For the first time in the company's history, Google's stock surpassed the $700 mark yesterday (October 31st).Its shares reached $704.79, before falling slightly to $703.87 by the close of trading, a rise of more than $100 in less than a month.
Last month, the search engine's stock broke through the $600 milestone, with some experts predicting that it could go much higher by the end of the year.
At the time, analysts from Nollenberger Capital Partners stated: "Beyond the near term there remains a wealth of untapped opportunity for Google in both the mobile advertising arena as well as in display advertising."
The company has generated an additional $53 billion in shareholder wealth over the last six and a half weeks, the Associated Press reports.
According to the news agency, co-founders of the firm Larry Page and Sergey Brin have resisted encouragement to split Google's stock so that more people could afford to purchase a few shares.
Reportedly, they have avoided such a move due to their theory that a high stock price tends to attract more knowledgeable and patient investors who are less inclined to focus on short-term earnings, instead concentrating on the firm's long-term goals.
Speaking about Google's stock market achievements, Scott Kessler, analyst at Standard & Poor's, commented: "One of the reasons that Google has been such a success story is not only because it's taken market share from its competitors, but also to some extent it's created new opportunities and new markets," Bloomberg reports.
