Amazon stock surpasses $300 per share for first time ever

Summary:Even at $300 a pop, some analysts think now is still a prime time to buy Amazon stock.

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Amazon's bottom line surpassed a major milestone on Thursday, rising above $300 per share for the first time ever.

Starting off at $294.73 per share this morning before the bell, the high for the day was $300.69.

Amazon shares closed at $299.66 per share. It was pegged at roughly $299.60 per share in after-hours trading.

Even at $300 a pop, some analysts say that's a bargain for Amazon stock.

Compared to Apple and Google at roughly $427.29 and $920.24 per share at the closing bell on Thursday, they're probably right.

According to MarketWatch, it looks now might be the prime (pun intended) or even last chance to pick up Amazon shares. Here's more:

At $300, Amazon’s shares are more than 135 times estimated earnings for the next four quarters, according to FactSet. That’s about 8 times the average multiple for the consumer discretionary sector of the S&P 500, according to FactSet, and about 80% above the stock’s average price-to-earnings ratio over the last five years. And its far above the P/E ratios for Internet peers Google GOOG and eBay EBAY – both of which trade about 18 times estimated earnings.

Still, more than 70% of the brokers covering Amazon rate the stock as a buy — and none rate it as a sell. The median price target on Amazon’s shares is $325, according to Thomson Reuters.

Surely Amazon executives will be boasting these figures and more when the Seattle company publishes its second quarter earnings report on Thursday, July 25.

Screenshot via Yahoo Finance

Topics: Tech Industry, Amazon, Apps, Cloud

About

Rachel King is a staff writer for CBS Interactive based in San Francisco, covering business and enterprise technology for ZDNet, CNET and SmartPlanet. She has previously worked for The Business Insider, FastCompany.com, CNN's San Francisco bureau and the U.S. Department of State. Rachel has also written for MainStreet.com, Irish Americ... Full Bio

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