The Apple stock price has gone nowhere in the past few weeks. The stock is trading at $150, which is slightly below its all-time high of $151. This gives the firm a market capitalization of more than $2.56 trillion, making it the biggest company in the world. Its market cap is also bigger than that of all countries except the US, China, Japan, Germany, India, France, and the UK.
September event in focus
The Apple stock price has done well in the past few years. The company’s market capitalization crossed the $1 trillion milestones in 2018. And three years later, the company’s value is about to cross the key milestone of $3 trillion.
The company’s share price will be in focus in the coming weeks as investors start waiting for the Apple September event. This will be the third event this year, and there are rumors that the firm will have two separate events during the month.
Apple’s first event happened in April this year when the firm introduced new products like MagSafe, iPad upgrades, and the colorful iMacs. The firm then hosted the WorldWide Developers Conference in June, where it introduced the iOS 15 update, MacOS, and WatchOS, among other features.
While these two events were notable, the September event is usually the one to watch because the company usually releases new iPhones. The iPhone is the company’s best-selling product and is often the one that introduces many people to its ecosystem. Indeed, in its most recent quarter, the company’s iPhone revenue rose to more than $39.6 billion, which was almost 50% of the firm’s total $81 billion revenue.
Close Apple watchers expect that the firm will release the next iPhone 13, Apple Watch 7, iPad Mini, and a new generation of iPad. They also expect that the firm will surprise the market by having another event in September.
Is Apple stock a buy?
Apple has been a strong company over the years. The company has managed to diversify its income. Indeed, the services suite that includes Apple Music, Apple News, Apple TV, and iCloud have seen exponential growth. The services revenue jumped to more than $17 billion. The firm has also expanded its accessories brand with products like MagSafe and Airpods. Its accessories and wearables revenue jumped to more than $8.8 billion.
Analysts are generally bullish about the Apple stock price. The average forecast for the stock is about $166, which is above the current level of $149. The most optimistic analysts are from Canaccord Genuity, who expect that the stock will rise to $185. Those at JP Morgan expect that it will rise to $180, while those at UBS see it rising to $175.
Still, the biggest risk for Apple stock is that its product and service growth could start slowing down. Besides, the upgrade cycle of an iPhone has lengthened. Also, with more people going back to work, there is a possibility that they will start canceling some of their subscriptions.
Apple stock price analysis
The daily chart shows that the Apple stock has been in a tight range recently. Along the way, the shares remain above the ascending trendline that connects the lowest levels since September 2020. The price is also slightly below the upper side of the rising wedge.
It is also above the 25-day and 50-day Moving Averages, while the MACD has formed a bearish divergence pattern. Therefore, the stock will likely pull back in the coming days as investors wait for the September event.
