Top 5 S&P 500 Stocks by Index Weight

2. Apple Inc. (NASDAQ:AAPL)

Index Weight: 6.13%

Number of Hedge Fund Holders: 169

Apple Inc. (NASDAQ:AAPL) is one of the top S&P 500 stocks by index weight. On April 7, UBS reiterated a Neutral rating on Apple Inc. (NASDAQ:AAPL) and set a $280 price target, responding to analysis of the company’s App Store data from Sensor Tower.

The data indicated that the company achieved 7% growth in the March quarter, despite being weighed down by flat US growth. While the growth was up 80 basis points quarter over quarter, it was 180 basis points easier according to the research firm.

In the June quarter, Apple is expected to post a 12% growth, unchanged quarter over quarter. Evercore ISI has also raised concerns about slowing growth in the App Store due to renewed weakness in gaming. Amid the slow growth, the firm has maintained an outperform rating on the stock.

Apple is also facing challenges on the hardware front, especially with its upcoming foldable iPhone. Reports indicate the company has experienced engineering challenges that could delay the launch of its next flagship phone.

Apple Inc. (NASDAQ:AAPL) designs, manufactures, and markets smartphones, personal computers, tablets, wearables, and home accessories. The company develops its own operating systems (iOS, macOS) and provides digital services, including iCloud, Apple Pay, and content streaming through the App Store and Apple TV+.