(This story has been corrected to reflect that Apple has not surpassed HP in annual revenue and updated with additional market cap data)CUPERTINO, Calif. ( TheStreet) - Apple ( AAPL) has surpassed $400 billion in market capitalization, as analysts predict the tech giant hitting the half trillion dollar mark. Goldman Sachs recently boosted its share price target to $550 per share. Other analysts, such as Barclays Capital and Piper Jaffray have even higher price targets, $555 and $607, respectively. Using Goldman's $550 share price target, Apple's market capitalization would be just over $512 billion. Apple's growth is clearly accelerating, having reached various market cap milestones over a short period of time. When Steve Jobs returned to the company, it took nearly 10 years for the company to close a quarter over $100 billion in market cap, doing so in the June 2007 quarter, according to Bloomberg. Due to the recession, Apple did not reach $200 billion in market cap until second quarter 2010, 11 quarters later. It took Apple four quarters to finally stay over $300 billion in market cap, having first reached it in January 2011. It has taken three quarters for the firm to reach $400 billion. Apple may very well reach $500 billion in market cap later this year, if past trends hold. The tech giant's stock hit another all-time high shortly after market open on Thursday, reaching $431.37, surpassing Wednesday's previous all-time high. Apple's market cap was at $400.2 billion on Thursday.
|Apple surpassed $400 billion in market cap.|