5 Hot Tech Stocks to Buy Now

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1. Apple Inc. (NASDAQ:AAPL)

3-Month Average Volume: 58.41M

YTD Performance: 40.39%

Number of Hedge Fund Holders: 135

Apple Inc. (NASDAQ:AAPL) is a leading technology company focused on the designing, manufacturing, and marketing of smartphones, personal computers, tablets, wearables, and accessories, and sells a variety of related services.

Apple Inc. (NASDAQ:AAPL) released worldwide the latest version of its flagship smartphone titled iPhone 15, on September 22 earlier this year. Sales for the models have remained strong in the early period and analysts expect positive results from the release.

The quarterly revenue of Apple Inc. (NASDAQ:AAPL) once again declined by 1% on a y-o-y basis in the quarter ended September 30. The company posted a revenue of $89.5 billion and a net income of $23 billion, which translated to an adjusted EPS of $1.46.

Apple Inc. (NASDAQ:AAPL) is among the favorites of hedge funds, with 135 of the 910 hedge funds tracked by Insider Monkey holding its shares valued at a whopping $194 billion. Warren Buffet’s Berkshire Hathaway was its biggest shareholder with ownership of 916 million shares valued at $178 billion.

In its Q3 2023 investor letter, Baron Funds, an investment management firm, made the following comments about Apple Inc. (NASDAQ:AAPL):

“Despite [the] quarterly fluctuations in product sales, we are encouraged by several long-term trends, including: (1) revenue from higher-margin services like the App Store, iCloud, and Apple Pay, which are growing faster than the overall business, driving better revenue visibility and higher free-cash-flow (FCF) margins; (2) continued gains in global market share in smartphones, wearables, and other hardware categories; and (3) consistent returns of capital to shareholders via share repurchases and dividends. On top of these trends in the core business, Apple is thoughtfully investing in new categories like augmented reality, search, financial services, and streaming media content. We took advantage of weakness in the quarter to add to our position in Apple.”

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