JPMorgan Chase & Co. Has Lowered Expectations for Apple (NASDAQ:AAPL) Stock Price

Apple (NASDAQ:AAPL) had its target price dropped by investment 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 price target points to a potential upside of 9.16% from the company’s previous close.

Other equities analysts have also issued research reports about the stock. KeyCorp lowered shares of Apple from a “sector weight” rating to an “underweight” rating and set a $200.00 target price on the stock. in a report on Friday, October 25th. StockNews.com downgraded shares of Apple from a “buy” rating to a “hold” rating in a research report on Friday, November 1st. Barclays reduced their price objective on shares of Apple from $184.00 to $183.00 and set an “underweight” rating on the stock in a research note on Wednesday, January 22nd. Piper Sandler reissued a “neutral” rating and issued a $225.00 target price on shares of Apple in a research report on Wednesday, October 9th. Finally, Rosenblatt Securities reaffirmed a “buy” rating and set a $262.00 price target on shares of Apple in a research report on Monday. Four equities research analysts have rated the stock with a sell rating, ten have assigned a hold rating, twenty-one have assigned a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $238.05.

Apple Trading Down 0.5 %

Apple stock traded down $1.19 during trading on Thursday, reaching $238.18. The company had a trading volume of 15,292,289 shares, compared to its average volume of 55,623,488. The company has a debt-to-equity ratio of 1.51, a quick ratio of 0.83 and a current ratio of 0.87. The firm has a market capitalization of $3.58 trillion, a price-to-earnings ratio of 39.19, a PEG ratio of 2.19 and a beta of 1.20. Apple has a 12-month low of $164.07 and a 12-month high of $260.10. The stock’s 50 day moving average price is $241.37 and its two-hundred day moving average price is $230.81.

Apple (NASDAQ:AAPL) last announced its quarterly earnings results on Thursday, October 31st. The iPhone maker reported $1.64 EPS for the quarter, topping the consensus estimate of $1.60 by $0.04. The company had revenue of $94.93 billion during the quarter, compared to analyst estimates of $94.52 billion. Apple had a return on equity of 152.94% and a net margin of 23.97%. The firm’s revenue was up 6.1% on a year-over-year basis. During the same period in the prior year, the firm posted $1.46 earnings per share. As a group, equities analysts expect that Apple will post 7.43 earnings per share for the current fiscal year.

Insider Activity

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

Hedge Funds Weigh In On Apple

Hedge funds have recently modified their holdings of the stock. Drystone LLC purchased a new position in shares of Apple during the fourth quarter valued at $25,000. Bull Oak Capital LLC grew its stake in Apple by 252.3% during 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 acquired a new position in shares of Apple in the 2nd quarter valued at about $42,000. SPX Gestao de Recursos Ltda acquired a new stake in shares of Apple during the third quarter worth approximately $71,000. Finally, Christopher J. Hasenberg Inc increased its stake in 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 buying an additional 144 shares during the period. 67.73% of the stock is currently 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.