Shares of Google ( GOOG) traded above the $600 mark for the first time Monday, buoyed by the strength of its search business and investor hopes that the stock can continue its recent climb.

Shares were recently up $8.15, or 1.3%, to $602.20.

Google's stock first reached the $500 threshold in November 2006 following a strong fourth-quarter performance. The stock began trading at $85 after its IPO in late 2004.

Shares first crossed the $400 mark in November 2005.

The company has seen more bullish sentiment amid its recent rise. Shares are up nearly 20% since August lows, following a quarter in which the company missed Wall Street's forecast. Last week, Bear Stearns analyst Robert Peck forecast that shares will reach $700.

TheStreet.com's Jim Cramer has predicted the stock will reach $701 -- the highest estimate on Wall Street.