Apple (NASDAQ:AAPL) Stock Rating Upgraded by China Renaissance

Apple (NASDAQ:AAPL) was upgraded by equities researchers at China Renaissance from a “hold” rating to a “buy” rating in a research report issued to clients and investors on Wednesday, FinViz reports. The firm presently has a $425.00 price objective on the iPhone maker’s stock. China Renaissance‘s price objective would suggest a potential upside of 21.93% from the company’s previous close.

AAPL has been the subject of a number of other research reports. Jefferies Financial Group reiterated an “underperform” rating on shares of Apple in a research report on Wednesday, September 9th. Oppenheimer reissued a “market perform” rating on shares of Apple in a research report on Thursday, September 10th. HSBC restated a “buy” rating on shares of Apple in a research note on Tuesday, October 27th. Deutsche Bank Aktiengesellschaft cut shares of Apple from a “buy” rating to a “hold” rating in a report on Monday, August 17th. Finally, Needham & Company LLC restated a “hold” rating on shares of Apple in a research report on Thursday, October 1st. Two research analysts have rated the stock with a Strong Buy rating, twenty-five have issued a Buy rating, twelve have assigned a Hold rating and four have given a Sell rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $347.11.

Apple Stock Down 0.6%

AAPL stock opened at $348.56 on Wednesday. The company has a debt-to-equity ratio of 0.61, a quick ratio of 0.94 and a current ratio of 1.02. The company has a market capitalization of $5.07 trillion, a price-to-earnings ratio of 38.86, a PEG ratio of 3.38 and a beta of 1.07. Apple has a fifty-two week low of $243.42 and a fifty-two week high of $355.38. The stock has a fifty day moving average of $337.27 and a 200-day moving average of $299.52.

Apple (NASDAQ:AAPL) last announced its quarterly earnings data on Monday, November 2nd. The iPhone maker reported $2.10 earnings per share for the quarter, topping the consensus estimate of $1.99 by $0.11. Apple had a return on equity of 125.35% and a net margin of 27.60%. The company had revenue of $114.48 billion during the quarter, compared to analyst estimates of $113.40 billion. During the same quarter last year, the firm posted $1.85 EPS. The firm’s revenue for the quarter was up 11.7% on a year-over-year basis. As a group, equities research analysts predict that Apple will post 9.44 earnings per share for the current year.

Insider Buying and Selling at Apple

In other news, CFO Kevan Parekh sold 1,392 shares of the business’s stock in a transaction on Friday, October 16th. The shares were sold at an average price of $345.05, for a total transaction of $480,309.60. Following the completion of the transaction, the chief financial officer directly owned 17,539 shares in the company, valued at $6,051,831.95. The trade was a 7.35% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, SVP Deirdre O’brien sold 46,389 shares of the company’s stock in a transaction on Friday, October 2nd. The stock was sold at an average price of $333.42, for a total transaction of $15,467,020.38. Following the completion of the transaction, the senior vice president directly owned 136,810 shares in the company, valued at approximately $45,615,190.20. The trade was a 25.32% decrease in their position. The SEC filing for this sale provides additional information. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders have sold a total of 290,212 shares of company stock worth $96,639,685 in the last ninety days. Insiders own 0.06% of the company’s stock.

Hedge Funds Weigh In On Apple

A number of institutional investors have recently added to or reduced their stakes in AAPL. Edmond DE Rothschild Holding S.A. increased its position in shares of Apple by 4.0% in the third quarter. Edmond DE Rothschild Holding S.A. now owns 308,524 shares of the iPhone maker’s stock worth $102,745,000 after purchasing an additional 11,920 shares during the last quarter. GW&K Investment Management LLC lifted its position in Apple by 2.0% during the third quarter. GW&K Investment Management LLC now owns 118,134 shares of the iPhone maker’s stock valued at $39,341,000 after purchasing an additional 2,373 shares during the last quarter. Private Wealth Asset Management LLC grew its stake in Apple by 101.5% in the 3rd quarter. Private Wealth Asset Management LLC now owns 220,918 shares of the iPhone maker’s stock worth $75,636,000 after buying an additional 111,282 shares in the last quarter. Alteri Wealth LLC grew its stake in Apple by 3.9% in the 3rd quarter. Alteri Wealth LLC now owns 79,968 shares of the iPhone maker’s stock worth $26,631,000 after buying an additional 3,033 shares in the last quarter. Finally, Greenline Wealth Management LLC grew its stake in Apple by 1.4% in the 3rd quarter. Greenline Wealth Management LLC now owns 17,000 shares of the iPhone maker’s stock worth $5,661,000 after buying an additional 229 shares in the last quarter. 67.73% of the stock is currently owned by institutional investors.

Key Stories Impacting Apple

Here are the key news stories impacting Apple this week:

• Positive Sentiment: China Renaissance upgraded Apple to Buy from Hold and set a Street-high $425 price target, a notable bullish catalyst. Analyst sets Street-high Apple stock price target
• Positive Sentiment: Apple’s relatively restrained AI infrastructure spending may appeal to investors wary of the heavy costs and risks facing AI-focused peers. The company can potentially monetize AI through its devices and services without matching their data-center investments. Apple holds capex steady as peers accelerate AI infrastructure buildout
• Neutral Sentiment: Brokerages’ reported average price target of $343.74 is below the recent share level, highlighting a gap between the wider analyst outlook and the new $425 Street-high call. Apple stock has average price target of $343.74 according to brokerages
• Negative Sentiment: Binance warned that an iOS vulnerability could let malicious apps access files containing crypto wallet keys and other credentials. The reported risk may raise security and reputational concerns; it is not specific to Binance, and the status of a fix was unclear. Binance warns iOS flaw could expose crypto wallet keys
• Negative Sentiment: Reports of a supplier investigation following worker deaths at a Tata Electronics facility, alongside broader labor and operating issues in India, add supply-chain and reputational risk as Apple expands manufacturing there. Fires, protests, pollution: Apple’s supply chain woes in India
• Negative Sentiment: Apple also faces potential headwinds from rising memory costs, questions about its valuation after a strong rally, and intensifying competition in China. These issues could weigh on margins and growth expectations. Apple is above $5 trillion after its first-ever close above $350

Apple Company Profile

Apple Inc. designs, manufactures and markets consumer electronics, software and digital services. Its products include the iPhone, Mac computers, iPad, Apple Watch and AirPods, along with operating systems and applications such as iOS, macOS and iPadOS. The company also offers services including the App Store, Apple Music, Apple TV+, iCloud and Apple Pay. These products and services are integrated across Apple’s devices and are sold to consumers, businesses and institutions around the world. Founded in 1976 and headquartered in Cupertino, California, Apple serves customers globally through online and retail stores, wireless carriers and other resellers.