Apple is at an all-time high

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AAPL Apple Rg

133.25

1.16 (+0.90 %)

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The world's most valuable company is breaking new records.

Apple's shares closed on Monday at $133.29, up $1.17 for the day, and above its record close of $133, set in February 2015.

However, Apple hasn't yet broken its intraday high, $134.54, set in April 2015.

Still, investors are clearly finding their appetite for the company's stock. Apple is valued at about $699 billion, the largest market cap for a publicly traded American company.

The stock has risen more than 9% since Apple reported a solid beat on quarterly earnings, breaking three straight quarters in which the company reported an annual decline in sales.

During much of 2016, there were serious concerns about whether Apple's iPhone, which contributes about two thirds of Apple's revenue, had saturated its market. And Apple's sales in China are still falling.

But investors see a lot to like in Apple stock — in particular, the possibility that a new design and a built-up group of people with old iPhones will spur a "super cycle" in iPhone sales this fall. Goldman Sachs analysts raised Apple's price target to $150 on Monday.

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