Apple (AAPL) ended the recent trading session at $231.30, demonstrating a +1.65% swing from the preceding day’s closing price. The stock outpaced the S&P 500’s daily gain of 0.77%. On the other hand, the Dow registered a gain of 0.47%, and the technology-centric Nasdaq increased by 0.87%.
Coming into today, shares of the maker of iPhones, iPads and other products had gained 2.27% in the past month. In that same time, the Computer and Technology sector gained 6.36%, while the S&P 500 gained 4.87%.
Investors will be eagerly watching for the performance of Apple in its upcoming earnings disclosure. The company’s earnings report is set to be unveiled on October 31, 2024. The company is forecasted to report an EPS of $1.54, showcasing a 5.48% upward movement from the corresponding quarter of the prior year. At the same time, our most recent consensus estimate is projecting a revenue of $94.48 billion, reflecting a 5.57% rise from the equivalent quarter last year.
Additionally, investors should keep an eye on any recent revisions to analyst forecasts for Apple. These recent revisions tend to reflect the evolving nature of short-term business trends. Therefore, positive revisions in estimates convey analysts’ confidence in the company’s business performance and profit potential.
Our research suggests that these changes in estimates have a direct relationship with upcoming stock price performance. To capitalize on this, we’ve crafted the Zacks Rank, a unique model that incorporates these estimate changes and offers a practical rating system.
Ranging from #1 (Strong Buy) to #5 (Strong Sell), the Zacks Rank system has a proven, outside-audited track record of outperformance, with #1 stocks returning an average of +25% annually since 1988. Over the last 30 days, the Zacks Consensus EPS estimate has witnessed a 0.12% decrease. Apple currently has a Zacks Rank of #3 (Hold).
Investors should also note Apple’s current valuation metrics, including its Forward P/E ratio of 30.17. This valuation marks a premium compared to its industry’s average Forward P/E of 15.36.
We can also see that AAPL currently has a PEG ratio of 2.38. The PEG ratio is similar to the widely-used P/E ratio, but this metric also takes the company’s expected earnings growth rate into account. The Computer – Micro Computers was holding an average PEG ratio of 1.79 at yesterday’s closing price.
The Computer – Micro Computers industry is part of the Computer and Technology sector. This group has a Zacks Industry Rank of 186, putting it in the bottom 27% of all 250+ industries.
The Zacks Industry Rank assesses the strength of our separate industry groups by calculating the average Zacks Rank of the individual stocks contained within the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
Make sure to utilize Zacks.com to follow all of these stock-moving metrics, and more, in the coming trading sessions.
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Apple Inc. (AAPL) : Free Stock Analysis Report