Stock analysts at Wedbush lifted target price for Apple Inc. (NASDAQ:AAPL) shares but reaffirmed their Outperform recommendation for the stock in their opinion released on November 15. The price target has been increased from $300 to $325. Piper Jaffray analysts again handed out a Overweight rating to AAPL shares but they lifted target price for the firm in a flash note to investors on November 15. The price target has been raised from $270 to the new $290. Piper Jaffray, analysts launched coverage of AAPL shares with a Overweight recommendation, according to their flash note to investors on November 15. Analysts at Maxim Group downgraded the company stock to a Sell call from its previous Hold stance, in a flash note that dated back to November 14.
For the period that ended October 31, 2019, the short interest in Apple Inc. (NASDAQ:AAPL) stock is on the down. The 5.98% decline could be an indication that investors and traders expect a growth in the share price, often as a result of an advancement in the business’ fundamentals. The average brokerage opinion at 2.1 suggests acquiring these shares. Between October 15 and October 31, the total count of shorted shares totalled 45.15 million. That number was 2,870,902 less shares compared with the total of 48.02 million shares in the space of prior two weeks, which suggests more traders or funds are betting that the company stock will move up. The average daily volume for AAPL at the October 31st settlement retreated to 24,014,403, versus 30,419,114 at the October 15th report. That led days to cover to move at 1.880196, a 19.1% increase compared to the 1.578701 days to cover recorded at the prior short interest data release.
Let’s take a glimpse at some insider activity at Apple Inc. (NASDAQ:AAPL) and observe the pattern. The earliest insider trade happened on 11/05/2019. LEVINSON ARTHUR D parted with a total of 37.39 thousand shares of the firm at average share price of $257.79. The total amount for the sale was set at $9.64 million. On completing this exchange, the Director account balance was 1.15 million shares. The stock grew 3.09 percent from that insider sale. On 10/16/2019, KONDO CHRIS, Principal Accounting Officer, did a sale of 3.93 thousand shares at a price of $233.26 per share. This got rid of 917.18 thousand shares from the insider’s fortune and the stock experienced a 13.93 percent rally in price since the news became public. This exchange saw 8.21 thousand shares get out from the Principal Accounting Officer account. On 10/16/2019, Senior Vice President O’BRIEN DEIRDRE recorded a sale transaction valued at $2.92 million. The sale at $234.04 a share has eliminated 12.46 thousand shares from the insider’s portfolio position. Meanwhile, shares price witnessed 13.55 percent increase since the transaction reporting date. The company insider is left with 33.85 thousand shares remaining in the account. Maestri Luca, who works as Senior Vice President, CFO at the company, performed a sale of 61.66 thousand shares in a transaction worth $14.08 million. The disposal recorded on 10/07/2019 was priced at $228.38 per share. The stock price soared 16.37 percent since the transaction. Maestri Luca currently holds a stake of 27.45 thousand in AAPL stock which is worth $7.29 million after the insider selling.
Apple Inc. (AAPL) is most likely going to rise -3.6 percent in the coming 12 months, as per price target approximations compiled by finviz. Nevertheless, they have set the price target at a $325-month high price target. This represents a whopping 22.29 percent increase from the current trading of shares. The 52-week median price target given by the analysts is $270, which means a return possibility of 1.6 percent in comparison with the closing price of the stock of $265.76 on November 15. The lowest price set for the stock is $150 — just above -43.56 percent from AAPL share price now.
The stock is lingering around the initial support level of $263.92. After this, the following support is at the zone of $262.08. Up until the time the AAPL stock hit levels beyond the current one, bulls should have no alarm. In terms of its momentum, the stock’s RSI hit 77.95 on the daily chart, and this may be a cause for concern. In case the price goes below $262.08 level on closing basis, there may be more profit booking with the stock growing weaker. Still, getting to the $266.69 level may cause a pull-back move approaching $267.62 mark.
On November 15, 2019, Apple Inc. (NASDAQ:AAPL) shares gained 1.19% or 3.12 points to close at $265.76 with a thin trading volume of 24.836 million shares. It opened the trading session at $263.68, the shares rose to $265.78 and dropped to $263.01, the range by which the price of stock traded the whole day. The company now has a market cap of $1190 billion and currently has 4.49 billion outstanding shares. Apple Inc. (AAPL) stock has accumulated 12.95 percent of market value in 21 trading days.
AAPL stock’s trailing 3-year beta is 1.23, meaning there will be a greater rate of return, although posing a higher risk. The part of a firm’s profit given to each outstanding share of regular stock was $11.85 share in the trailing 52 weeks. The stock’s value surged 68.48 percent year to date (YTD) compared to a rise of 42.27 percent in 52 week’s period. The firm’s shares are still trading 0.33 percent below its 1-year high of $264.88 and 87.15 percent up from 52-week low of $142.00. The average consensus ranking on the company is 2.1, on a ranging where 5 is equal to a consensus sell rating. In other words, the mean analyst recommendations are ranking this stock as a sell.
Apple Inc. (AAPL) shares are trading at a P/E ratio of 22.4 times earnings posted in the trailing 12 months. The industry AAPL deals with has an average P/E of 20.3. Its P/B ratio is standing at 13X compared to the 8.7 industry average. It is additionally sporting a 4.7 on the Price-to-Sales ratio, compared to the industry’s P/S average of 3.5. Apple Inc. has a 37.8% gross profit margin, with its operating margin around 24.6%. Alongside this, the company’s net profit margin currently stands at 21.2%.
Past records have indicated that shares in Apple Inc. rose on 22 different earnings reaction days and we have yet to see whether this trend will play out and remain in place when the company reports upcoming earnings.