Alphabet, Google's parent company, just topped $1 trillion in market value, joining other tech giants

Alphabet, Google's parent company, just joined the trillionaire club.

With its stock price closing at an all-time high of $1,450.16 on Thursday, the company's market value reached $1 trillion.

The tech giant is the fourth U.S. company to hit the milestone after Apple, Microsoft and Amazon. Facebook could join the club next as its market value sits at roughly $630 billion. 

Alphabet’s resurgence marks a turnaround for the company. The stock was among the worst-performing among its larger tech peers in 2019. Last April, shares closed at their worst day since April 2010 after an earnings report revealed slowing advertising growth.

Investors, however, have grown more optimistic lately.

Sundar Pichai was recently named chief executive of Alphabet, a move that has boosted investors' confidence as management focuses on growing the company's cloud business.

Deutsche Bank recently raised its price target on the stock to $1,735 from $1,550, citing a positive outlook on the company's new leadership.