In this article we will take a look at the 10 best app stocks to buy today.
Mobile apps form the basis of the modern tech revolution. Billions of people access the internet for entertainment, games, education, communication and money management via apps. This has given rise to the “app economy” which is surging to new highs with no end in sight.
Due to the Covid-19 pandemic, the usage of mobile apps grew a lot higher. According to a report by Finances Online, a total of 218 billion mobile apps were downloaded in 2020, showing a 6.86% growth from the previous year. A report by Deloitte shows the app economy represented a whopping $568.47 billion, roughly 30 times the value of movie ticket sales in North America. The report also said that in 2018 alone, there were 317,673 companies actively operating in the mobile apps space in the US.
The coronavirus crisis was a major boost to the app economy. People started using mobile apps for performing daily chores, including food delivery, online shopping, paying online, etc. According to a report published by Deloitte, food delivery through mobile apps grew to 56% in 2020. Similarly, mobile payments jumped from 28% to 42% during the year.
The global mobile app market is also growing steadily. A report published in this regard states that the global app market is growing at a CAGR of 21%, and is expected to reach $653.9 billion by 2025. In Q1 2021, consumers around the world spent over $32 billion on in-app mobile purchases. Apple Inc. (NASDAQ: AAPL) and Alphabet Inc. (NASDAQ: GOOG) remained the two largely used app downloading platforms, making them the best app stocks to buy today. Apple Inc. (NASDAQ: AAPL) iOS saw a 40% growth in consumer purchases at $21 billion and Alphabet Inc. (NASDAQ: GOOG) accounted for $11 billion of the purchases through Google Play.
In 2020, many app-making companies saw their revenues grow, compared to the previous year. The revenue generated from the mobile games apps stood at $81 billion in 2020. Companies like Activision Blizzard, Inc. (NASDAQ: ATVI) and Zynga Inc. (NASDAQ: ZNGA) saw a hike in the number of users in 2020. As of Q1 2021, Activision Blizzard, Inc. (NASDAQ: ATVI) has over 435 million MAUs.
Along with games, the e-commerce sector sales also surged in 2020, especially in the U.S., which is the second-largest e-commerce market in the world, after China. The use of apps remained crucial in this regard. The e-commerce giants Amazon.com, Inc. (NASDAQ: AMZN) and eBay Inc. (NASDAQ: EBAY) have shifted their business model from website to mobile apps for consumers’ convenience. According to a report published by JPMorgan & Chase, the mobile commerce market in the U.S. is worth $282.8 billion and accounts for 38% of the general e-commerce market share. Facebook, Inc. (NASDAQ: FB) is also focusing on its Shops segment through WhatsApp, which would help consumers to have a hassle-free shopping experience. Similarly, a Russia-based technology company, Yandex N.V. (NASDAQ: YNDX) plans to invest $400 to $500 million to expand on its e-commerce presence. The e-commerce arm of Yandex N.V. (NASDAQ: YNDX) accounted for 15% of its total revenue in Q1 2021.
Major social media apps are also deriving a lot of revenue due to their wide use globally. Instagram, owned by Facebook, Inc. (NASDAQ: FB), has over 1 billion monthly active users in 2021. Similarly, MAUs of WhatsApp, another messaging app owned by Facebook, Inc. (NASDAQ: FB), reached 2 billion in 2021.
The mobile industry changed the world forever, and brought about some key changes that are affecting the entire globe. The entire hedge fund industry is also feeling the reverberations of the changing financial landscape. Its reputation has been tarnished in the last decade, during which its hedged returns couldn’t keep up with the unhedged returns of the market indices. On the other hand, Insider Monkey’s research was able to identify in advance a select group of hedge fund holdings that outperformed the S&P 500 ETFs by more than 124 percentage points since March 2017. Between March 2017 and February 26th 2021 our monthly newsletter’s stock picks returned 197.2%, vs. 72.4% for the SPY. Our stock picks outperformed the market by more than 124 percentage points (see the details here). We were also able to identify in advance a select group of hedge fund holdings that significantly underperformed the market. We have been tracking and sharing the list of these stocks since February 2017 and they lost 13% through November 16th. That’s why we believe hedge fund sentiment is an extremely useful indicator that investors should pay attention to. You can subscribe to our free newsletter on our homepage to receive our stories in your inbox.
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The growing use of apps has contributed to the app-making companies’ stock performance as well. With this context, let’s analyze the 10 best app stocks to buy today. We took into account hedge fund sentiment, analysts’ ratings, fundamentals and future growth catalysts while choosing these stocks.
Best App Stocks to Buy Today
10. Zynga Inc. (NASDAQ: ZNGA)
Market Cap: $11.2 billion
Popular Apps: CSR 2, FarmVille, Zynga Poker
Founded in 2007, Zynga Inc. (NASDAQ: ZNGA) is a California-based social game company with the main focus on online games and advertising. The company has developed some famous games, including FarmVille, Words with Friends, Zynga Poker, and CSR 2.
Zynga Inc. (NASDAQ: ZNGA) derives its revenue from its online games and advertising. In Q1 2021, 97% of the revenue was generated through mobile games. The company reported a revenue of over $680 million, while mobile revenue amounted to $661 million. In Q1, $123 million were generated through advertisement, accounting for 18% of the whole revenue. Mobile bookings made over $720 million, up from $425 million during the same period last year. Moreover, monthly active users also surged by 139% year-over-year in Q1, standing at 164 million.
Due to the solid Q1 earnings, BofA upgraded Zynga Inc. (NASDAQ: ZNGA) to ‘Buy’ and raised the price target to $13.5 from $12.
Like Electronic Arts Inc. (NASDAQ: EA), Facebook, Inc. (NASDAQ: FB), Yandex N.V. (NASDAQ: YNDX), and Activision Blizzard, Inc. (NASDAQ: ATVI), Zynga Inc. (NASDAQ: ZNGA) is one of the best app stocks to buy today.
Artisan Partners Limited Partnership published its Q4 2020 investor letter and highlighted Zynga Inc. (NASDAQ: ZNGA) among other stocks. Here is what the firm has to say:
“We also added to our position in Zynga. Our multiyear investment campaign in Zynga has been based on a new management team’s ability to drive steady growth in the company’s base portfolio of games, expand margins, reinvigorate the new game development pipeline and use its strong balance sheet to acquire complementary games and studios. Shares have been pressured in recent quarters, presumably because of investor concerns about the company’s moderating growth rate and Apple’s pending new privacy policy which will make it more difficult for Zynga to both efficiently acquire new players and sell advertising in its games. We believe the company has multiple growth levers it can pull in the periods ahead, including the rollout of new games, acquisitions, further penetration into international markets and entry into new gaming categories, to name a few. Furthermore, our research suggests the Apple privacy policy change is manageable for larger mobile game developers such as Zynga. Given our strong conviction in the profit cycle, we used recent weakness to add to our position.”
9. Yandex N.V. (NASDAQ: YNDX)
Market Cap: $24.4 billion
Popular Apps: Yandex Go, Yandex.Mail, Yandex Browser
Yandex N.V. (NASDAQ: YNDX) is a Russia-based internet company with services in e-commerce, search, mobile apps, and advertisements. The company was founded in 2000 and has over 10,000 employees. Yandex Search is the leading search engine in Russia, accounting for 60% of the Russian search engine market as of 2021. Along with this, Yandex N.V. (NASDAQ: YNDX) owns a wide range of apps and also has e-commerce sectors, Yandex.Market and Yandex.Lavka.
In Q1 2021, Yandex N.V. (NASDAQ: YNDX) generated RUB 73.1 billion in revenues, growing 39% year-over-year. The e-commerce sector accounted for 15% of the total revenue, with the earnings of Yandex.Market and Yandex.Lavka standing at RUB 10.8 billion. Yandex Go, a ride-hailing and taxi service, generated RUB 20.7 billion, up from RUB 13.2 billion during the same period last year. Moreover, the online advertisement revenue also grew by 20% at RUB 35.9 billion.
Earlier in March 2021, Morgan Stanley raised the price target of YNDX stock to $75, ranking it as ‘Overweight’.
Polen Capital Management released its Q1 2021 investor letter and highlighted Yandex N.V. (NASDAQ: YNDX) and a few stocks in it. Here is what the firm has to say:
“Yandex is the leading internet search platform in Russia and was the top detractor from both absolute and relative performance this quarter. This underperformance came about despite solid results in 2020 which showed Yandex’s total e-commerce gross merchandise value grew three-fold in 2020 to over ₽56 billion RUB. Specifically, in the fourth quarter of 2020, Yandex saw year-on-year growth of 127%.
In our view, Yandex is one of the highest quality businesses in our investment universe. It has built a defensible competitive moat around its core search business, reinvesting its cash flows in new growth areas to remain relevant in a fast-changing global internet landscape.
With solid execution, Yandex has the potential to transform into an ecosystem which the company’s Chief Technology Officer describes as the “Silicon Valley of Russia.” Yandex remains a topfive holding in the Portfolio.”
8. Electronic Arts Inc. (NASDAQ: EA)
Market Cap: $39.7 billion
Popular Apps: FIFA 21, The Simpsons, EA Play
Electronic Arts Inc. (NASDAQ: EA) is a California-based video game company. It is one of the largest game companies by market cap in America. Electronic Arts Inc. (NASDAQ: EA) owns some of the most famous games, including The Simpsons, SimCity BuildIt, NBA Live Mobile Basketball, FIFA 21, etc. The company also owns a gaming subscription service known as EA Play. It ranks eighth on our list of the best app stocks to buy today.
EA Play reported over 13 million subscribers in 2020. Apex Legends remained the most played game with more than 100 million players. FIFA 21 and The Sims 4 users reached 25 million and 36 million, respectively.
Earlier in April, Electronic Arts Inc. (NASDAQ: EA) acquired Glu Mobile Inc. in a $2.1 billion deal. The deal would grow EA’s mobile portfolio. Moreover, the company is also acquiring a mobile gaming company, Playdemic, for $1.4 billion.
Like Apple Inc. (NASDAQ: AAPL), Facebook, Inc. (NASDAQ: FB), and Baidu, Inc. (NASDAQ: BIDU), Electronic Arts Inc. (NASDAQ: EA) is one of the best app stocks to buy today.
Artisan Partners published its Q1 2021 investor letter and mentioned Electronic Arts Inc. (NASDAQ: EA) in it. Here is what the investment management firm has to say:
“Video game publisher Electronic Arts (EA) has recently experienced muted performance relative to peers. The company is expanding its moat as COVID-19 pulled forward gamer engagement in 2020 and early 2021. While we expect current growth rates will slow, the long-term value of the company’s user community has increased. EA’s net cash balance sheet and industry leadership fit well with our philosophy and process, and while the recently acquired Codemasters and GLUU Mobile will draw down cash, the balance sheet remains strong and the deals further EA’s mobile growth strategy. We believe our stake in EA represents how we can think opportunistically to build an eclectic, idiosyncratic portfolio to deliver value over the long term.”
7. Match Group, Inc. (NASDAQ: MTCH)
Market Cap: $43 billion
Popular Apps: Tinder, Match.com, Hinge, OkCupid
Match Group, Inc. (NASDAQ: MTCH) is an American technology company, mainly dealing in dating apps operating in over 50 countries. The company is the founder of some of the major dating apps, including Meetic, Tinder, Match.com, OkCupid, Hinge, etc.
Launched in 2012, Tinder remains the top dating app of Match Group, Inc. (NASDAQ: MTCH), with over 450 million downloads in 2021. The average number of subscribers stood at 6.9 million in Q1 2021, up from 6 million during the same period last year. The annual revenue of Tinder is also growing at a CAGR of 68% and stood at $1.4 billion in 2020. Similarly, in 2020, Hinge’s saw revenue growth by 200% year-over-year. It also became the third most downloaded dating app in the U.S., with subscriptions rising by 82%.
ClearBridge Investments published its Q1 2021 investor letter and mentioned Match Group, Inc. (NASDAQ: MTCH) in it. Here is what the firm has to say:
“In addition to the new issue market, we have been tactically adding growth exposure. Our largest new position was Match Group, the global leader in the online dating space that was spun off by Interactive Corp. in 2020. Singles have put their life plans on hold during the pandemic but continue to want to meet people. Match Group, Inc. (NASDAQ: MTCH) was negative impacted by COVID, especially in markets like India, but the business is very profitable with high margins and is driving growth through international expansion, increasing users and better monetization and engagement.”
6. Baidu, Inc. (NASDAQ: BIDU)
Market Cap: $65 billion
Popular Apps: Haokan, Baidu Post, Baidu App
Baidu, Inc. (NASDAQ: BIDU) is a multinational technology company based in China, providing services in search engines and artificial intelligence. As of 2021, Baidu, Inc. (NASDAQ: BIDU) accounts for 72.3% of the search engine share in China, leaving behind Google China.
The company has over one dozen mobile apps, including Haokan, Baidu Post, and the most important, Baidu App. Along with this, Baidu, Inc. (NASDAQ: BIDU) also has a platform for online content creators, Baijiahao, commonly known as BJH. In Q1 2021, the Baidu App has over 558 million active users, and daily users logging in to the website reached 75% in March. The content creators’ accounts reached 4.2 million, growing by 40% year-over-year.
The total subscribers for iQIYA, Baidu, Inc. (NASDAQ: BIDU) video streaming website reached over 105 million in Q1 2021. iQIYA generated $1.2 billion of the total revenue, showing 4% growth year-over-year. Moreover, the BIDU stock is also on the rise, with share price growing by 52.5% in the past year, making it one of the best app stocks to buy today. Earlier in April, Morgan Stanley raised the price target on BIDU stock to $330, ranking it an ‘Overweight’.
Like Facebook, Inc. (NASDAQ: FB), Match Group, inc. (NASDAQ: MTCH), and Yandex N.V. (NASDAQ: YNDX), Baidu, Inc. (NASDAQ: BIDU) is one of the best app stocks to buy today.
An Investment Management Firm, Horos Asset Management, recently published its Q1 2021 investor letter and mentioned Baidu, Inc. (NASDAQ: BIDU). Here is what the firm has to say:
“We have also fully exited our stake in Baidu, following their outstanding performance during the period and their lower relative upside potential compared to other investment alternatives, which we will discuss below.
The Chinese technology platform company Baidu has also been held in the portfolios managed by Alejandro, Miguel and myself for several years. During this period, we have seen very high volatility in its share price, which we have taken advantage of to make significant rebalancing moves in our position (in fact, we even sold our entire position once, when we thought the stock’s upside potential was exhausted). After several years of instability, market sentiment turned very positive, putting an end to the historical advertising problems in the healthcare sector, the divestments in O2O (Online-to-Offline) businesses that continued to weigh on the company’s margins, the IPO of part of the iQiyi streaming business (which hid Baidu’s underlying cash generation capacity) and the tough competition from other industry giants such as Tencent and Alibaba, as well as the entry of new players with disruptive business models (ByteDance). At the same time, the company’s recent commitment to electric vehicles contributed even more to this change of narrative. Baidu’s share price rose almost fourfold from the March 2020 lows to all-time highs and reached a valuation where the margin of safety, in our view, was too narrow.”
5. Activision Blizzard, Inc. (NASDAQ: ATVI)
Market Cap: $71.3 billion
Popular Apps: Candy Crush, StarCraft, Call of Duty
Activision Blizzard, Inc. (NASDAQ: ATVI) is an entertainment and video game company based in California. The company also distributes its content to various gaming platforms globally. Activision Blizzard, Inc. (NASDAQ: ATVI) is the parent company of Blizzard Entertainment, Activision, and King. The company as a whole owns some of the most popular franchises in the gaming industry, including Call of Duty, World of Warcraft, Candy Crush, StarCraft, Destiny, etc.
In Q1 2021, Activision Blizzard, Inc. (NASDAQ: ATVI) generated over $2.2 billion in revenues, up from $1.7 billion during the same period last year. Call of Duty remained central to Activision’s revenue, accounting for 72% growth in the revenue. The franchise’s monthly active users grew by 40% year-over-year, with Call of Duty: Warzone’s MAUs reaching 100 million in Q1 2021. Blizzard’s MAUs stood at 27 million in Q1 2021, with revenue growing by 7% year-over-year. King recorded a solid Q1 with revenue growing by 22%, majorly derived by Candy Crush. It has the largest number of MAUs at 258 million.
The ATVI stock’s performance remained smooth throughout, with stock price gaining 20% in the past year. Earlier in May, the Bank of Montreal upgraded the stock to ‘Outperform’, raising the price target to $116.
Like Electronic Arts Inc. (NASDAQ: EA), Match Group, Inc. (NASDAQ: MTCH), Yandex N.V. (NASDAQ: YNDX), and Apple Inc. (NASDAQ: AAPL), Activision Blizzard, Inc. (NASDAQ: ATVI) is one of the best app stocks to buy today.
Cooper Investors released its Q1 2021 investor letter and mentioned Activision Blizzard, Inc. (NASDAQ: ATVI). Here is what the firm has to say:
“The portfolio established a position in video game publisher Activision Blizzard. As a watchlist company we have followed Activision for several years. As a reminder the role of the watchlist is to allow us to focus on a select group of companies where we seek to observe important signals around either value latency, industry trends or management behaviour that portend attractive investment propositions.
Technology can often play a disruptive role in content, however video games are a clear beneficiary of technology, both in terms of more immersive and realistic gaming experiences as well as the monetisation opportunities this creates.
In order to benefit from these trends, video game publishers must be owners of unique IP. Activision Blizzard fits this bill perfectly boasting a portfolio which includes franchises such as Call of Duty, World of Warcraft and Diablo just to name a few.
The business is run by CEO Bobby Kotick, who together with Chairman Brian Kelly purchased the foundation assets for the company for US$400k in the early 1990s. Today Activision has a market capitalisation of over US$70bn. Over the last few years Bobby and his management team have refocused resources onto their best IP, with the goal of capitalising on the aforementioned industry tailwinds.
We saw the benefits of this in 2020 with the release of Call of Duty Mobile and Free-to-Play versions (with in game micro transactions) complimenting the traditional core console game. Engagement increased materially and due to the very favourable economics of content publishing, Operating Income more than doubled for the Call of Duty Franchise. Even adjusting for the impact of lockdowns, this is a phenomenal outcome.
Activision has 3-4 key pieces of IP with which they plan to repeat this playbook over the next couple of years. If they can replicate the success of Call of Duty, even in part, we see material upside to the free cash flow power of the business. Further, revenue sources are broadening which will move the profile away from a traditional lumpy annual release cycle of the old video game model towards one of a more recurring nature. This will transition Activision from a publishing to a services business, likely attracting a higher multiple than the current mid-low 20x FCF which is broadly in line with the market. To summarise, we see significant value latency and a pathway to double digit returns over the medium term.”
4. Tencent Holdings Limited (OTC: TCEHY)
Market Cap: $722 billion
Popular Apps: WeChat, QQ, QQ Wallet, Qzone
Tencent Holdings Limited is a China-based technology company. It owns some of the famous apps, including instant messaging service WeChat, Tencent QQ, Qzone, and also fintech apps; QQ Wallet, LiCaiTong, WeChat Pay, etc. The company ranks fourth on our list of the best app stocks to buy today.
Tencent’s WeChat and QQ are widely used in China, accounting for nearly two-thirds of its population. Moreover, the company also has investments in the U.S. gaming market, with a 40% of stake in Epic Games’ Fortnite Studio.
In Q1 2021, Tencent saw a 20% year-over-year increase in its revenue at $20 billion. Online advertisement and fintech revenue stood at RMB 21.8 billion and RMB 39 billion, respectively. The monthly average users for WeChat and QQ also increased in this quarter. The MAUs of WeChat grew by 3.3% year-over-year at 1.24 billion and for QQ, the number remained 606 million.
Tencent is also planning to contribute to carbon-neutral China by expanding its cloud computing industry and has signed an agreement with Chindata Group Holding Limited (NASDAQ: CD) in this regard.
3. Facebook, Inc. (NASDAQ: FB)
Market Cap: $964 billion
Popular Apps: Instagram, WhatsApp, Messenger, Oculus VR
Facebook, Inc. (NASDAQ: FB) is one of the widely used social media and networking services based in America. The company owns some of the most famous apps, including Instagram, Messenger, Oculus VR, WhatsApp, etc. In Q1 2021, the total number of MAUs of the company rose by 10% year-over-year and stood at $2.85 billion. Facebook, Inc. (NASDAQ: FB) generates revenue mainly through advertisements. In 2020, the ad revenue accounted for 98% of the total revenue of the company.
In Q1 2021, Facebook, Inc. (NASDAQ: FB) reported a 48% growth in its revenue, compared to the prior year at $26 billion. Instagram is the leading social media app by Facebook, Inc. (NASDAQ: FB). The app generated $13.86 billion in 2021 in add revenues in 2020 and is expected to reach $18 billion in 2021. The messaging service, WhatsApp is also used in over 180 countries and was downloaded 13 million times in April 2021. Along with these, Facebook, Inc. (NASDAQ: FB) also owns the VR company Oculus, a video monetization app LiveRail, and an Israeli mobile web company Onalu. The company to increase the revenue through ads in its virtual reality headsets by Oculus.
The FB stock has shown maximum growth, soaring by 40.9% in the past year and 26.9% year to date. Earlier this year, Morgan Stanley raised the price target of FB stock to $340.
Like Electronic Arts Inc. (NASDAQ: EA), Zynga Inc. (NASDAQ: ZNGA), and Alphabet Inc. (NASDAQ: GOOG), Facebook, Inc. (NASDAQ: FB) is one of the best app stocks to buy today.
In its Q1 2021 investor letter, ClearBridge Investments mentioned Facebook, Inc. (NASDAQ: FB) along with other stocks. Here is what the firm has to say:
“We continued to keep our learnings from 2020 in mind during the quarter as we sought to increase the up capture of the portfolio. We also made adjustments to the portfolio’s top 10 holdings to increase the participation of select stocks, including Facebook, while trimming our weighting to stable names, which now represent 47% of the portfolio. Our repositioning has been encouraging so far with the portfolio performing better on up days in the market while maintaining good down capture during more turbulent sessions.”
2. Alphabet Inc. (NASDAQ: GOOG)
Market Cap: $1.66 trillion
Popular Apps: Google Play Store, Gmail, Google Maps
Alphabet Inc. (NASDAQ: GOOG) is an American multinational company and became the holding company of Google in 2015. It ranks second on our list of the best app stocks to buy today. It mainly deals in web-based research, software applications, maps, etc., but the major chunk of its mobile revenue comes from its in-app advertisements using Google Ads. The digital service, Google Play Store, gives users a chance to choose from over 5 million apps, games, movies, music, and books. In 2020, the revenue of Play Store stood at $38.6 billion. Recently, following in Apple Inc’s. (NASDAQ: AAPL) footsteps, Alphabet Inc. (NASDAQ: GOOG) has announced to reduce the Play Store’s cut to 15% from 30%, in order to approach more developers.
In Q1 2021, Alphabet Inc. (NASDAQ: GOOG) generated over $55 billion in revenues, showing 34% growth year-over-year. The EPS stood at $26.2, beating the market estimate of $15.8. The advertisement segment remained the winner in Q1 2021, accounting for $44.68 billion of the revenue, up from $33.7 billion during the same period last year. YouTube adds generated $6.00 billion in revenues in this quarter.
The stock price has also soared by 66.9% in the past year and 40.3% year to date. Earlier in April, the board at Alphabet Inc. (NASDAQ: GOOG) announced a $50 billion stock repurchase after seeing growth in revenues for consecutive two quarters.
Artisan Partners, an investment management firm, released its Q1 2021 investor letter and mentioned Alphabet Inc. (NASDAQ: GOOG). Here is what the firm has to say:
“Large-cap tech companies have been resilient through the pandemic—Alphabet among them. A top contributor, Alphabet’s Play Store and Google Cloud are in demand as businesses accelerate online activity which, along with strong YouTube user growth, is helping stabilize temporarily weaker search ad revenue trends. Through the lens of our disciplined bottom-up research process, we view Alphabet as one of the best businesses in the world, capable of expanding revenues at a rapid rate for years to come, with a bullet proof balance sheet and an average asking price. It’s a name we’ve owned since 2012 and for which we continue to have high hopes regarding future prospects.”
1. Apple Inc. (NASDAQ: AAPL)
Market Cap: $2.21 trillion
Popular Apps: App Store
Apple Inc. (NASDAQ: AAPL) tops our list of the best app stocks to buy today. It is an American technology company that manufactures and distributes electronic products and computer software.
Apple Inc. (NASDAQ: AAPL) also has an app platform, App Store, operated within the iOS software. Currently, the App Store has over 1.8 million apps available. App Store is central to the company’s business as the platform crossed $64 billion in gross sales in 2020. The gaming section of the App Store remains most popular amongst the users, accounting for 62% of the platform’s revenue. According to Apple’s official website, $1.8 billion generated during the last week of December 2020 were largely spent on the gaming section. Apple Inc. (NASDAQ: AAPL) has reduced its cut by half to 15% for developers generating less than $1 million in annual sales.
In Q2 FY21, Apple Inc’s. (NASDAQ: AAPL) revenue grew by 54% year-over-year at $89 billion. The AAPL stock has also soared by 48.4% in the past year.
ClearBridge Investments has released its first-quarter 2021 investor letter and mentioned Apple Inc. (NASDAQ: AAPL) in it. Here is what the investment management firm has to say:
“As we actively manage holdings and position sizes, we look to regularly recycle capital into more compelling opportunities. Maintaining our valuation discipline, we sharply reduced our position in Apple, whose shares more than doubled following our initial purchase in mid-2019 with an earnings multiple rising from the low-to-mid teens to nearly 30x.”
You can also take a peek at 10 Best Non Tech Stocks To Buy Now and 20 Best Social Media Apps in 2021.
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Disclosure. None. 10 Best App Stocks to Buy Today is originally published on Insider Monkey.
