KeyCorp Lowers Apple (NASDAQ:AAPL) Price Target to $170.00

Apple (NASDAQ:AAPL) had its price objective reduced by stock analysts at KeyCorp from $200.00 to $170.00 in a research note issued to investors on Tuesday, Marketbeat reports. The firm currently has an “underweight” rating on the iPhone maker’s stock. KeyCorp’s price objective would indicate a potential downside of 14.51% from the stock’s current price.

Several other analysts have also recently weighed in on the stock. Oppenheimer cut shares of Apple from an “outperform” rating to a “market perform” rating in a report on Wednesday, January 29th. Evercore ISI lifted their price objective on shares of Apple from $260.00 to $275.00 and gave the stock an “outperform” rating in a research report on Tuesday, March 18th. Needham & Company LLC reissued a “buy” rating and issued a $260.00 target price on shares of Apple in a report on Friday, April 4th. Redburn Partners set a $230.00 price target on Apple in a report on Friday, January 31st. Finally, Wells Fargo & Company boosted their price objective on shares of Apple to $275.00 and gave the stock a “buy” rating in a research report on Monday, December 9th. Three equities research analysts have rated the stock with a sell rating, ten have issued a hold rating, twenty-one have given a buy rating and two have given a strong buy rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $240.26.

Apple Price Performance

Apple stock opened at $198.85 on Tuesday. Apple has a 52-week low of $164.08 and a 52-week high of $260.10. The firm has a market capitalization of $2.99 trillion, a price-to-earnings ratio of 31.56, a PEG ratio of 2.44 and a beta of 1.26. The company has a quick ratio of 0.88, a current ratio of 0.92 and a debt-to-equity ratio of 1.26. The company has a fifty day simple moving average of $224.31 and a 200-day simple moving average of $231.59.

Apple (NASDAQ:AAPL) last released its quarterly earnings results 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 return on equity of 160.83% and a net margin of 24.30%. On average, equities analysts anticipate that Apple will post 7.28 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, CEO Timothy D. Cook sold 108,136 shares of the firm’s stock in a transaction on Wednesday, April 2nd. The shares were sold at an average price of $223.65, for a total value of $24,184,616.40. Following the transaction, the chief executive officer now owns 3,280,295 shares of the company’s stock, valued at approximately $733,637,976.75. This trade represents a 3.19 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, SVP Katherine L. Adams sold 38,822 shares of the company’s stock in a transaction 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 sale, the senior vice president now directly owns 179,158 shares of the company’s stock, valued at approximately $40,072,269.86. This trade represents a 17.81 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 182,451 shares of company stock valued at $40,818,720. Company insiders own 0.06% of the company’s stock.

Institutional Investors Weigh In On Apple

Institutional investors and hedge funds have recently modified their holdings of the stock. Vanguard Group Inc. boosted its position in Apple by 3.7% in the 4th quarter. Vanguard Group Inc. now owns 1,395,785,512 shares of the iPhone maker’s stock valued at $349,532,608,000 after buying an additional 49,168,843 shares during the last quarter. State Street Corp increased its holdings in shares of Apple by 10.6% in the 3rd quarter. State Street Corp now owns 584,010,284 shares of the iPhone maker’s stock valued at $136,074,372,000 after acquiring an additional 55,935,105 shares during the last quarter. FMR LLC raised its holdings in shares of Apple by 5.3% during the third quarter. FMR LLC now owns 363,859,362 shares of the iPhone maker’s stock worth $84,779,231,000 after purchasing an additional 18,224,005 shares during the period. Geode Capital Management LLC raised its stake in Apple by 1.9% during the fourth quarter. Geode Capital Management LLC now owns 340,164,913 shares of the iPhone maker’s stock worth $84,999,145,000 after acquiring an additional 6,307,413 shares during the period. Finally, Norges Bank bought a new stake in shares of Apple in the 4th quarter worth approximately $46,868,648,000. Hedge funds and other 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.