Apple Inc. (NASDAQ:AAPL) Shares Rebound by 28% Since End of Second Quarter
According to Michael Amenta, research analyst at FactSet, shares of Apple Inc. (NASDAQ:AAPL) has dropped by about 4%, the third continuous quarterly decline in the second quarter. But recent jump back in the company’s share price may not hold.
In the second quarter, the ownership of company dropped by 3.5% amid institutional shareholders, with Fidelity Management & Research which is company’s largest holder. According to FactSet, the stake of Fidelity in Apple has dropped from 4.8% to 3.2% over the year. Over the second quarter, the shares of Apple have dropped by 10.4% to close at $396.50. Since the end of second quarter, the shares have rebound by 28%.
The FactSet figures reported the recent announcement of Carl Icahn that he has taken a large stake in the consumer electronics firm, valued at around $1 billion. Apple ended up 1.1% at $507.74 on Monday. Since Jan.23, for the first time the Shares closed above $500 on past Friday. The decline in share price of Apple seems to be a gain for Microsoft Inc (NASDAQ:MSFT) and Google Inc (NASDAQ:GOOG), in the second quarter. Apple Inc. shares fell -1.31% to close at $501.07 on Tuesday.
According to FactSet, the stake of institutional investors has increased in Microsoft by 2.9% and in Google by 1.7% during second quarter. However, the third quarter has not remained pleasant for Microsoft and Google with their shares trading down 9.1% and 4.5% respectively. The Dow Jones Industrial Average (INDEXDJX:DJI) has met the breakdown target. Conversely, it seems that S&P 500 (INDEXSP:INX) will not succeed to meet the final target. The Russell 2000 (INDEXRUSSELL:RUT) has not meet its target from February. The NYSE Composite (INDEXDJX:NYA) has met its downside breakdown target. Apple has reached the target of $510-$530.