Shares in Apple Inc. were sent higher Wednesday following the company’s blowout results for the March quarter the company turned in on Tuesday. In the mid-afternoon trading session on Wednesday, AAPL was trading at US$258.39, up $13.80 (+5.64%), on heavy volumes.
That’s near the day’s high of $260.25, a level that also represents an all-time high for the stock during regular trading hours. The stock’s all-time closing high was set on Tuesday at $244.59, and the stock then crossed the $261 per share level during after-hours trading after Apple’s earnings report was released.
Apple posted revenue of US$13.5 billion and a quarterly profit of $3.07 billion, or $3.33 earnings per share (EPS). The company sold 2.94 million Macs during the quarter, which was 33% more than in the year-ago quarter. The company moved some 8.75 million iPhones - up 131% year-over-year and 10.89 million iPods, which represents a one percent decline year-over-year.
A variety of analysts have raised their price targets for Apple following the results. The Mac Observer reported earlier on Wednesday that Broadpoint AmTech analyst Brian Marshall raised his target to $320. Marketwatch reported that Chris Whitmore of Deutsche Bank and Mike Abramsky of RBC Capital both raised their price targets to $350.
*In the interest of full disclosure, the author holds a small share in AAPL stock that was not an influence in the creation of this article.