5 Best FAANG Stocks to Buy Now

In this article, we discuss the 5 best FAANG stocks to buy now. If you want to skip our detailed analysis of these stocks, go directly to the 10 Best FAANG Stocks to Buy Now.

5. Apple Inc. (NASDAQ: AAPL)

Number of Hedge Fund Holders: 127

Apple Inc. (NASDAQ: AAPL) ranks 5th on the list of the 10 best FAANG stocks to buy now. The California-based tech company manufactures iPhones, iPads, iMacs, and wearables. The company also offers subscription-based music, video, and game streaming services. 

Ananda Baruah of Loop Capital maintained a Buy rating on Apple Inc. (NASDAQ: AAPL) on July 29 and increased the firm’s price target to $165 per share from $150, citing Apple’s iPhone products a key driver for the second half of the year. Shares of Apple Inc. (NASDAQ: AAPL) climbed 11% in the past three months.

The company has a market cap of $2.4 trillion. In the third quarter of 2021, Apple Inc. (NASDAQ: AAPL) recorded an EPS of $1.30, beating estimates by $0.29. The company’s third-quarter revenue was $81.43 billion, increasing 36% year over year, beating revenue estimates by $8.09 billion. The stock has gained 37% in the past twelve months.

By the end of the first quarter of 2021, 127 hedge funds out of the 866 tracked by Insider Monkey held stakes in Apple Inc. (NASDAQ: AAPL), worth roughly $130.9 billion.

In its Q1 2021 investor letter, Distillate Capital, an asset management firm, highlighted a few stocks, and Apple Inc. (NASDAQ: AAPL) was one of them. Here is what the fund said:

“Apple is an even more notable situation and one that highlights our free cash valuation methodology and bears further discussion given its Q3 ’20 sale from our strategy. For an extended period, Apple was extraordinarily inexpensive on a free cash flow basis and was the largest position in our strategy, exceeding 5% of the portfolio.”