Has Apple Got its Mojo Back?
Apple’s share prices closed at $600.96 Monday afternoon setting a new 52-week high for the company. Being a high in the March quarter, Apple announced an expanded capital reinvestment program.
The New York Stock Exchange, credit Carlos Delgado via Wikipedia.
When the markets closed at 4:00 Eastern, Apple was at $600.96. The company crossed the $600 threshold just minutes before the NASDAQ halted official trading for the day.
Apple shares closed above $600 for the first time since November of 2012, but are still off $100 from their all-time high reached in September of that same year. Apple’s shares were up more than $8 for the day to reach the mark. The company’s market capitalization is now at $517.65 billion.
Earlier this monday Apple received a sizable backing from the RBC Capital Markets, which issued its second increased price target. The prediction of Amit Daryanani states the shares of Apple will reach a minimum high of $645 in the next year, while on the higher arm the predicted price is $725 per share.
The highest which came in September 2012 surpassed $700, following which the share prices toppled throughout late 2012 and early 2013.
Looking at the share prices strike back in the recent weeks, it was observed shares being traded at the highest levels since late 2012. This advantage has yielded a strong March quarter and an expanded capital reinvestment program, along with an upcoming 7-for- 1 stock split.
Time to nibble on Apple as they managed to bridge the gap between $599 last week to a $600 this week. It shows how smoothly Apple took away the psychological hesitance of many, and rendered brighter future.