May 9 (UPI) — Apple Inc. became the first company to cross the $800 billion market value threshold after a rise in stock price early in the week.
Considered 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 $185 to $202 per share for Apple stock. If the stock price increases to $202, 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.”
Alphabet, the parent company of Google Inc., is valued at $653 billion and is the second most valuable company. Microsoft Inc. is third at $532 billion.
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.