Apple is the world’s most valuable publicly traded company, and it just broke its own record.
Shares of Apple opened at a price of $US149.06 per share on Monday. With 5.2 billion shares outstanding, Apple’s market cap was $US776.60 billion.
That beats Apple’s last market cap peak, set back in February 2015 at $US774.7 billion.
Apple’s stock has been setting regular record highs for months — 17 times since February, according to the Wall Street Journal. But since Apple has been repurchasing millions of its shares in recent years, Monday is the first time its stock opened at a new market cap high.
Apple reported earnings last week that were in-line with Wall Street expectations and company forecasts. Some Wall Street analysts raised their price targets after Apple reported its first quarter earnings, with one bullish analyst setting a price target that would value the company at over $US1 trillion.
Apple investors hope that the redesigned iPhone, expected to launch this fall, could spur a “super cycle” of upgraders and a sales boom.
Apple’s stock is on a tear. It’s up 29% so far this year.