5 Best Cheap Technology Stocks to Invest In

In this article, we will be taking a look at the 5 Best Cheap Technology Stocks to Invest In. To read our analysis of the recent technology trends, and market activity as well as the risk/reward and methodology of this list, you can go to the 10 Best Cheap Technology Stocks to Invest In.

5. Apple Inc. (NASDAQ:AAPL)

Number of Hedge Fund Holders: 128

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.

Major products of Apple Inc. (NASDAQ:AAPL) include the iPhone, Mac PCs, iPad, and accessories while service offerings include Apple Care, Cloud Services, Digital Content and Payment services. iPhone sales accounted for more than half of its revenue in the last fiscal year. The company announced the launch of iPhone 14 in the first week of September which could result in a surge in the company’s revenue.

Despite the bloodbath in the technology sector, Apple Inc. (NASDAQ:AAPL) shares have only lost 15.28% of their value since the beginning of the year, as of September 26. The tech giant currently trades at a forward P/E ratio of 23.34 and offers up to 21% upside potential from the current price levels based on the average analyst price target of $182.01.

On September 20, Evercore ISI analyst Amit Daryanani raised the price target on Apple Inc. (NASDAQ:AAPL) shares to $190 from $185, with an ‘Outperform’ rating. The analyst sees “modest unit upside” compared to low-single digit Street expectations, although average selling prices “could surprise materially”.

Apple Inc. (NASDAQ:AAPL) is among the favorites of hedge funds, with 128 of the 895 hedge funds tracked by Insider Monkey holding its shares valued at a whopping $143 billion. Warren Buffet’s Berkshire Hathaway is its biggest shareholder with ownership of 894.8 million shares valued at $122.3 billion.