5 Cash-Rich Tech Stocks to Buy Now

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1. Apple Inc. (NASDAQ:AAPL)

Free Cash Flow: $107.58 Billion

Number of Hedge Fund Holders: 128

On July 28, Apple Inc. (NASDAQ:AAPL) announced market-beating earnings for the fiscal third quarter of 2022. The company reported earnings per share of $1.20 and beat expectations by $0.04. The company’s revenue for the quarter amounted to roughly $83 billion. As of September 7, Apple Inc. (NASDAQ:AAPL) has trailing twelve-month free cash flows of $107.5 billion.

Wall Street is bullish on Apple Inc. (NASDAQ:AAPL). On August 29, Wedbush analyst Daniel Ives reiterated his $220 price target on and an Outperform rating on the stock. On September 6, Credit Suisse analyst Shannon Cross reiterated her buy-side Outperform rating and $201 price target on the stock.

At the end of the second quarter of 2022, 128 hedge funds disclosed ownership of stakes in Apple Inc. (NASDAQ:AAPL). The total value of these stakes amounted to $182 billion. As of June 30, Berkshire Hathaway owns more than 894.8 million shares of Apple Inc. (NASDAQ:AAPL) and is the most prominent shareholder in the company. The investment covers 40.76% of Warren Buffett’s 13F portfolio.

Wedgewood Partners mentioned Apple Inc. (NASDAQ:AAPL) in its second-quarter 2022 investor letter, Here is what the firm said:

“Apple Inc. (NASDAQ:AAPL) grew revenues +9%, driven by +17% growth in the Services segment. While iPhone revenues grew a modest +5%, it was on an exceptional year ago comparison of +66%. iPhone continues to capture most industry smartphone profits by focusing on high-end price tiers. Apple Inc. (NASDAQ:AAPL) is taking nearly two-thirds of the revenue share in the premium ($400 and above) smartphone segment. Further, most of the growth was driven by expansion in the “ultra-premium” price tier of $1000 or more per unit.[1] As we have highlighted in the past, Apple’s relentless focus on the development and integration between hardware (especially integrated circuits) and software continues to add significant value for customers of its products and services. We expect this favorable competitive dynamic to continue for the foreseeable future.”

You can also take a look at 10 Best Growth Stocks to Buy and Hold for Several Years and 10 Best Dividend Growth Stocks to Buy Now.

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