Google Hits All-Time Highs, But Now Trades Above Fair Value
Google Inc. (NASDAQ: GOOG) has done something that most stocks cannot claim, and on a day that the market is not exactly running with the bulls. Its stock hit a new all-time high.
Today's high of $747.28 was up almost 2% on the day against a prior 52-week trading range of $480.60 to $734.92 and the current market capitalization rate is now about $244 billion. It is important to realize that September was the first month that Google shares had gone above the $700 share price going all the way back to December of 2007. Its absolute all-time high seen in the quote recaps was $747.24 back in November of 2007.
As of 11:25 AM EST we saw that Google's share price was up by 1.6% at $745.81 on about 1.6 million shares.
We would make note of one issue that will have to be addressed at some point. Thomson Reuters shows that the consensus price target objective from analysts is just under $744 on the stock.
Again, the level to watch is $747.24 to see if Google can close above that level. If you go back to the closing highs in late 2007, it appears that $741.79 was the all-time high closing price back on November 6, 2007.
JON C. OGG
Filed under: 24/7 Wall St. Wire, Active Trader, Internet Tagged: GOOG