Apple Inc. (NASDAQ: $AAPL) is a renowned global technology conglomerate, specializing in the creation, production, and distribution of a diverse range of electronic devices, including smartphones, personal computers, tablets, wearables, and various accessories.
Among its flagship products are the iPhone, the Mac series of personal computers and laptops, the iPad, the Apple Watch, and Apple TV.
Furthermore, Apple has rapidly expanded its services sector, encompassing the iCloud cloud service, as well as digital streaming content platforms such as Apple Music and Apple TV+.
Established in 1976 by the visionary duo of Steve Jobs and Stephen Wozniak, Apple had its humble beginnings in the Jobs’ family garage before evolving into a multifaceted technology giant.
A crucial facet of Apple’s growth strategy has been the acquisition of small tech companies, seamlessly integrating them into its ever-expanding product portfolio.
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After four years of inception, Apple conducted an initial public offering (IPO) on December 12, 1980, with shares initially priced at $22.00 each. Apple’s stock is actively traded on the Nasdaq Global Select Market.
Since 2011, Tim Cook has held the position of chief executive officer (CEO) at Apple, solidifying the company’s status as a stalwart within the information technology sector.
Apple’s operations span across several industries, sustaining its competitive edge through its diverse product line, which includes computer hardware, technology, video streaming, and cloud computing.
As of Friday, October 6, 2023, Apple Inc.’s stock closed at $177.49 per share on the NASDAQ stock exchange.
This marked a 2.02% increase from its opening price of $173.90 on the same day. Apple Inc. boasts a substantial market capitalization of $2,726.90 billion, supported by a total of 15.63 billion shares outstanding.
Apple Stock Price Recent News
AAPL Nears All-Time High, Following iPhone 15 Release
Investors in Apple (AAPL) have been eagerly anticipating a rebound in the tech giant’s stock following the release of the iPhone 15, which became available on September 22.
Despite a decline in its stock price since reaching a recent peak in late July, Apple’s performance continues to outshine that of most other stocks.
On Tuesday, the IBD Relative Strength (RS) Rating for Apple climbed to 82, an improvement from the previous day’s rating of 78.
With its upgraded RS Rating of 82, out of a possible 99, Apple’s stock has demonstrated price performance that surpasses 82% of all stocks, regardless of their industry, over the past year.
This is noteworthy because market research indicates that top-performing stocks typically maintain an RS Rating above 80 during the early stages of their upward trends.
Among its other key ratings, Apple, headquartered in Cupertino, California, also boasts a robust Earnings Per Share (EPS) Rating of 86, placing it in the top 14% of stocks in terms of recent and long-term profit growth.
The 86 rating is primarily attributed to its strong track record of previous earnings. It’s worth noting that the company’s earnings increased by a modest 5% in the last quarter and remained flat year-over-year in the preceding quarter.
Apple’s Composite Rating, which combines five distinct proprietary ratings into one, stands at 75. The most promising growth stocks typically have a Composite Rating of 90 or higher.
One area where Apple’s stock shows relative weakness is its Accumulation/Distribution Rating, which is graded on an A+ to E scale.
The E rating suggests that larger funds are selling Apple shares. However, there is a positive indicator in the increasing number of funds holding Apple stock over the past four quarters.
In the December 2022-ended quarter, 6,548 funds held Apple, and this number rose to 6,790 in September, indicating bullish sentiment.
Apple CEO Earns $41M From Stocks Since 2021
In a recent filing with the US Securities Exchange Commission, it was disclosed that Tim Cook, Apple’s CEO, realized $41.5 million in earnings from the largest share sale in two years.
This sale involved Cook divesting himself of 511,000 shares, originally valued at around $87.8 million before accounting for tax deductions. Notably, he had previously garnered $355 million from a stock sale in August 2021.
Despite this latest sale, Cook still maintains ownership of approximately 3.3 million Apple shares, presently valued at approximately $565 million, as indicated in the filing.
However, Apple’s stock has witnessed a 13% decline since reaching its all-time high of $198.23 in July, prompting concerns among investors regarding the pace of the recovery in demand for smartphones.
This drop in stock value coincides with Apple’s recent introduction of its iPhone 15 lineup, which maintained pricing amidst a global downturn in the smartphone market.
Additionally, analysts at KeyBanc downgraded their rating on Apple’s stock from “overweight” to “sector-weight,” citing concerns about a potential slowdown in sales growth within the United States, Apple’s largest market segment.
This downgrade was influenced by expectations that fewer US consumers would upgrade their devices due to rising inflation.
These sentiments were further substantiated by a report from research firm Canalys, which projected a 12% decline in North American smartphone shipments for 2023.
Consequently, Apple is faced with the challenge of navigating the shifting landscape of the smartphone market.
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