Trading under $100 a pop, Apple stock may be more accessible to individual investors, but BGC Financial Senior Technology Analyst Colin Gillis isn't recommending it.

Gillis, who has a "hold" rating and a $78.57 price target on the stock, questioned the long-term prospects for Apple on Monday's "Fast Money."

"I would not be chasing it here," he said. "My main complaint or concern about Apple is that it's still a hardware company... They are weak in the services layer."

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Gillis is taking a wait-and-see approach to Apple and wants to see how the rest of the month shakes out.

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"It is the weakest quarter in the calendar year, and it's in front of a product launch. So we could see a lot of weakness, plus the channel inventory could also hurt numbers," he added.

Apple closed up 1.6 percent at $93.70 per share on its first day of trading following its 7-for-1 split.