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.