Traders Buy Apple Inc. (AAPL) on Weakness

Traders bought shares of Apple Inc. (NASDAQ:AAPL) on weakness during trading hours on Monday. $1,755.46 million flowed into the stock on the tick-up and $1,313.92 million flowed out of the stock on the tick-down, for a money net flow of $441.54 million into the stock. Of all stocks tracked, Apple had the highest net in-flow for the day. Apple traded down ($1.34) for the day and closed at $150.55

Several research firms recently weighed in on AAPL. Nomura set a $185.00 price target on Apple and gave the stock a “buy” rating in a research note on Monday. Citigroup Inc. reiterated a “buy” rating and set a $170.00 target price on shares of Apple in a research note on Friday. Maxim Group reiterated a “buy” rating and set a $182.00 target price on shares of Apple in a research note on Friday. Piper Jaffray Companies reiterated an “overweight” rating and set a $196.00 target price (up from $190.00) on shares of Apple in a research note on Friday. Finally, Vetr upgraded Apple from a “buy” rating to a “strong-buy” rating and set a $173.06 target price on the stock in a research note on Friday. Ten analysts have rated the stock with a hold rating, forty-three have issued a buy rating and one has issued a strong buy rating to the company. The stock currently has a consensus rating of “Buy” and a consensus price target of $188.59.

The firm has a 50-day moving average price of $159.51 and a 200-day moving average price of $149.86. The company has a market capitalization of $777.77 billion, a PE ratio of 17.096 and a beta of 1.27.

Apple (NASDAQ:AAPL) last released its earnings results on Tuesday, August 1st. The iPhone maker reported $1.67 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.57 by $0.10. Apple had a net margin of 20.87% and a return on equity of 35.40%. The firm had revenue of $45.41 billion during the quarter, compared to the consensus estimate of $44.94 billion. During the same period in the previous year, the firm earned $1.42 earnings per share. Apple’s revenue was up 7.2% compared to the same quarter last year. Equities analysts expect that Apple Inc. will post $9.01 earnings per share for the current fiscal year.

In other Apple news, insider Johny Srouji sold 5,892 shares of the business’s stock in a transaction that occurred on Monday, August 28th. The shares were sold at an average price of $161.00, for a total transaction of $948,612.00. Following the completion of the sale, the insider now directly owns 70,358 shares in the company, valued at $11,327,638. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, CEO Timothy D. Cook sold 268,623 shares of the business’s stock in a transaction that occurred on Monday, August 28th. The stock was sold at an average price of $160.63, for a total transaction of $43,148,912.49. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 432,930 shares of company stock valued at $69,008,577. 0.08% of the stock is owned by insiders.

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Vantage Financial Partners Ltd. Inc. purchased a new stake in Apple during the second quarter worth approximately $400,000. Blue Sky Asset Management LLC purchased a new stake in Apple during the second quarter worth approximately $108,000. FNY Managed Accounts LLC grew its stake in Apple by 852.4% during the second quarter. FNY Managed Accounts LLC now owns 800 shares of the iPhone maker’s stock worth $115,000 after buying an additional 716 shares during the period. Hefty Wealth Partners grew its stake in Apple by 27.6% during the second quarter. Hefty Wealth Partners now owns 804 shares of the iPhone maker’s stock worth $115,000 after buying an additional 174 shares during the period. Finally, American Beacon Advisors Inc. purchased a new stake in Apple during the first quarter worth approximately $117,000. Institutional investors own 60.35% of the company’s stock.

TRADEMARK VIOLATION NOTICE: This article was reported by The Ledger Gazette and is the sole property of of The Ledger Gazette. If you are viewing this article on another website, it was copied illegally and reposted in violation of US & international copyright & trademark law. The correct version of this article can be viewed at https://ledgergazette.com/2017/09/25/traders-buy-apple-inc-aapl-on-weakness-2.html.

About Apple

Apple Inc (Apple) designs, manufactures and markets mobile communication and media devices, personal computers, and portable digital music players, and a variety of related software, services, peripherals, networking solutions, and third-party digital content and applications. The Company’s products and services include iPhone, iPad, Mac, iPod, Apple TV, a portfolio of consumer and professional software applications, the iOS and OS X operating systems, iCloud, and a variety of accessory, service and support offerings.

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

Leave a Reply