5 Best IoT Stocks to Buy Now

4. Apple Inc. (NASDAQ:AAPL)

Number of Hedge Fund Holders: 128     

Apple Inc. (NASDAQ:AAPL) designs, manufactures, and markets smartphones, personal computers, tablets, wearables, and accessories. It is one of the top IoT stocks to invest in. On October 10, research company IDC said that Apple, the largest tech company in the world, was the only tech company to see positive growth in the PCs sector over the past few months.

On September 29, Rosenblatt analyst Barton Crockett upgraded Apple Inc. (NASDAQ:AAPL) stock to Buy from Neutral with a price target of $189, up from $160, noting that US adults were showing substantial interest in the company’s new iPhones and watches.

At the end of the second quarter of 2022, 128 hedge funds in the database of Insider Monkey held stakes worth $143 million in Apple Inc. (NASDAQ:AAPL), compared to 131 in the previous quarter worth $182 million.

In its Q2 2022 investor letter, Alger 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 Inc. (NASDAQ:AAPL) is a leading technology provider in telecommunications. computing and services. Apple’s iOS operating system is the company’s unique intellectual property and competitive strength. This software drives extremely tight engagement with consumers and enterprises. The engagement is fostering the growing purchase of high-margin services like music, apps, and apple pay. Apple’s shares detracted from performance as management lowered its guidance for the second quarter due to headwinds from the war in Ukraine, adverse foreign currency shifts, and dampened consumer demand associated with the coronavirus in China. Additionally, many investors were concerned that lockdowns implemented to curtail the spread of COVID-19 would impact production of apple products, however the manufacturing facilities have resumed activity.”