While everyone has been focused on Apple's stock in recent weeks, Google's stock just passed a major milestone of its own.

Google topped $700 a share on Friday morning for the first time in nearly five years. The stock opened at $700 on the dot and was up more than 1% in early trading.

Google's stock peaked at $714 back in December, 2007 before declining through much of the next year and even dropping below $300 at one point in late 2008.

There are only a handful of companies who have traded above $700 a share, including Google, Priceline, Berkshire Hathaway and NVR Inc. Apple, for its part, is quickly closing in on this milestone and currently trades at $680 a share. However, Apple's market cap is more than $635 billion while Google's market cap is about $232 billion.

Google's stock has been on the rise since mid-July on the strength of its second quarter revenues (particularly from mobile advertising), and the popularity of the Nexus tablet, which was unveiled in June. More recently, analysts from Capstone and Bank of America have reiterated their buy rating on Google stock.

It's worth noting though that Google's shareholders approved a stock split in June, which means the value of each share of Google's stock will be halved. So if you currently own 500 shares of Google stock worth about $700 a share, you'll soon end up owning 1000 shares worth about $350 a share.