Alphabet (NASDAQ:GOOG) Stock Rating Upgraded by DA Davidson

DA Davidson upgraded shares of Alphabet (NASDAQ:GOOG) to a hold rating in a research note published on Tuesday, Zacks.com reports. DA Davidson also issued estimates for Alphabet’s Q3 2024 earnings at $1.83 EPS, FY2024 earnings at $7.62 EPS and FY2025 earnings at $8.68 EPS.

Other equities research analysts have also recently issued research reports about the company. Wolfe Research raised Alphabet to a strong-buy rating in a research note on Tuesday, July 16th. Oppenheimer lifted their price objective on shares of Alphabet from $205.00 to $210.00 and gave the company an outperform rating in a research note on Wednesday, July 24th. Rosenblatt Securities downgraded shares of Alphabet from a buy rating to a neutral rating and set a $181.00 target price on the stock. in a research report on Friday, June 28th. Cantor Fitzgerald upgraded shares of Alphabet to a hold rating in a report on Thursday, September 5th. Finally, TD Cowen upped their price objective on shares of Alphabet from $200.00 to $220.00 and gave the company a buy rating in a report on Wednesday, July 10th. Three analysts have rated the stock with a hold rating, six have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, Alphabet has an average rating of Moderate Buy and an average price target of $182.86.

Alphabet Stock Up 1.8 %

Alphabet stock opened at $158.37 on Tuesday. The firm has a market cap of $1.95 trillion, a price-to-earnings ratio of 24.29, a PEG ratio of 1.13 and a beta of 1.04. Alphabet has a 52-week low of $121.46 and a 52-week high of $193.31. The company has a debt-to-equity ratio of 0.04, a quick ratio of 2.08 and a current ratio of 2.08. The firm has a 50 day moving average price of $169.06 and a two-hundred day moving average price of $165.96.

Alphabet (NASDAQ:GOOG) last announced its earnings results on Tuesday, July 23rd. The information services provider reported $1.89 earnings per share for the quarter, topping analysts’ consensus estimates of $1.85 by $0.04. The business had revenue of $84.74 billion during the quarter, compared to the consensus estimate of $84.22 billion. Alphabet had a net margin of 26.70% and a return on equity of 30.49%. Alphabet’s quarterly revenue was up 13.6% on a year-over-year basis. During the same quarter last year, the firm earned $1.44 earnings per share. Equities analysts predict that Alphabet will post 7.63 EPS for the current year.

Alphabet Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, September 16th. Investors of record on Monday, September 9th will be issued a $0.20 dividend. The ex-dividend date of this dividend is Monday, September 9th. This represents a $0.80 dividend on an annualized basis and a dividend yield of 0.51%. Alphabet’s dividend payout ratio is presently 12.27%.

Insider Buying and Selling at Alphabet

In related news, CAO Amie Thuener O’toole sold 2,835 shares of Alphabet stock in a transaction that occurred on Tuesday, September 10th. The stock was sold at an average price of $151.53, for a total transaction of $429,587.55. Following the transaction, the chief accounting officer now owns 29,182 shares of the company’s stock, valued at $4,421,948.46. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. In other news, CEO Sundar Pichai sold 22,500 shares of the business’s stock in a transaction that occurred on Wednesday, September 4th. The stock was sold at an average price of $158.68, for a total value of $3,570,300.00. Following the transaction, the chief executive officer now owns 2,137,385 shares in the company, valued at approximately $339,160,251.80. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CAO Amie Thuener O’toole sold 2,835 shares of the stock in a transaction that occurred on Tuesday, September 10th. The shares were sold at an average price of $151.53, for a total value of $429,587.55. Following the sale, the chief accounting officer now directly owns 29,182 shares of the company’s stock, valued at $4,421,948.46. The disclosure for this sale can be found here. In the last quarter, insiders sold 201,867 shares of company stock worth $34,218,581. Insiders own 12.99% of the company’s stock.

Institutional Investors Weigh In On Alphabet

Several large investors have recently made changes to their positions in the business. Richardson Financial Services Inc. purchased a new stake in Alphabet in the fourth quarter worth $34,000. Abich Financial Wealth Management LLC grew its stake in shares of Alphabet by 9,200.0% during the 2nd quarter. Abich Financial Wealth Management LLC now owns 186 shares of the information services provider’s stock worth $34,000 after acquiring an additional 184 shares during the period. 1620 Investment Advisors Inc. bought a new position in shares of Alphabet during the 2nd quarter worth $37,000. HWG Holdings LP purchased a new stake in Alphabet in the 2nd quarter worth about $40,000. Finally, Slocum Gordon & Co LLP bought a new stake in Alphabet in the 2nd quarter valued at about $44,000. 27.26% of the stock is owned by hedge funds and other institutional investors.

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.