Strategic Financial Services Inc. reduced its stake in Apple Inc. (NASDAQ: AAPL) by 5.7% during the second quarter, according to its latest Form 13F filing with the Securities and Exchange Commission. The institutional investor sold 3,849 shares, bringing its total holdings to 63,958 shares. Apple now represents approximately 0.8% of Strategic Financial Services Inc.'s portfolio, ranking it as the 18th largest position. The value of the holdings at the end of the quarter was $18,507,000.
Other institutional investors also made adjustments to their Apple positions during the quarter. Avenir Tech Ltd acquired a new stake worth about $29,000, while Longfellow Investment Management Co. LLC and Lifetime Wealth Management P.C. each established new positions valued at approximately $30,000 and $41,000, respectively. ABS Investment Management LLC made a significant purchase, acquiring a new position worth about $376,168,000. Basso Capital Management L.P. also bought a new stake valued at approximately $88,000. Currently, 67.73% of Apple's stock is owned by institutional investors and hedge funds.
Apple's stock opened at $336.64 on Friday, with a market cap of $4.91 trillion. The company's financial metrics include a P/E ratio of 38.61, a PEG ratio of 2.71, and a beta of 1.07. The stock's 50-day simple moving average is $322.61, and its 200-day moving average is $302.99. Apple reported strong earnings for the quarter ending July 30th, with $2.02 earnings per share, beating estimates by $0.13. The company's revenue was $109.42 billion, up 16.4% year-over-year.
Insider activity included CEO John Ternus selling 25,412 shares at an average price of $332.94, totaling $8,460,671.28. SVP Jennifer Newstead sold 2,399 shares at $332.01, worth $796,491.99. Insiders have sold 279,383 shares worth $92,912,517 in the last three months, with insiders currently owning 0.06% of the stock.
Analysts have mixed views on Apple. Evercore and Loop Capital set a price target of $380.00 with an 'outperform' rating, while Royal Bank of Canada set a $365.00 target. Raymond James and Oppenheimer maintain a 'market perform' rating. The stock has an average rating of 'Moderate Buy' with a consensus price target of $340.02.