Shares of IBM (NYSE: IBM) are above $200 for only the second time in the No. 2 computer company's 101-year history, valuing it at $232.4 billion.

The shares closed at $200.62, up 81 cents on Friday,not quite matching Monday's all-time high of $201.19, the first time the price exceeded $200. At Friday's close, IBM was valued at $232.5 billion.

The company, based in Armonk, N.Y., held its initial public offering in 1916.

Although it's lost the top computer revenue crown to rival Hewlett-Packard (NYSE: HPQ), IBM is more profitable, has had greater management stability since the 1992 resignation of CEO John Akers under his successors, Louis Gerstner, Samuel Palmisano and Virginia Rometty, and has rewarded shareholders better.

Over the past year, shares of IBM have gained nearly 21 percent, while those of HP have declined nearly 42 percent. Its marlet capitalization is $47.9 billion.

Their smaller rival by revenue, Apple (Nasdaq; AAPL)  whose annual revenue last year topped $100 billion for the first time, has become the world's most valuable company. In Friday trading, Apple shares rose $3.18  to $545.17, valuing the company at $508.3  billion. Apple shares have gained 55 percent over the past year.