At the moment Google Inc (NASDAQ:GOOG) shares are doing quite well. The company’s Google I/O conference is taking place at the moment, and shares opened on yesterday’s market at more than $900 each for the first time ever. Shares hit their all time high, close to $920, before sinking a couple of dollars below $910 before the market closed.

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At least one analyst thinks the company can keep this growth up, they’re betting on $999 Google Inc (NASDAQ:GOOG) shares in the next twelve months. Topeka Capital Markets analyst Victor Anthony previously had a price target of $950 on the Mountain View, California company. Google Inc (NASDAQ:GOOG) has already had an incredible couple of months, is it really realistic to think the company can continue?

The Topeka report lists several innovations revealed at the Google I/O conference, including the improvements to voice search, Google+, Google Maps, and the launch of the Google Play All Access music service as reason to believe that Google Inc (NASDAQ:GOOG) is one of the most important and innovative companies out there. That, apparently, justifies the increase in the price target.

So far in 2013, shares in Google Inc have increase by more than 28 percent, with a particular uptick coming in May after its earnings report announcement, and its I/O conference, which is taking place right now. The firm’s growth has been phenomenal for a long time, and most analysts are certain that it can continue to dominate the web world.

Google Inc (NASDAQ:GOOG) has certainly shown it can do that. The company has managed to survive and grow almost every year of its existence, despite the competitors who have disappeared along the wayside. There is new competition, however, in the form of companies like Facebook Inc (NASDAQ:FB).

Google Inc (NASDAQ:GOOG) currently trades at a 2012 P/E of just over 27. That implies the company is set to grow a great deal in the coming years, a P/E of 30, which is what the $999 price gives, implies even more growth. How much can be expected from one little search giant?

A $999 share price would make Google Inc (NASDAQ:GOOG) worth just over $330 billion by market capitalization. The number still leaves the firm far behind Apple Inc. (NASDAQ:AAPL) and Exxon Mobil Corporation (NYSE:XOM), the worlds most expensive companies, but it would give the web advertiser a clear lead over Microsoft Corporation (NASDAQ:MSFT) in the most valuable stakes.