Apple Inc. (NASDAQ: AAPL) is on its way to having a $500 billion market capitalization rate. What may be more impressive than just how large that number sounds is that Apple has now crossed the $500.00 mark in its share price. Shares are up 1.8% at $502.20.
We recently noted that Apple still screens out as a very cheap stock. It trades with an earnings multiple under the overall stock market and less than all technology growth stories. One analyst recently gave a $665 price target and it has hit new highs almost each day over the last few weeks since earnings.
Here is a statistic for you… At $468 billion in market capitalization, Apple shares have now added on $100 billion in market value since the death of Steve Jobs. That brain drain we feared might come up has either not happened or has just not mattered.
This is just one of those stories that keeps growing and growing. If Apple TV is the next big frontier, who knows what more tricks are up its sleeves. We would not be too shocked if there is at least some temporary profit taking after this new milestone has been hit.