Alphabet (NASDAQ:GOOG) Shares Up 1.3% Following Analyst Upgrade

Alphabet Inc. (NASDAQ:GOOGGet Free Report) shares rose 1.3% during mid-day trading on Thursday after Oppenheimer raised their price target on the stock from $215.00 to $225.00. Oppenheimer currently has an outperform rating on the stock. Alphabet traded as high as $203.24 and last traded at $199.78. Approximately 4,730,313 shares changed hands during trading, a decline of 70% from the average daily volume of 15,635,010 shares. The stock had previously closed at $197.18.

GOOG has been the topic of a number of other research reports. Phillip Securities upgraded shares of Alphabet to a “strong-buy” rating in a research note on Friday, November 1st. Canaccord Genuity Group lifted their price target on shares of Alphabet from $220.00 to $225.00 and gave the stock a “buy” rating in a research note on Wednesday, October 30th. Jefferies Financial Group lifted their price target on shares of Alphabet from $220.00 to $235.00 and gave the stock a “buy” rating in a research note on Wednesday, October 30th. UBS Group lifted their price target on shares of Alphabet from $187.00 to $192.00 and gave the stock a “neutral” rating in a research note on Wednesday, October 30th. Finally, JPMorgan Chase & Co. lifted their price target on shares of Alphabet from $208.00 to $212.00 and gave the stock an “overweight” rating in a research note on Wednesday, October 30th. Six research analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and three have assigned a strong buy rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $206.69.

Check Out Our Latest Research Report on GOOG

Insider Activity

In other news, CAO Amie Thuener O’toole sold 1,367 shares of the business’s stock in a transaction on Monday, December 2nd. The shares were sold at an average price of $170.41, for a total transaction of $232,950.47. Following the completion of the transaction, the chief accounting officer now owns 23,515 shares of the company’s stock, valued at approximately $4,007,191.15. The trade was a 5.49 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, Director Frances Arnold sold 441 shares of the business’s stock in a transaction on Monday, November 4th. The shares were sold at an average price of $171.06, for a total transaction of $75,437.46. Following the transaction, the director now directly owns 16,490 shares of the company’s stock, valued at approximately $2,820,779.40. This trade represents a 2.60 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 121,630 shares of company stock valued at $22,258,133. 12.99% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Alphabet

Several hedge funds and other institutional investors have recently modified their holdings of the company. Weiss Asset Management LP acquired a new stake in Alphabet in the third quarter worth about $25,000. Fiduciary Advisors Inc. acquired a new stake in Alphabet in the fourth quarter worth about $27,000. Safe Harbor Fiduciary LLC acquired a new stake in Alphabet in the third quarter worth about $33,000. Sanctuary Wealth Management L.L.C. lifted its holdings in Alphabet by 87.3% in the third quarter. Sanctuary Wealth Management L.L.C. now owns 251 shares of the information services provider’s stock worth $42,000 after purchasing an additional 117 shares during the period. Finally, Maryland Capital Advisors Inc. lifted its holdings in Alphabet by 33.0% in the fourth quarter. Maryland Capital Advisors Inc. now owns 266 shares of the information services provider’s stock worth $51,000 after purchasing an additional 66 shares during the period. Institutional investors and hedge funds own 27.26% of the company’s stock.

Alphabet Stock Up 2.8 %

The firm has a market cap of $2.48 trillion, a price-to-earnings ratio of 26.87, a P/E/G ratio of 1.27 and a beta of 0.99. The firm’s fifty day moving average is $189.03 and its two-hundred day moving average is $175.35. The company has a debt-to-equity ratio of 0.04, a current ratio of 1.95 and a quick ratio of 1.95.

Alphabet (NASDAQ:GOOGGet Free Report) last posted its quarterly earnings data on Tuesday, October 29th. The information services provider reported $2.12 earnings per share for the quarter, topping the consensus estimate of $1.83 by $0.29. Alphabet had a net margin of 27.74% and a return on equity of 31.66%. The business had revenue of $88.27 billion during the quarter, compared to the consensus estimate of $86.39 billion. During the same quarter in the prior year, the company posted $1.55 earnings per share. The company’s quarterly revenue was up 15.1% compared to the same quarter last year. On average, sell-side analysts expect that Alphabet Inc. will post 8.02 EPS for the current fiscal year.

Alphabet Company Profile

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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.

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