Apple (NASDAQ:AAPL) Given New $245.00 Price Target at Citigroup

Apple (NASDAQ:AAPL - Get Free Report) had its price objective reduced by stock analysts at Citigroup from $275.00 to $245.00 in a research report issued to clients and investors on Monday,Benzinga reports. The brokerage presently has a "buy" rating on the iPhone maker's stock. Citigroup's target price would suggest a potential upside of 24.50% from the stock's previous close.

Other equities research analysts have also issued research reports about the stock. KeyCorp raised shares of Apple from an "underweight" rating to a "sector weight" rating in a report on Monday. Maxim Group upped their price target on shares of Apple to $215.00 and gave the stock a "hold" rating in a research report on Friday, February 21st. Raymond James lifted their price objective on Apple to $250.00 and gave the stock a "buy" rating in a report on Friday, April 4th. Wedbush dropped their target price on shares of Apple from $325.00 to $250.00 and set an "outperform" rating for the company in a report on Monday, April 7th. Finally, Moffett Nathanson restated a "sell" rating and issued a $188.00 price target (down from $202.00) on shares of Apple in a research report on Tuesday, January 7th. Two equities research analysts have rated the stock with a sell rating, ten have given a hold rating, twenty-two have given a buy rating and two have given a strong buy rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $235.85.

Apple Stock Performance

Apple stock traded up $2.52 during midday trading on Monday, hitting $196.79. 51,328,536 shares of the company were exchanged, compared to its average volume of 56,870,940. The company has a debt-to-equity ratio of 1.26, a quick ratio of 0.88 and a current ratio of 0.92. The business has a fifty day simple moving average of $220.36 and a two-hundred day simple moving average of $230.28. Apple has a fifty-two week low of $164.08 and a fifty-two week high of $260.10. The firm has a market capitalization of $2.96 trillion, a PE ratio of 31.24, a price-to-earnings-growth ratio of 2.44 and a beta of 1.26.

Apple (NASDAQ:AAPL - Get Free Report) last issued its quarterly earnings data on Thursday, January 30th. The iPhone maker reported $2.40 earnings per share for the quarter, topping analysts' consensus estimates of $2.36 by $0.04. Apple had a net margin of 24.30% and a return on equity of 160.83%. On average, sell-side analysts forecast that Apple will post 7.28 earnings per share for the current year.

Insider Activity at Apple

In other news, SVP Katherine L. Adams sold 38,822 shares of the company's stock in a transaction that occurred on Wednesday, April 2nd. The stock was sold at an average price of $223.67, for a total transaction of $8,683,316.74. Following the completion of the transaction, the senior vice president now directly owns 179,158 shares of the company's stock, valued at approximately $40,072,269.86. This represents a 17.81 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Timothy D. Cook sold 108,136 shares of the firm's stock in a transaction that occurred on Wednesday, April 2nd. The stock was sold at an average price of $223.65, for a total value of $24,184,616.40. Following the completion of the sale, the chief executive officer now directly owns 3,280,295 shares in the company, valued at approximately $733,637,976.75. This trade represents a 3.19 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 182,451 shares of company stock valued at $40,818,720 over the last ninety days. Corporate insiders own 0.06% of the company's stock.

Institutional Investors Weigh In On Apple

Several large investors have recently added to or reduced their stakes in AAPL. Drystone LLC bought a new position in Apple in the 4th quarter worth about $25,000. Bull Oak Capital LLC grew its holdings in Apple by 252.3% in the 3rd quarter. Bull Oak Capital LLC now owns 155 shares of the iPhone maker's stock worth $36,000 after buying an additional 111 shares in the last quarter. Life Planning Partners Inc acquired a new stake in Apple in the 4th quarter valued at approximately $47,000. Conquis Financial LLC bought a new stake in Apple during the 4th quarter valued at $63,000. Finally, LSV Asset Management acquired a new position in Apple during the 4th quarter worth $65,000. 67.73% of the stock is owned by institutional investors and hedge funds.

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.