KeyCorp Downgrades Apple (NASDAQ:AAPL) to Underweight

Apple (NASDAQ:AAPL) was downgraded by stock analysts at KeyCorp from a “sector weight” rating to an “underweight” rating in a research report issued on Friday, Briefing.com reports. They currently have a $200.00 price target on the iPhone maker’s stock. KeyCorp’s price objective would suggest a potential downside of 13.26% from the stock’s previous close.

Several other research analysts have also commented on the company. Barclays reissued an “underweight” rating and issued a $186.00 price target on shares of Apple in a research report on Tuesday, October 1st. Evercore ISI reissued a “buy” rating and issued a $250.00 price target on shares of Apple in a research report on Thursday, September 26th. The Goldman Sachs Group boosted their price target on Apple from $265.00 to $275.00 and gave the stock a “buy” rating in a research report on Friday, August 2nd. Melius Research reissued a “buy” rating and issued a $265.00 price target on shares of Apple in a research report on Tuesday, August 27th. Finally, UBS Group reissued a “hold” rating and issued a $236.00 price target on shares of Apple in a research report on Wednesday, October 16th. Two research analysts have rated the stock with a sell rating, eleven have given a hold rating, twenty-three have given a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $235.91.

Apple Trading Down 0.1 %

Shares of NASDAQ AAPL opened at $230.57 on Friday. The company has a quick ratio of 0.91, a current ratio of 0.95 and a debt-to-equity ratio of 1.29. The business has a fifty day simple moving average of $226.64 and a two-hundred day simple moving average of $209.48. The firm has a market cap of $3.54 trillion, a PE ratio of 35.86, a price-to-earnings-growth ratio of 2.40 and a beta of 1.24. Apple has a twelve month low of $164.07 and a twelve month high of $237.49.

Apple (NASDAQ:AAPL) last issued its earnings results on Thursday, August 1st. The iPhone maker reported $1.40 earnings per share for the quarter, beating analysts’ consensus estimates of $1.34 by $0.06. The business had revenue of $85.78 billion during the quarter, compared to analyst estimates of $84.43 billion. Apple had a return on equity of 147.15% and a net margin of 26.44%. Apple’s revenue was up 4.9% on a year-over-year basis. During the same period in the previous year, the company posted $1.26 EPS. Analysts expect that Apple will post 6.65 earnings per share for the current fiscal year.

Insider Transactions at Apple

In other news, SVP Katherine L. Adams sold 100,000 shares of the company’s stock in a transaction dated Monday, August 5th. The stock was sold at an average price of $206.44, for a total value of $20,644,000.00. Following the sale, the senior vice president now owns 191,543 shares in the company, valued at $39,542,136.92. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. In related news, CFO Luca Maestri sold 59,305 shares of the company’s stock in a transaction dated Friday, October 4th. The stock was sold at an average price of $226.52, for a total value of $13,433,768.60. Following the completion of the transaction, the chief financial officer now owns 107,788 shares of the company’s stock, valued at approximately $24,416,137.76. This represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, SVP Katherine L. Adams sold 100,000 shares of the company’s stock in a transaction dated Monday, August 5th. The stock was sold at an average price of $206.44, for a total value of $20,644,000.00. Following the completion of the transaction, the senior vice president now directly owns 191,543 shares of the company’s stock, valued at $39,542,136.92. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 517,924 shares of company stock worth $114,786,399 over the last quarter. 0.06% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Apple

A number of large investors have recently bought and sold shares of the business. Orrstown Financial Services Inc. raised its holdings in Apple by 147.9% in the 3rd quarter. Orrstown Financial Services Inc. now owns 28,235 shares of the iPhone maker’s stock worth $6,579,000 after purchasing an additional 16,845 shares during the period. Autumn Glory Partners LLC raised its holdings in Apple by 29.6% in the 3rd quarter. Autumn Glory Partners LLC now owns 17,933 shares of the iPhone maker’s stock worth $4,182,000 after purchasing an additional 4,100 shares during the period. Arbor Investment Advisors LLC raised its holdings in shares of Apple by 135.3% during the third quarter. Arbor Investment Advisors LLC now owns 60,011 shares of the iPhone maker’s stock valued at $13,982,000 after acquiring an additional 34,508 shares during the last quarter. Sterling Manor Financial LLC lifted its position in shares of Apple by 1.4% in the third quarter. Sterling Manor Financial LLC now owns 13,593 shares of the iPhone maker’s stock valued at $3,167,000 after acquiring an additional 182 shares in the last quarter. Finally, TCI Wealth Advisors Inc. boosted its stake in shares of Apple by 2.4% in the third quarter. TCI Wealth Advisors Inc. now owns 144,042 shares of the iPhone maker’s stock worth $33,562,000 after acquiring an additional 3,312 shares during the last quarter. Institutional investors and hedge funds own 60.41% of the company’s stock.

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.