Apple (AAPL) Shares Top $700 After Hours

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They didn't quite get there before today's closing bell rang, but Apple ( AAPL ) shares have finally topped $700 for the first time in history.

After threatening to top $700 all day, the shares got there within minutes of the market's close. The stock closed regular trading at $699.80 per share.

The stock rose 1.2% today to bring its total return since unveiling the iPhone 5 last Wednesday to just under 6%.

After a slow start in the hours after the iPhone was introduced, AAPL shares are now on track to get their usual post-iPhone/iPad announcement push. The stock has averaged an 11% pop the last three times the company revealed a new high-profile gadget.

At $700 a share, Apple joins an elite group of stocks to have ever reached such a lofty share price. That group includes Google ( GOOG ), ( PCLN ) and The Washington Post ( WPO ). Google just re-crossed the $700 threshold after a nearly five-year absence.

Most analysts think Apple shares aren't done growing.

The stock's mean one-year target estimate, according to Yahoo! Finance, is $757 a share. That would require another 8% increase.

Considering the stock just jumped 6% in the three days since the company introduced a new iPhone that many said lacks a "wow" factor, another 8% boost seems realistic.

So while it's impressive that Apple shares just topped $700, what's more impressive is that the stock is somehow showing no signs of slowing down.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

This article appears in: Investing , Stocks
Referenced Symbols: AAPL , GOOG , PCLN , WPO

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