hitting $425.04. 93,573,867 shares of the company were exchanged, compared to its average volume of 30,266,534. The company has a quick ratio of 1.46, a current ratio of 1.50 and a debt-to-equity ratio of 1.14. The business has a fifty day moving average of $367.96 and a 200 day moving average of $313.71. Apple has a 1-year low of $192.58 and a 1-year high of $425.66. The company has a market capitalization of $1,842.26 billion, a PE ratio of 32.32, a price-to-earnings-growth ratio of 2.83 and a beta of 1.18.

Apple’s stock is scheduled to split on Monday, August 31st. The 4-1 split was announced on Thursday, July 30th. The newly minted shares will be payable to shareholders after the closing bell on Friday, August 28th.

Apple (NASDAQ:AAPL) last released its quarterly earnings data on Thursday, July 30th. The iPhone maker reported $2.58 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.03 by $0.55. Apple had a return on equity of 67.82% and a net margin of 21.33%. The firm had revenue of $59.69 billion during the quarter, compared to analyst estimates of $51.94 billion. Research analysts expect that Apple will post 12.35 earnings per share for the current year.

In related news, insider Chris Kondo sold 4,491 shares of Apple stock in a transaction that occurred on Friday, May 8th. The stock was sold at an average price of $305.62, for a total value of $1,372,539.42. Following the sale, the insider now owns 7,370 shares of the company’s stock, valued at approximately $2,252,419.40. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. 0.05% of the stock is currently owned by company insiders.

A number of hedge funds have recently bought and sold shares of the business. HM Capital Management LLC boosted its stake in Apple by 0.9% in the 2nd quarter. HM Capital Management LLC now owns 3,314 shares of the iPhone maker’s stock valued at $1,209,000 after purchasing an additional 28 shares during the period. Hummer Financial Advisory Services Inc boosted its stake in Apple by 2.1% in the 2nd quarter. Hummer Financial Advisory Services Inc now owns 1,467 shares of the iPhone maker’s stock valued at $535,000 after purchasing an additional 30 shares during the period. Defender Capital LLC. boosted its stake in Apple by 1.3% in the 2nd quarter. Defender Capital LLC. now owns 2,396 shares of the iPhone maker’s stock valued at $874,000 after purchasing an additional 31 shares during the period. Pathway Financial Advisors LLC boosted its stake in Apple by 0.7% in the 2nd quarter. Pathway Financial Advisors LLC now owns 4,702 shares of the iPhone maker’s stock valued at $1,715,000 after purchasing an additional 31 shares during the period. Finally, Malaga Cove Capital LLC boosted its stake in Apple by 1.1% in the 2nd quarter. Malaga Cove Capital LLC now owns 2,747 shares of the iPhone maker’s stock valued at $1,002,000 after purchasing an additional 31 shares during the period. Hedge funds and other institutional investors own 61.96% of the company’s stock.

Apple Company Profile

Apple Inc designs, manufactures, and markets smartphones, personal computers, tablets, wearables, and accessories worldwide. It also sells various related services. 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, HomePod, iPod touch, and other Apple-branded and third-party accessories.

Read More: Trading Ex-Dividend Strategy

Analyst Recommendations for Apple (NASDAQ:AAPL)

Receive News & Ratings for Apple Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Apple and related companies with MarketBeat.com's FREE daily email newsletter.