$750.04 Is Google’s New All-Time High-Water Mark
Five years later, people who still have shares of Google they bought way back on Nov. 7, 2007, can finally sell them for a profit. Google hit $748.90 on Monday in midday trading (when we first posted this story) and was up to $750.04 before closing at $749.38.
Google is trading on solid earnings and new devices, as well as a positive comparison between its continued strength and newer public consumer Internet businesses like Facebook, Zynga and Groupon.
On Sunday, Citigroup analyst Mark Mahaney raised his Google price target to $850 from $740, citing factors like reduced overhang from Motorola, signs of mobile cost-per-click growth and projected growth in search spending.
Shares of Google are up more than 30 percent in the past three months alone. The company’s current market cap is $244 billion.
Google’s previous all-time high was $747.24, though it had never closed higher than $741.79. Both of those marks are from November 2007.
Its next quarterly earnings report is due on Oct. 10.