Apple has become a solid value company, shareholder says

Is Apple still a 'revolutionary' company?

Apple is no longer the innovative, growth company it once was but has become a "solid" value company, shareholder Danilo Kawasaki said Wednesday.

"It is well-positioned to take advantage of the marketplace right now. But it's not a revolutionary company anymore," the Gerber Kawasaki co-founder and chief operating officer told CNBC's "Closing Bell."

While founder Steve Jobs was the driver of innovation for Apple, CEO Tim Cook is an operational person, he noted. However, under Cook, the tech giant has doubled revenues and profits in the last five years, he pointed out.

As expected, Apple unveiled its newest iPhone and updated Apple Watch on Wednesday. While the new phone is "beautiful," BGC Financial analyst Colin Gillis said the stock is a different story. He currently has a "sell" rating on Apple.

"We are stuck in a total trading range," he said. "It's either going to break up or it's gonna break down, and it's all going to depend on reception to this iPhone 7."

The problem with Apple is that smartphone market growth is grinding down to 1 percent and people are taking longer to upgrade their phones, he told "Closing Bell."

Is Apple hitting a product plateau?

However, Max Wolff, chief economist for Manhattan Venture Partners, believes the real growth in Apple's phone sales will be found in the discounted old phones.

"Almost all the growth in smartphones is not the Western and developed world, which is replacement cycle, but the emerging markets where the lower priced 6S is about to become hopefully a hot-selling item all over the world," he said in an interview with "Closing Bell."

And despite talk of the company's lack of innovation, Wolff thinks Apple still has some sizzle in things like the new headphones, its faster chip and Apple Pay.

"There are still a lot of big, exciting things going on. Your life is just not going to be different," he said. "At some point perhaps the presentations they give will settle into the exciting, if not completely earth-shattering, new technologies they release each year."

Kevin Landis, chief investment officer for Firsthand Capital Management, said that Apple is running into a "plateauing problem" and now is just trying to evolve its products so consumers can do more interesting things.

"I think of Apple as a company that's pretty much on top of the world. The problem is that, with tech stocks, is everyone is looking for a top. And so they look like a top," he said. "What they need to be doing is figuring out more things to enrich your experience so you spend more time doing more things on the phone."

CNBC's Crystal Lau contributed to this report.

Disclosures: Kawasaki, his firm and his family own shares of Apple. Wolff's family owns Apple. Landis owns Apple.