Apple Hits $700 a Share for First Time

Yoshikazu Tsuno | AFP | Getty Images

A notice (C) providing information on ordering the iPhone 5 is displayed at a Tokyo electrics shop on September 13, 2012.

Apple's stock passed $700 for the first time ever in after-hours trading on Monday.

The tech giant's stock rallied after the company announced Monday morning that it had record breaking pre-orders of its iPhone 5. The tech giant sold two million units of the new iPhone, surpassing the initial supply and causing some customers orders to be pushed back a week.

BMO Financial Group also raised its price target for Apple to $750 from $680.

The iPhone 5, which was unveiled last Wednesday, is scheduled to ship Sept. 21 and goes on sale in stores the same day.

Apple's share price closed at $699.78 Monday.

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