Shares of Apple reach new all-time high of $120 after record holiday quarter

Shares of Apple touched the $120 mark multiple times just after the market opened Friday morning. The stock was unable to break that barrier, however, facing resistance beyond that barrier.

Prior to Friday's gains, Apple's previous all-time intraday trading high came on Nov. 25, 2014, when shares of the iPhone maker peaked at $119.75. The company's stock later cooled off and closed that day at $117.60.

If shares of AAPL can maintain their current levels until the end of trading today, the company could exceed its all-time-high closing price of $119 achieved on Nov. 26, 2014.

After peaking at $119 in November, Apple saw its stock price fluctuate around the $110 range for a few months. But the stock has seen significant gains this week following the results of its first quarter of fiscal 2015, in which the company sold an astonishing 74.5 million iPhones, blowing away market expectations.

Apple's blockbuster quarter caused analysts to raise their price targets on shares of the company, with many on Wall Street predicting that Apple will trade at $130 or higher in the next year. But with each day's gains, that $130 price range gets closer.

The most lofty projection for shares of AAPL comes from billionaire activist investor Carl Icahn, who set a price target of $203 last fall. Following this week's results, Icahn said he will revisit his estimates and potentially increase them, as he believes Apple is a "no-brainer" investment.