Apple Inc. (NASDAQ:AAPL) stocks are moving up today after the news that Tech giant is likely to begin the production of its new iPad in August this year. This is great news for Apple lovers. Apple Inc. (NAAPL) with 401.31B market capitalization is one of the largest company in the World.
Sources revealed that the new device would have a streamlined bezel design similar to that of the iPad mini, the Independent reports. Sources added that LG Display and Sharp are expected to supply display for the new device.
On the other hand, a report published from ComScore shows that Apple Inc. gaining market share in the smartphone market. Out of the 133.7 million smartphone users, Apple’s market share had risen 3.9 percent to 38.9 percent. This is vitally important for Apple since about 60 percent of its revenue comes from the iPhone.
Apple dominates the tablet market as well. The iPad has a 68 percent market share but that’s down from 72 percent. Fifty-one percent of teens reported owning a tablet with another 17 percent having plans to purchase a tablet within the next six months.
According to analysts Apple Inc. (NASDAQ:AAPL) can hit $500 again. Goldman Sachs (NYSE:GS) removed Apple from its conviction list and lowered its price targets, but still maintained a buy rating. Apparently, investors have gotten to the point where they’re scoffing at growth rates in excess of 20% across the board. However, given the bleeding in the stock, investors might be actively searching for a reason to bid the stock back up, so even incremental improvement over 2012′s growth rates should be viewed in a more positive light.
The company is performing well today on NASDAQ, currently it is at $430.65 by increasing $3.67 or 0.86%. Apple 52 week range is $419.00 – $705.07. APPL price to earning ratio is 9.69 with 64% institutional.