While Apple slumps, Google hits new milestone

For the first time, its stock price pierces the $900 level, giving the search giant a cool $300 billion market cap.

By Jonathan Berr May 15, 2013 1:11PM
Coffee cups with Google logos are seen at the Google office in Toronto on November 13, 2012 (© Mark Blinch/Newscom/Reuters)Shares of Google (GOOG) reached yet another milestone Wednesday, topping $900 as the company's annual developers conference got underway in San Francisco. At that level, Google has a whopping $300 billion market value.

The stock recently traded at $906, ahead of its average 52-week price target of $903.03.

The search engine giant has been able to shrug off concerns about weakened prices for its search ads, the surging popularity of Facebook (FB) and worries about whether it's spreading itself too thin with side projects such as Google Glass and now a subscription music service

Shares of Google have surged more than 28% this year, while Apple (AAPL -2.93%) has slumped more than 19% and Facebook has barely budged. 

Everything seems to be going Google's way. Its Android operating system currently powers about 75% of the world's smartphones and shows no sign of slowing. While the company still generates most of its earnings from search advertising, Wall Street analysts expect it to pull in a whopping $59.4 billion in revenue this year. That's pretty good for a company feeling it needs to expand.

How high can Google go? That's hard to say. 

In 2006, analyst Mark Stahlman was mocked by many people in the press, including me, for saying it was possible for the search engine giant to reach a $2,000 stock price. Suddenly, what looked crazy then seems more possible now.

Jonathan Berr does not own shares of the listed stocks. Follow him on Twitter @jdberr.

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1Comment
May 15, 2013 1:38PM
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Yes everything seems to good to be true even in the face of head winds...... hmmm what usually happens next?? 
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