Apple's stock hits $500

Shares of Apple reached $500 for the first time on Monday, setting yet another high-water mark for the tech giant.

Apple's (AAPL, Fortune 500) stock has been soaring lately, boosted byrecord sales of the iPhone and iPad. Even the 28-year old Macintosh line continues to set new sales records.

Shares closed at a record $502.60, up 2% from Friday's close.

But this rise isn't a recent development. Apple shares have been rising at a consistent trajectory for the past three years.

It was just six months ago that Apple cracked the $400 level for the first time, and it's been 16 months since it passed $300. Shares traded above $200 for the first time in October 2009. At this time three years ago, shares traded at just $78.20.

Despite Apple's stunning rise in share price, the company's stock gains haven't even kept pace with its earnings.

The stock has grown 40% over the past year, but Apple's profit has grown 117% since the fiscal first quarter of 2011. Over the past two years, Apple's stock has grown 150% and profits have soared 286%.

The stock has risen 539% in the past three years, but profits have grown 711% over the same time period.

That means Apple's shares are relatively cheap.

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