Loop Capital Boosts Apple (AAPL) Outlook
Fintel broke the news on July 15, 2024, about Loop Capital’s bold move to upgrade Apple (NasdaqGS:AAPL) from a mere ‘Hold’ to a sparkling ‘Buy.’ This notable shift in stance from Loop Capital has set tongues wagging in the financial world.
Analyst Price Forecast Demonstrates Downside
As of July 3, 2024, Apple’s average one-year price target is $217.42/share. This forecast displays a range from $165.64 to $288.75. However, the average price target hints at a 5.69% decline from its recent closing price of $230.54/share.
Curious about the fund sentiment? Well, brace yourself. A whopping 6,920 funds or institutions have revealed their positions in Apple, marking a 1.38% surge in the last quarter. The average portfolio weight dedicated to AAPL stands at 3.07%, showing a noteworthy 16.19% boost. Despite this, total shares owned by institutions took a 2.09% hit over the last three months, shrinking to 9,872,851K shares.
Shifting Shareholder Landscapes
In the ever-evolving landscape of shareholders, Berkshire Hathaway holds 789,368K shares of Apple, representing 5.15% ownership. In a change of tides, Berkshire Hathaway reported a 14.72% decrease in ownership in its prior filing. The firm slashed its portfolio allocation in AAPL by a substantial 18.69% over the past quarter.
Vanguard Total Stock Market Index Fund Investor Shares, tagged as VTSMX, grips 461,127K shares of Apple, owning 3.01% of the company. Interestingly, VTSMX reported a slight 0.56% decrease in ownership during its previous filing. The fund shaved 19.25% off its portfolio allocation in AAPL over the last quarter.
Stepping into the ring, Vanguard 500 Index Fund Investor Shares, known as VFINX, holds a stake in Apple with 365,796K shares, representing 2.39% ownership. In a twist of fate, VFINX witnessed a 2.37% increase in ownership holdings compared to the last filing. However, the fund saw a 19.56% reduction in its AAPL portfolio allocation in the past quarter.
Geode Capital Management stands its ground with 307,721K shares of Apple, constituting 2.01% ownership. In a surprising turn, Geode Capital Management observed a 2.24% increase in ownership since its prior filing. Nonetheless, the firm trimmed its AAPL portfolio allocation by 19.43% during the last quarter.
Lastly, Price T Rowe Associates secured 206,972K shares of Apple, commanding a 1.35% ownership stake. In an intriguing development, Price T Rowe Associates encountered a 1.86% drop in ownership compared to its previous filing. The firm decisively cut its AAPL portfolio allocation by 20.24% over the past quarter.
Delving into Apple’s Roots
Apple Inc. stands as an American multinational technology behemoth situated in Cupertino, California. Its illustrious repertoire features a dazzling array of consumer electronics, computer software, and online services. Dubbed as one of the Big Five in the U.S. information technology sector, Apple shines alongside Amazon, Google, Microsoft, and Facebook in the tech constellation.
Apple’s product constellation encompasses a galaxy of hardware, from the iconic iPhone and iPad to the Mac and Apple Watch. In the realm of software, iOS, macOS, and more dance elegantly, catering to the tech-savvy audience. The tech giant also boasts a repertoire of online services, including the iTunes Store, Apple Music, and iCloud.
Apple’s story originates from the brainchild of Steve Jobs, Steve Wozniak, and Ronald Wayne back in 1976. Ever since its inception, Apple revolutionized the tech sphere with various product launches and software innovations, becoming a household name worldwide.