Apple Inc., maker of iPhone and Mac computers has reached USD800 billion market value threshold after a rise in stock price early in the week, which makes it the first company to attain the mark.
Barely two years after the company crossed USD700 billion, the world’s most valuable company, Apple shares on the Nasdaq exchange rose in midday trading Monday to a high of $153.70 per share. Multiplied by 5.21 billion outstanding shares, the company’s value was briefly above $800 billion.
At the close of trading, Apple stood at $153.01 per share, or a market capitalization of $797.7 billion.
Apple’s 2.7 percent increase on Monday came after a positive research note from Brian White of the investment firm Drexel Hamilton, which suggested an eventual price target of USD185 to USD202 per share for Apple stock. If the stock price increases to USD202, Apple would cross the trillion-dollar threshold.
White said the valuation “has been depressed for years as investors grew concerned that Apple would fall victim to the missteps of consumer electronic companies in of the past.” He added, though, that the company “has proven its resilience through its unique ability to develop hardware, software and services that work seamlessly together.”
Apple’s stock prices have been elevated by a recent rally on Wall Street. The Nasdaq 100 index of the stock exchange’s 100 largest non-financial companies closed at a record high on Friday.
Meanwhile, Alphabet, the parent company of Google Inc., is valued at USD653 billion and is the second most valuable company. Microsoft Inc. is third at USD532 billion.
Billionaire Warren Buffett, whose Berkshire Hathaway has disclosed a stake of roughly USD20bn in Apple, said on Monday he had grown fonder of the company because he could “very easily determine” the iPhone maker’s competitive position “and who is trying to chase them”.
Apple is an American multinational technology company headquartered in Cupertino, California that designs, develops, and sells consumer electronics, computer software, and online services.
