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Alphabet Reaches $2 Trillion Market Capitalization
Google parent company Alphabet's (GOOG/GOOGL) stock finished trading last Friday (April 26) with a market capitalization above $2 trillion U.S.
It was the first time that Alphabet's stock closed above $2 trillion U.S. The milestone was achieved after the company's share price rose 10% following its first-quarter earnings report.
Alphabet's stock vaulted higher after the company reported blowout Q1 results and announced its first ever dividend payment and a $70 billion U.S. stock buyback program.
At the close of trading Friday, Alphabet's market cap stood at $2.15 trillion U.S., just behind microchip and semiconductor company Nvidia (NVDA) at $2.19 trillion U.S.
In all, Alphabet's market capitalization increased $195.93 billion U.S. last Friday, the third-largest one-day increase in stock market history.
Alphabet is now the fourth company to reach the $2 trillion U.S. level, joining Apple (AAPL), Microsoft (MSFT), and Nvidia.
Analysts on Wall Street spent Friday revising up their ratings and price targets on Alphabet's stock.
Wedbush, for example, came out with an“outperform” rating and a $205 price target on Alphabet's stock.
So far in 2024, Alphabet's stock has risen 25% and currently trades at $171.95 U.S. per share.
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