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Apple stock hits all-time high

Apple CEO Tim Cook speaks during an Apple special event at the Flint Center for the Performing Arts on September 9, 2014 in Cupertino, California.
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Apple's stock just hit a new all-time high.

Shortly after the opening on Friday the tech giant's share price traded above $120. It's previous high had been $119.

On Tuesday Apple posted record-breaking earnings and blew past analysts' estimates when it reported $3.06 cents per share on revenue of $74.6 billion.

Apple sold 74.6 million iPhones last quarter, more than any other quarter in its history, and made $18 billion in profit, which is more than any other company has ever reported in a single quarter.

It's worth nothing that before Apple posted its earnings James Ramelli, a trader at, told CNBC that he saw the company's stock hitting $120 by the end of the week. And it looks like his prediction was correct.

High demand for Apple's iPhone in China has been a key growth driver for the company. And Tim Cook said in an earnings conference call on Tuesday that he continues to see big growth in the region.

Sales in greater China, which includes Hong Kong and Taiwan, came in at $16.14 billion for the quarter, up 70 percent year over year.

Some analysts also see China as a growing opportunity, but also have other reasons for betting on Apple's stock to keep going higher this year.

Read MoreApple earnings blowout may only be the beginning: Analysts