In the latest trading session, Apple (AAPL) closed at $172.19, marking a +0.01% move from the previous day. The stock outpaced the S&P 500's daily loss of 0.14%. At the same time, the Dow lost 0.45%, and the tech-heavy Nasdaq lost 0.02%.Coming into today, shares of the maker of iPhones, iPads and other products had lost 4.06% in the past month. In that same time, the Computer and Technology sector lost 5.82%, while the S&P 500 lost 0.13%.Apple will be looking to display strength as it nears its next earnings release, which is expected to be January 27, 2022. The company is expected to report EPS of $1.89, up 12.5% from the prior-year quarter. Our most recent consensus estimate is calling for quarterly revenue of $118.36 billion, up 6.21% from the year-ago period.For the full year, our Zacks Consensus Estimates are projecting earnings of $5.82 per share and revenue of $385.33 billion, which would represent changes of +3.74% and +5.33%, respectively, from the prior year.Investors might also notice recent changes to analyst estimates for Apple. These revisions help to show the ever-changing nature of near-term business trends. With this in mind, we can consider positive estimate revisions a sign of optimism about the company's business outlook.Our research shows that these estimate changes are directly correlated with near-term stock prices. Investors can capitalize on this by using the Zacks Rank. This model considers these estimate changes and provides a simple, actionable rating system.The Zacks Rank system, which ranges from #1 (Strong Buy) to #5 (Strong Sell), has an impressive outside-audited track record of outperformance, with #1 stocks generating an average annual return of +25% since 1988. Over the past month, the Zacks Consensus EPS estimate has moved 0.74% higher. Apple currently has a Zacks Rank of #2 (Buy).Digging into valuation, Apple currently has a Forward P/E ratio of 29.57. This valuation marks a premium compared to its industry's average Forward P/E of 19.43.We can also see that AAPL currently has a PEG ratio of 2.37. The PEG ratio is similar to the widely-used P/E ratio, but this metric also takes the company's expected earnings growth rate into account. Computer - Mini computers stocks are, on average, holding a PEG ratio of 2.64 based on yesterday's closing prices.The Computer - Mini computers industry is part of the Computer and Technology sector. This group has a Zacks Industry Rank of 199, putting it in the bottom 22% of all 250+ industries.The Zacks Industry Rank includes is listed in order from best to worst in terms of the average Zacks Rank of the individual companies within each of these sectors. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.Make sure to utilize Zacks.com to follow all of these stock-moving metrics, and more, in the coming trading sessions. Zacks' Top Picks to Cash in on Artificial Intelligence In 2021, this world-changing technology is projected to generate $327.5 billion in revenue. Now Shark Tank star and billionaire investor Mark Cuban says AI will create "the world's first trillionaires." Zacks' urgent special report reveals 3 AI picks investors need to know about today.See 3 Artificial Intelligence Stocks With Extreme Upside Potential>>Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Apple Inc. (AAPL): Free Stock Analysis Report To read this article on Zacks.com click here.