On the back of several influential hedge fund managers' bullish bets on Apple (NASDAQ:AAPL) and an iPhone media event just around the corner, the Cupertino-based tech giant's stock is once again hitting $500. Up from just lows below $400 just about four months ago, it's time to take another look at the stock.

As tech analysts Eric Bleeker and Daniel Sparks discuss in the following video, even after a surge, the stock still trades at a price with impressively cheap valuation metrics. The S&P 500 in general, in fact, still trades at a significant premium to Apple stock, Daniel explains.

To hear more about Eric and Daniel's thoughts on Apple at $500, check out the video.

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Fool contributor Daniel Sparks owns shares of Apple. Eric Bleeker, CFA, has no position in any stocks mentioned. The Motley Fool recommends Apple and Google and owns shares of Apple, Google, Microsoft, and Staples. Try any of our Foolish newsletter services free for 30 days. We Fools don't all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.