Bank of America Boosts International Business Machines (NYSE:IBM) Price Target to $330.00

International Business Machines (NYSE:IBM) had its price target lifted by analysts at Bank of America from $315.00 to $330.00 in a note issued to investors on Monday,Benzinga reports. The brokerage currently has a “buy” rating on the technology company’s stock. Bank of America‘s price objective would indicate a potential upside of 14.21% from the stock’s current price.

Several other equities analysts have also commented on IBM. Morgan Stanley raised shares of International Business Machines from an “equal weight” rating to an “overweight” rating in a report on Tuesday, June 23rd. Weiss Ratings cut International Business Machines from a “buy (b-)” rating to a “hold (c+)” rating in a report on Wednesday, June 24th. Royal Bank Of Canada reissued an “outperform” rating on shares of International Business Machines in a research note on Tuesday, June 23rd. Wolfe Research cut shares of International Business Machines to a “peer perform” rating in a research report on Tuesday, June 23rd. Finally, JPMorgan Chase & Co. raised International Business Machines from a “neutral” rating to an “overweight” rating and raised their price objective for the company from $270.00 to $291.00 in a research report on Tuesday, June 23rd. One analyst has rated the stock with a Strong Buy rating, sixteen have given a Buy rating and nine have issued a Hold rating to the stock. According to data from MarketBeat.com, International Business Machines has a consensus rating of “Moderate Buy” and a consensus target price of $306.47.

International Business Machines Stock Performance

Shares of IBM opened at $288.95 on Monday. The firm has a market cap of $271.58 billion, a PE ratio of 25.55, a PEG ratio of 3.00 and a beta of 0.68. International Business Machines has a 1 year low of $212.34 and a 1 year high of $332.46. The company has a debt-to-equity ratio of 1.75, a current ratio of 0.80 and a quick ratio of 0.76. The stock’s fifty day moving average price is $256.99 and its two-hundred day moving average price is $266.06.

International Business Machines (NYSE:IBM) last posted its quarterly earnings data on Wednesday, April 22nd. The technology company reported $1.91 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.81 by $0.10. The firm had revenue of $15.92 billion during the quarter, compared to analysts’ expectations of $15.60 billion. International Business Machines had a return on equity of 37.23% and a net margin of 15.61%.The company’s revenue for the quarter was up 9.5% compared to the same quarter last year. During the same period in the prior year, the business earned $1.60 EPS. On average, equities research analysts forecast that International Business Machines will post 12.4 EPS for the current year.

Institutional Trading of International Business Machines

Institutional investors and hedge funds have recently bought and sold shares of the company. CVA Family Office LLC increased its position in shares of International Business Machines by 1.4% during the fourth quarter. CVA Family Office LLC now owns 2,389 shares of the technology company’s stock valued at $708,000 after acquiring an additional 33 shares in the last quarter. Foster Group Inc. increased its holdings in shares of International Business Machines by 1.3% in the 4th quarter. Foster Group Inc. now owns 2,507 shares of the technology company’s stock worth $742,000 after purchasing an additional 33 shares in the last quarter. New Covenant Trust Company N.A. raised its stake in shares of International Business Machines by 3.8% in the fourth quarter. New Covenant Trust Company N.A. now owns 905 shares of the technology company’s stock worth $264,000 after purchasing an additional 33 shares during the last quarter. McGowan Group Asset Management Inc. lifted its holdings in shares of International Business Machines by 1.2% during the fourth quarter. McGowan Group Asset Management Inc. now owns 2,693 shares of the technology company’s stock valued at $798,000 after purchasing an additional 33 shares in the last quarter. Finally, Altman Advisors Inc. lifted its holdings in shares of International Business Machines by 0.3% during the third quarter. Altman Advisors Inc. now owns 9,929 shares of the technology company’s stock valued at $2,802,000 after purchasing an additional 34 shares in the last quarter. 58.96% of the stock is currently owned by institutional investors.

International Business Machines Company Profile

International Business Machines Corporation (IBM) is a global technology and consulting company headquartered in Armonk, New York. Founded in 1911 as the Computing-Tabulating-Recording Company (CTR) and renamed IBM in 1924, the company has evolved from early electromechanical machines to a diversified technology provider serving enterprises and governments worldwide. IBM is publicly traded on the New York Stock Exchange under the ticker symbol IBM.

IBM’s principal businesses encompass cloud computing and software, infrastructure and systems, consulting and technology services, and research and development.