Google (GOOG) stock price moved up on Friday, touching the highest level since 2007, mainly due to the tech sector rose as a whole, as well as analysts’ optimism about the future prospects for Google.
In the regular trading on the Nasdaq Friday, GOOG stock price climbed up $6.75, or 0.97%, to close at $706.15, after hitting a high point of $712.25, very close to the historical high of $741.79 recorded on November 6, 2007. GOOG stock price has cumulatively risen nearly 10% this year, but primarily contributed by the rising trend of 27% since June 14 this year, when GOOG stock hit a closing price low of $559.05. Over the past 52 weeks, GOOG stock price fluctuated between $480.60 and $712.25.
Analyst pointed out the rise in GOOG stock price on Friday was partially due to that the company’s Chief Business Officer Nikesh Arora said in a meeting chaired by Citigroup, that Google has made progress on the main issues concerned about by investors. Google is in the facing of greater profit opportunities in the field of mobile services and the Android operating system, and the number of activation has been growing throughout the summer. Arora also said that Google’s YouTube segment has been seeing strong growth with more professionally produced content being promoted
Samsung and Motorola mobile released new Android smart phones this week. This was also regarded as one of the factors promoting GOOG stock price to climb. Brian Nowak an analyst at Nomura Securities pointed out that people are realizing some unfavorable factors that plagued Google are weakening.
The general rise of tech stocks on Friday also played a role in boosting GOOG stock price. The Nasdaq composite index closed at 3135.81 points on Thursday, hitting a new high since the prosperous development of the technology industry in 2000. As of Friday, the Nasdaq composite index has gained more than 20% year to date.