Apple (NASDAQ:AAPL) Announces Quarterly Earnings Results

Apple (NASDAQ:AAPL) announced its earnings results on Thursday. The iPhone maker reported $1.40 EPS for the quarter, beating the consensus estimate of $1.34 by $0.06, Briefing.com reports. Apple had a net margin of 26.31% and a return on equity of 148.33%. The company had revenue of $85.78 billion during the quarter, compared to the consensus estimate of $84.43 billion. During the same quarter in the prior year, the company posted $1.26 earnings per share. The firm’s revenue for the quarter was up 4.9% on a year-over-year basis.

Apple Stock Performance

Shares of AAPL traded down $3.72 during mid-day trading on Thursday, hitting $218.36. 62,073,204 shares of the company traded hands, compared to its average volume of 63,284,762. The company has a debt-to-equity ratio of 1.24, a quick ratio of 0.99 and a current ratio of 1.04. Apple has a 1 year low of $164.07 and a 1 year high of $237.23. The stock has a market cap of $3.35 trillion, a price-to-earnings ratio of 34.15, a P/E/G ratio of 2.60 and a beta of 1.24. The stock has a 50-day moving average price of $212.53 and a two-hundred day moving average price of $190.81.

Insider Buying and Selling at Apple

In other Apple news, insider Chris Kondo sold 4,999 shares of the stock in a transaction dated Wednesday, May 15th. The stock was sold at an average price of $190.40, for a total value of $951,809.60. Following the transaction, the insider now owns 29,278 shares of the company’s stock, valued at $5,574,531.20. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. In related news, insider Chris Kondo sold 4,999 shares of the business’s stock in a transaction that occurred on Wednesday, May 15th. The shares were sold at an average price of $190.40, for a total transaction of $951,809.60. Following the completion of the sale, the insider now directly owns 29,278 shares in the company, valued at $5,574,531.20. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Arthur D. Levinson sold 75,000 shares of the stock in a transaction that occurred on Thursday, May 30th. The stock was sold at an average price of $191.58, for a total transaction of $14,368,500.00. Following the completion of the transaction, the director now owns 4,359,576 shares in the company, valued at $835,207,570.08. The disclosure for this sale can be found here. Company insiders own 0.06% of the company’s stock.

Analyst Upgrades and Downgrades

A number of analysts recently issued reports on AAPL shares. Barclays boosted their price objective on Apple from $164.00 to $187.00 and gave the company an “underweight” rating in a research note on Wednesday, July 24th. TD Cowen increased their price target on shares of Apple from $220.00 to $250.00 and gave the stock a “buy” rating in a report on Monday. Needham & Company LLC boosted their price objective on shares of Apple from $220.00 to $260.00 and gave the company a “buy” rating in a research note on Wednesday, July 10th. UBS Group reiterated a “neutral” rating and issued a $190.00 target price on shares of Apple in a research note on Monday, July 1st. Finally, Raymond James boosted their price target on shares of Apple from $200.00 to $250.00 and gave the company an “outperform” rating in a research report on Friday, July 26th. One equities research analyst has rated the stock with a sell rating, ten have given a hold rating, twenty-four have given a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $230.97.

Apple announced that its Board of Directors has approved a share repurchase program on Thursday, May 2nd that authorizes the company to repurchase $110.00 billion in shares. This repurchase authorization authorizes the iPhone maker to repurchase up to 3.9% of its stock through open market purchases. Stock repurchase programs are usually a sign that the company’s leadership believes its stock is undervalued.

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.