June 5 (UPI) -- The stock price of Alphabet, the parent company of Google, surpassed the $1,000 per share milestone Monday morning.
The company's Class A stock price has been soaring this year from a 52-week low of $672.66.
Last Tuesday, shares of Amazon broke through $1,000 for the first time. Amazon has a market value of $478 billion.
Alphabet's market value is now about $680 billion, second only to Apple at more than $800 billion.
On Monday, analyst Andy Hargreaves suggested investors buy Alphabet instead of Apple because of the potential for iPhone sales to decline in 2019.
"We recommend large-cap tech investors use proceeds from sales of Apple to purchase GOOGL, which we believe retains an excellent risk/reward profile and more substantial upside potential than AAPL," Hargreaves said.
Hargreaves has a $1,100 price target on Alphabet.
Also, Goldman Sachs on Monday published a report the technology sector is its favorite sector and it includes Alphabet.
Shares of Google were up more than 1 percent to $1,007.01 at mid-day.
In 2015, Google Inc. announced a restructuring in which the company's web-based products will be separated from its health research and investment divisions, all of which would fall under a new holding company called Alphabet.
Google search engine, YouTube, Google Maps, Android operating system, Chrome browser, Pixel Phone, Chromebooks fall under the Google name. Separate are development projects: driverless car tech firm Waymo, Fiber Internet/cable service, connected device maker Nest and X Labs, its futuristic "moonshot" projects.
