Google shares hit all-time high

BERLIN, GERMANY - SEPTEMBER 26: A visitor passes the Google logo on September 26, 2012 at the official opening party of the Google offices in Berlin, Germany. Although the American company holds 95% of the German search engine market share and already has offices in Hamburg and Munich, its new offices on the prestigious Unter den Linden avenue are its first in the German capital. The Internet giant has been met with opposition in the country recently by the former president's wife, who has sued it based on search results for her name that she considers derogative. The European Commission has planned new data privacy regulations in a country where many residents opted in to have their homes pixeled out when the company introduced its Street View technology. (Photo by Adam Berry/Getty Images)

Photograph by Adam Berry — Getty Images

Search-engine giant Google is flying high Friday, after a strong second-quarter financial performance and hints at a possible dividend or buyback in the future sent shares in the search engine giant soaring.

Today, shares in Google (GOOG) have reached an all-time high of $668.25, rising more than 15% in trading Friday morning. Analysts and investors were pleased with new CFO Ruth Porat’s assurance that the firm would reign in expenses, and at the tantalizing possibility that the Mountain View company would start giving some of its substantial cash pile back to investors.

Even after shares jumped, analysts like Morningtars’ Rick Summer think the company’s shares are still cheap. “Google posted strong second-quarter results, demonstrating robust demand in its core business and stronger expense discipline,” Summer wrote in an analyst note. “We continue to believe the shares are undervalued, even after the strong move after results were announced. We are sticking with our wide moat rating and $715 fair value estimate at this time. ”