After shares of Apple Inc (NASDAQ:AAPL) hit an all-time high about two weeks ago on a brighter outlook from the Wall Street and a better than expected earnings report, the iPhone maker’s stock price is still growing stronger and still could even be higher after rising as much as 27% in a span of one month.
Positive 2017 Performance
The company recently reported a jump in their earnings at $3.36 per share higher than the previous quarter’s earnings of $3.18 per share while it reported an 18% increase in its fourth-quarter revenue.
Apple which is set to release another iPhone in line with the device’s tenth anniversary this September, they have also updated their online store recently for a list of refurbished products, including the 2016 version of the MacBook Pro minus the touch bar where units are discounted by more than $300. The company is also receiving a steady supply of iPhone 7 and 7 Plus demands.
The company was able to sell more than 78 million phones during the holidays last year, sending its shares to overtake Samsung (KS:005930) while Apple’s revenue from its services such as the App Store, Apple Music, Apple Pay, and iCloud have grown by 17.5% to $7.17 billion, beating analysts’ estimates of $6.91 billion making their services sector their second biggest revenue driver.
Analysts have commended the upbeat performance of the company and have concluded that Apple currently holds a bright outlook for investors and has grown more confident in the soon to be released iPhone 8 or what some people has called the iPhone X.
Stock Direction
After Apple shares (NASDAQ:AAPL) have risen by 27% over the past month, the company became the best performer last Monday on the Dow Jones Industrial Average closing at $139.34
Year-to-date, Apple shares have jumped by almost 21%, rising above other top technology stocks such as Amazon (NASDAQ:AMZN), Facebook (NASDAQ:FB), Alphabet (NASDAQ:GOOGL), and Netflix (NASDAQ:NFLX). It has also been able to give back more than 30% to its investors with 15% more on the way. Currently, Apple shares are poised to hit $160 in the coming months by the end of 2017 or the first quarter of 2018.
Berkshire Hathaway Inc. (NYSE:BRKa) recently doubled their stake at Apple by around 133 million shares worth by $17 million, while Warren Buffett also endorsed the company’s stock given the number of new products from a new iPad, MacBook, and iPhone to send their revenue for the coming quarters even higher. Rumors circulating currently state that the upcoming tenth anniversary iPhone, which is set to be priced by more than $1000 each.
Apple which currently holds more than $250 million in cash stockpiles is trading at an all-time high and is still seen as a bargain for investors even if it retreats back by as much as $160.