5 Best Tech Stocks to Buy According to Man GLG

2. Apple Inc. (NASDAQ:AAPL)

Man GLG’s Stake Value: $527,221,000

Percentage of Man GLG’s 13F Portfolio: 1.84%

Number of Hedge Fund Holders: 120

Steve Jobs’ Apple Inc. (NASDAQ:AAPL) is one of the Big Five US tech firms, offering consumer electronics, computer software, and related hardware. Apple Inc. (NASDAQ:AAPL) is one of the top tech stocks from the Q3 portfolio of Man GLG, with the hedge fund owning 3.72 million shares in the company, worth $527.2 million, representing 1.84% of the total 13F portfolio. 

Apple Inc. (NASDAQ:AAPL)’s Q3 EPS came in at $1.24 on October 28, in line with analysts’ estimates. The $83.36 billion revenue jumped 28.84% year-over-year, yet missed revenue estimates by -$1.62 billion. 

Wells Fargo analyst Aaron Rakers on November 23 kept an Overweight rating on Apple Inc. (NASDAQ:AAPL) shares with a $165 price target, stating that China’s demand for branded mobile phones increased by 85% year-over-year, which is a positive derivative data point for Apple’s iPhone.

Warren Buffett’s Berkshire Hathaway is the leading Q3 stakeholder of Apple Inc. (NASDAQ:AAPL), with over 887 million shares worth approximately $125.5 billion. Overall, 120 hedge funds in the third quarter were bullish on Apple Inc. (NASDAQ:AAPL), down from 138 funds holding stakes in the company in Q2. 

Here is what ClearBridge Investments has to say about Apple Inc. in its Q1 2021 investor letter:

“As we actively manage holdings and position sizes, we look to regularly recycle capital into more compelling opportunities. Maintaining our valuation discipline, we sharply reduced our position in Apple, whose shares more than doubled following our initial purchase in mid-2019 with an earnings multiple rising from the low-to-mid teens to nearly 30x.”