Knollwood Trims Apple Holdings as Institutions Boost Stakes

Knollwood Investment Advisory LLC reduced its stake in Apple Inc. (NASDAQ:AAPL) by 15.6% during the second quarter, according to its latest Form 13F filing with the SEC. The firm sold 23,368 shares, leaving it with 126,467 shares valued at $36,594,000. Apple now represents 3.3% of Knollwood's holdings, making it the fourth-largest position in the portfolio.

Meanwhile, several other institutional investors expanded their positions in Apple during the same period. Berkshire Hathaway Inc. purchased a new stake worth about $65.95 billion, while Bank of America Corp DE acquired shares valued at approximately $36.99 billion. Legal & General Group Plc, Deutsche Bank AG, and Mitsubishi UFJ Asset Management Co. Ltd. also bought significant new positions, totaling billions. Collectively, institutional investors own 67.73% of Apple's stock.

In related news, Apple's CEO John Ternus sold 25,412 shares on October 2nd at an average price of $332.94, totaling $8.46 million. This transaction reduced his ownership by 29.90%, leaving him with 59,567 shares worth approximately $19.83 million. The sale was disclosed as part of tax withholding obligations related to vested equity awards. Additionally, SVP Jennifer Newstead sold 2,399 shares on September 29th for $806,495.82, decreasing her ownership by 5.40%. Insiders have sold a total of 276,984 shares valued at $92.12 million over the past ninety days.

Analysts have recently updated their price targets for Apple. Piper Sandler initiated coverage with an "overweight" rating, while KGI Securities downgraded the stock to "hold" with a $315.00 target. Evercore set a $380.00 target and an "outperform" rating, and Robert W. Baird raised its target to $330.00. Citigroup reiterated a "buy" rating. The average rating among analysts is "Moderate Buy," with a consensus price target of $340.02.