November 21, 2006 11:57 AM PST
Google shares reach $500 and keep going
Google investors have a lot to be thankful for, as shares of the search giant reached and exceeded $500 for the first time.
Shares were trading at $507.52 in midday trading on Tuesday, up 2.5 percent for the day and about 20 percent since the beginning of the year.
The stock has risen steadily since mid-October, when Google posted third-quarter profit that nearly doubled from a year earlier.
Analysts say Google is worth its roughly $154 billion market cap because its growth opportunities, mostly based on online advertising, remain huge. The rising stock price would indicate that investors agree. At least one Wall Street analyst has a $600 price target on the stock.
Elinor Mills covers Internet security and privacy. She joined CNET News in 2005 after working as a foreign correspondent for Reuters in Portugal and writing for The Industry Standard, the IDG News Service, and the Associated Press. E-mail Elinor.
