"I think the stock's got real runway here. I think it can turn and go a lot higher," said trader David Seaburg.
The Internet giant's stock surged more than 10 percent in extended trading as second-quarter profit of $6.99 per share topped analysts' expectations. Though revenue fell slightly short of expectations and crucial ad metrics were mixed, markets cheered signs of expense control and strong signs for the YouTube video platform.
"I thought it was undervalued before. This is not a crazy valuation here," said trader Karen Finerman, who owns Google stock.
Google seems primed to move higher, and investors should hold it with $600 per share as a floor, said trader Guy Adami. It closed the regular session above $601 before the after-hours spike.
Trader Brian Kelly added that he saw positive signs in financial discipline and YouTube, but he would wait for a pullback to buy Google shares.
Adami also noted that Facebook looks to be "breaking out." The stock has gone about 16 percent higher this year.
Brian Kelly is long BBRY, BTC=; ITB, TAN, TLT, TSL and euro. He is short yuan and yen. Today he bought ITB.
Karen is long BABA, BAC, C, FINL, FL, GOOG, GOOGL, JPM, KORS, M, URI, BABA puts and URI calls. She is short SPY. Her firm is long ANTM, AAPL, BAC, C, DIS, FBT, FINL, FL, GILD, GOOG, GOOGL, GPS, IBB, JPM, KORS, M, SUNE, URI, XBI, KORS call spreads, URI calls, KORS puts and SPY put spreads. Her firm is short IWM, SPY and MDY. Karen Finerman is on the board of GrafTech International.
Guy Adami is long CELG, EXAS and INTC. Guy Adami's wife, Linda Snow, works at Merck.