Piper Sandler Lowers Alphabet (NASDAQ:GOOGL) Price Target to $200.00

Alphabet (NASDAQ:GOOGL) had its price target lowered by equities researchers at Piper Sandler from $206.00 to $200.00 in a report released on Tuesday, MarketBeat.com reports. The brokerage presently has an “overweight” rating on the information services provider’s stock. Piper Sandler’s price target would indicate a potential upside of 32.31% from the company’s current price.

Several other analysts also recently commented on the company. Roth Mkm reissued a “buy” rating and issued a $206.00 price objective on shares of Alphabet in a research note on Thursday, August 29th. JMP Securities reissued a “market outperform” rating and issued a $200.00 price target on shares of Alphabet in a research report on Tuesday, July 30th. DA Davidson initiated coverage on shares of Alphabet in a report on Tuesday. They set a “neutral” rating and a $170.00 price objective on the stock. Truist Financial increased their target price on shares of Alphabet from $190.00 to $196.00 and gave the company a “buy” rating in a report on Wednesday, July 24th. Finally, UBS Group boosted their price target on shares of Alphabet from $200.00 to $204.00 and gave the stock a “neutral” rating in a report on Wednesday, July 24th. Eight analysts have rated the stock with a hold rating, twenty-eight have given a buy rating and two have issued a strong buy rating to the company. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $201.76.

Alphabet Price Performance

Shares of GOOGL opened at $151.16 on Tuesday. The business’s fifty day moving average is $168.75 and its 200 day moving average is $164.42. Alphabet has a 12-month low of $120.21 and a 12-month high of $191.75. The company has a quick ratio of 2.08, a current ratio of 2.08 and a debt-to-equity ratio of 0.04. The stock has a market cap of $1.86 trillion, a P/E ratio of 23.18, a P/E/G ratio of 1.13 and a beta of 1.04.

Alphabet (NASDAQ:GOOGL) last released its quarterly earnings data on Tuesday, July 23rd. The information services provider reported $1.89 earnings per share for the quarter, beating analysts’ consensus estimates of $1.85 by $0.04. The firm had revenue of $84.74 billion for the quarter, compared to analyst estimates of $70.60 billion. Alphabet had a net margin of 26.70% and a return on equity of 30.49%. During the same period last year, the firm earned $1.44 earnings per share. Sell-side analysts anticipate that Alphabet will post 7.64 earnings per share for the current fiscal year.

Insider Activity

In other news, CAO Amie Thuener O’toole sold 682 shares of the firm’s stock in a transaction that occurred on Tuesday, July 2nd. The shares were sold at an average price of $183.47, for a total value of $125,126.54. Following the completion of the transaction, the chief accounting officer now directly owns 30,650 shares in the company, valued at $5,623,355.50. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. In other Alphabet news, CAO Amie Thuener O’toole sold 682 shares of the firm’s stock in a transaction on Tuesday, July 2nd. The shares were sold at an average price of $183.47, for a total value of $125,126.54. Following the completion of the transaction, the chief accounting officer now directly owns 30,650 shares of the company’s stock, valued at approximately $5,623,355.50. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, Director John L. Hennessy sold 700 shares of the company’s stock in a transaction on Friday, August 16th. The stock was sold at an average price of $165.00, for a total transaction of $115,500.00. Following the completion of the transaction, the director now directly owns 29,324 shares in the company, valued at approximately $4,838,460. The disclosure for this sale can be found here. Insiders have sold a total of 179,367 shares of company stock worth $30,016,931 over the last ninety days. Company insiders own 11.55% of the company’s stock.

Institutional Trading of Alphabet

Institutional investors and hedge funds have recently modified their holdings of the business. Picton Mahoney Asset Management raised its position in Alphabet by 55.4% during the fourth quarter. Picton Mahoney Asset Management now owns 214,443 shares of the information services provider’s stock valued at $29,956,000 after purchasing an additional 76,410 shares in the last quarter. Nebula Research & Development LLC bought a new position in shares of Alphabet during the 4th quarter valued at about $787,000. New Hampshire Trust increased its position in shares of Alphabet by 2.7% during the 2nd quarter. New Hampshire Trust now owns 43,714 shares of the information services provider’s stock valued at $7,963,000 after purchasing an additional 1,132 shares during the last quarter. Matisse Capital raised its holdings in shares of Alphabet by 13.7% during the 4th quarter. Matisse Capital now owns 16,781 shares of the information services provider’s stock valued at $2,344,000 after buying an additional 2,026 shares in the last quarter. Finally, Berkshire Money Management Inc. bought a new stake in Alphabet in the 1st quarter worth approximately $359,000. Hedge funds and other institutional investors own 40.03% of the company’s stock.

About Alphabet

Alphabet Inc offers various products and platforms in the United States, Europe, the Middle East, Africa, the Asia-Pacific, Canada, and Latin America. It operates through Google Services, Google Cloud, and Other Bets segments. The Google Services segment provides products and services, including ads, Android, Chrome, devices, Gmail, Google Drive, Google Maps, Google Photos, Google Play, Search, and YouTube.