How high can Amazon’s stock stock go? The shares temporarily passed the $300 mark today for the first time, after e-commerce researcher ChannelAdvisor reported that Amazon’s June sales rose by more than 30%. Amazon’s business has been on a tear, but even those results were surprising given that June is usually a slow month. The results have made investors positively giddy.
Amazon’s stock fell back down and closed just below $300 a share, but so far this year its stock is up by about 16%. This week’s ruling by a US federal judge against Apple helped boost Amazon’s shares. Apple is accused of conspiring to charge higher prices for e-books than Amazon’s sales price.
The company’s growth has slowed recently, even as it spends more to expand into devices and services, such as set top boxes for televisions. Amazon is also getting into TV content with its Amazon Studios unit, as well as comic and graphic novel publishing through its imprint, Jet City Comics. And it has expanded its pilot grocery delivery business to San Francisco and Los Angeles. Amazon wants the service, called AmazonFresh, to expand to other cities in the US and in Europe.
Seeing Amazon’s stock fly above the $300 a share threshold may soon become the norm. Some analysts think the price could reach as high as $370 a share.