Citigroup Increases Apple (NASDAQ:AAPL) Price Target to $275.00

Apple (NASDAQ:AAPL) had its price target boosted by Citigroup from $255.00 to $275.00 in a report released on Friday,Benzinga reports. The firm currently has a “buy” rating on the iPhone maker’s stock. Citigroup’s price target would indicate a potential upside of 17.49% from the stock’s current price.

AAPL has been the subject of several other reports. The Goldman Sachs Group upped their target price on Apple from $280.00 to $294.00 and gave the stock a “buy” rating in a research note on Friday. Moffett Nathanson restated a “sell” rating and set a $188.00 target price (down from $202.00) on shares of Apple in a report on Tuesday, January 7th. Maxim Group increased their price target on Apple from $203.00 to $215.00 and gave the company a “hold” rating in a research report on Friday, November 1st. Sanford C. Bernstein raised their target price on Apple from $240.00 to $260.00 and gave the stock an “outperform” rating in a research report on Friday, January 3rd. Finally, Piper Sandler restated a “neutral” rating and set a $225.00 price target on shares of Apple in a research note on Wednesday, October 9th. Four equities research analysts have rated the stock with a sell rating, ten have given a hold rating, twenty-one have given a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $242.52.

Apple Trading Down 1.5 %

AAPL traded down $3.52 during trading on Friday, reaching $234.07. The company had a trading volume of 65,404,208 shares, compared to its average volume of 58,164,684. The stock has a market cap of $3.52 trillion, a P/E ratio of 38.53, a PEG ratio of 2.39 and a beta of 1.20. The business has a 50 day simple moving average of $241.56 and a 200-day simple moving average of $230.86. Apple has a 52 week low of $164.07 and a 52 week high of $260.10. The company has a quick ratio of 0.83, a current ratio of 0.87 and a debt-to-equity ratio of 1.51.

Apple (NASDAQ:AAPL) last announced its quarterly earnings results on Thursday, January 30th. The iPhone maker reported $2.40 EPS for the quarter, beating the consensus estimate of $2.36 by $0.04. Apple had a return on equity of 152.94% and a net margin of 23.97%. On average, equities analysts anticipate that Apple will post 7.34 EPS for the current fiscal year.

Insider Transactions at Apple

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

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of the company. Drystone LLC purchased a new position in Apple during the 4th quarter worth approximately $25,000. Bull Oak Capital LLC boosted 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 worth $36,000 after purchasing an additional 111 shares during the last quarter. Hershey Financial Advisers LLC acquired a new stake in Apple during the 2nd quarter worth $42,000. Life Planning Partners Inc acquired a new position in shares of Apple during the 4th quarter valued at about $47,000. Finally, Christopher J. Hasenberg Inc boosted its position in shares of Apple by 88.9% during the 3rd quarter. Christopher J. Hasenberg Inc now owns 306 shares of the iPhone maker’s stock valued at $69,000 after acquiring an additional 144 shares during the last quarter. Institutional investors own 67.73% of the company’s stock.

Apple Company Profile

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.