Apple’s stock price rose nearly 3% in intraday trading on Monday, and its stock price continued to hit a new high. The total market value exceeded the $3 trillion mark for the first time, making it the first company in history to reach this milestone. For Apple’s market value to exceed the $3 trillion mark, the stock price needs to reach $182.86. The company’s stock price reached a maximum of $182.88 during Monday’s intraday trading.
Apple’s market value has tripled in less than four years. The milestone of $3 trillion in market value is mostly symbolic, but it shows that investors are still optimistic about Apple’s stock and its ability to grow. The company’s fourth-quarter financial report showed that all its product categories achieved annual growth, and revenue increased by 29% year-on-year.
Although the iPhone is still the company’s largest sales driver, its service business has increased by 25.6% year-on-year, and its revenue for the quarter exceeded $18 billion. Analysts believe that there is still a lot of room for operation.
In December last year, Morgan Stanley’s Katy Huberty raised Apple’s target price from US$164 to US$200, and maintained a rating equivalent to a buy, and believed that the impact of new products such as virtual reality and augmented reality headsets have not yet been included in the stock price.
Huberty also said that she expects Apple’s App Store revenue to exceed Morgan Stanley’s quarterly forecast, and also predicts that the company’s shipments in the December quarter will reach 83 million units, 3 million more than expected.
Tianfeng International analyst Ming-Chi Kuo said in a report on Monday that Apple sold 27 million pairs of the latest AirPods during the holiday season, driving a 20% year-on-year growth in the wearable device business in the quarter.
In the recent market uncertainty, investors have also turned to Apple as a safe haven, thanks to the company’s strong balance sheet and cash flow. Apple’s market value reached US$1 trillion in intraday trading on August 2, 2018, making it the first U.S. listed company with a market value of US$1 trillion. Just two years later, on August 19, 2020, its market value reached US$2 trillion.
Apple’s stock price has risen by 34% in 2021.