Tuesday, February 14, 2012

First time ever: Apple stock finishes above $500

Apple is currently the most valuable company in the world by market capitalization, and it continues to get more valuable all the time. The company's stock soared above the $500 level on Monday, finishing the day at $502.60, up $9.18 or 1.86 percent.

It's the first time Apple's stock has risen that high. It's not all about the iPhone, either. Over the past five years, roughly the time of the iPhone's existence, Apple stock is up about 500 percent, but over the past decade, shares are up over 4,000 percent.

In the past year alone, the price of Apple's stock has risen 40 percent.

During its fiscal Q1 2012, calendar year Q4 2011, Apple posted a record quarter, with revenue of $46.33 billion and a profit of $13.06 billion. It ended the quarter with $97.6 billion in cash on hand.

High-profile 2012 products that are expected to be pushed out include the iPad 3 and iPhone 5, and a rumored HDTV, as well. Apple's average 12-month target price, determined by averaging the target prices assigned to Apple's shares by 54 analysts, has risen to $579.69.

In addition, leading investment bank Goldman Sachs has forecast that Apple stock could rise to $550 a share within the next 12 months.

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