Apple just notched a new market cap record. As the company’s shares opened at a price of $149.06 per share on Monday, its market capitalization increased to a cool $776.60 billion. In other words, the iPhone maker just broke its own record after setting a market-cap peak in February 2015 at $774.7 billion.
As per The Wall Street Journal, Apple’s stock has set record highs 17 times since February.
Shares of Apple rose 3.7 percent last week after the Cupertino firm reported earnings that were in line with Wall Street expectations and company forecasts. The most recent jump in Apple’s stock price has pushed the company’s valuation on Wall Street to $776.60 billion at Friday’s close, a new record for Tim Cook & Co.
The previous high for Apple’s market value was $774.7 billion in February 2015.
At the time of writing, the company’s stock was trading above $150 for the first time ever—that’s after factoring in a 7-for-1 split in 2014. At $151.62 per share, the company’s market capitalization was about $790.6 billion this morning.
In a note distributed to clients Monday, Drexel Hamilton analyst Brian White set his Apple price target to $202 per share from $185. Were $AAPL to hit $202 per share, its market capitalization would be valued at $1.053 trillion.
Apple’s stock is up 29 percent this year. According to public records on the Apple Investor website, the company has 5.213 billion shares outstanding.
Will Apple become the world’s first trillion dollar company?
Let us know what you think in comments below.