NEW YORK (TheStreet) -- Google's (GOOGL) - Get Report name change spelled a rally in its stock Tuesday, making it the top performer on the S&P 500.

The stock continued to trade higher one day after announcing its new operating structure and changing its name to Alphabet. The shift could mean a wave of product development, getting Wall Street excited.

On Monday, the tech giant said it would become a subsidiary of a new holding company as it continues taking on new endeavors such as research lab Google X and Calico, which is trying to extend human lives. Its other ventures include driverless cars, high-speed Internet service and health-related technologies. The company can now focus on individual business units, which could maximize their performance.

TheStreet's Jim Cramer, co-portfolio manager of the Action Alerts PLUS charitable portfolio, which has Google as a holding, said the stock is not done going higher. He thinks the move has incredible importance for stockholders and prospective investors. Cramer compared it to the recent transformation of Amazon (AMZN) - Get Report when it broke out its cloud computing business and unlocked more value.

Cramer said Google will now be able to show everyone where the money is going and for what purpose. Google shares closed up 4% to $690.30 in Tuesday's regular session and are up 1.4% in late trading. Shares of Google have risen more than 30% so far this year, and gained nearly 20% of the past 52 weeks.

TheStreet Ratings team rates GOOGLE INC as a Buy with a ratings score of B. TheStreet Ratings Team has this to say about their recommendation:

"We rate GOOGLE INC (GOOGL) a BUY. This is driven by a number of strengths, which we believe should have a greater impact than any weaknesses, and should give investors a better performance opportunity than most stocks we cover. The company's strengths can be seen in multiple areas, such as its revenue growth, largely solid financial position with reasonable debt levels by most measures, reasonable valuation levels, expanding profit margins and good cash flow from operations. We feel its strengths outweigh the fact that the company has had somewhat disappointing return on equity."

You can view the full analysis from the report here: GOOGL Ratings Report

At the time of publication, Cramer's Action Alerts PLUS had a position in GOOGL.