Alphabet (NASDAQ:GOOGL) Price Target Raised to $220.00

Alphabet (NASDAQ:GOOGL) had its target price raised by research analysts at Tigress Financial from $210.00 to $220.00 in a research note issued to investors on Thursday, Benzinga reports. The brokerage presently has a “strong-buy” rating on the information services provider’s stock. Tigress Financial’s target price would indicate a potential upside of 35.05% from the company’s current price.

Other analysts also recently issued research reports about the stock. Guggenheim boosted their target price on shares of Alphabet from $195.00 to $205.00 and gave the stock a “buy” rating in a research report on Wednesday, July 24th. Mizuho lifted their price target on Alphabet from $205.00 to $210.00 and gave the stock an “outperform” rating in a research report on Wednesday, July 24th. JMP Securities reiterated a “market outperform” rating and set a $200.00 price target on shares of Alphabet in a research note on Wednesday. Bank of America lifted their target price on Alphabet from $200.00 to $206.00 and gave the stock a “buy” rating in a report on Wednesday, July 17th. Finally, JPMorgan Chase & Co. increased their price target on shares of Alphabet from $200.00 to $208.00 and gave the stock an “overweight” rating in a report on Wednesday, July 24th. Eight research 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 MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $201.35.

Alphabet Stock Up 0.9 %

Shares of Alphabet stock traded up $1.41 during trading on Thursday, hitting $162.90. 9,243,251 shares of the stock traded hands, compared to its average volume of 27,539,697. The firm has a market cap of $2.01 trillion, a P/E ratio of 24.98, a price-to-earnings-growth ratio of 1.21 and a beta of 1.04. The stock’s fifty day simple moving average is $163.41 and its 200 day simple moving average is $166.14. The company has a current ratio of 2.08, a quick ratio of 2.08 and a debt-to-equity ratio of 0.04. Alphabet has a 52-week low of $120.21 and a 52-week high of $191.75.

Alphabet (NASDAQ:GOOGL) last issued its quarterly earnings data on Tuesday, July 23rd. The information services provider reported $1.89 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.85 by $0.04. Alphabet had a net margin of 26.70% and a return on equity of 30.49%. The firm had revenue of $84.74 billion for the quarter, compared to the consensus estimate of $70.60 billion. During the same quarter in the previous year, the firm earned $1.44 EPS. On average, equities analysts predict that Alphabet will post 7.63 earnings per share for the current fiscal year.

Insider Activity at Alphabet

In other Alphabet news, CAO Amie Thuener O’toole sold 682 shares of the business’s stock in a transaction that occurred on Tuesday, July 2nd. The stock was sold at an average price of $183.47, for a total value of $125,126.54. Following the completion of the sale, the chief accounting officer now owns 30,650 shares in the company, valued at $5,623,355.50. The sale was disclosed in a document filed with the SEC, which is available through this link. In other news, SVP Prabhakar Raghavan sold 3,262 shares of the business’s stock in a transaction that occurred on Monday, July 1st. The stock was sold at an average price of $183.99, for a total value of $600,175.38. Following the transaction, the senior vice president now owns 9 shares of the company’s stock, valued at $1,655.91. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, CAO Amie Thuener O’toole sold 682 shares of the company’s stock in a transaction that occurred on Tuesday, July 2nd. The stock was sold at an average price of $183.47, for a total value of $125,126.54. Following the sale, the chief accounting officer now owns 30,650 shares of the company’s stock, valued at approximately $5,623,355.50. The disclosure for this sale can be found here. Insiders sold a total of 180,867 shares of company stock valued at $29,878,106 over the last ninety days. Insiders own 11.55% of the company’s stock.

Hedge Funds Weigh In On Alphabet

Several institutional investors have recently bought and sold shares of the company. Vanguard Group Inc. raised its position in Alphabet by 0.8% in the first quarter. Vanguard Group Inc. now owns 497,874,324 shares of the information services provider’s stock worth $75,144,172,000 after acquiring an additional 4,064,073 shares in the last quarter. Capital Research Global Investors increased its holdings in shares of Alphabet by 14.4% in the 1st quarter. Capital Research Global Investors now owns 57,803,291 shares of the information services provider’s stock valued at $8,724,251,000 after purchasing an additional 7,275,757 shares in the last quarter. Bank of New York Mellon Corp lifted its stake in shares of Alphabet by 0.5% in the second quarter. Bank of New York Mellon Corp now owns 49,472,478 shares of the information services provider’s stock valued at $9,011,412,000 after purchasing an additional 238,403 shares during the period. Fisher Asset Management LLC boosted its holdings in Alphabet by 3.3% during the fourth quarter. Fisher Asset Management LLC now owns 45,178,075 shares of the information services provider’s stock worth $6,310,925,000 after buying an additional 1,429,261 shares in the last quarter. Finally, Capital World Investors grew its position in Alphabet by 1.7% during the first quarter. Capital World Investors now owns 35,412,299 shares of the information services provider’s stock worth $5,344,778,000 after buying an additional 597,756 shares during the period. 40.03% of the stock is owned by institutional investors and hedge funds.

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.