Alphabet’s (GOOGL) Overweight Rating Reiterated at Piper Sandler

Alphabet (NASDAQ:GOOGL)‘s stock had its “overweight” rating restated by equities researchers at Piper Sandler in a note issued to investors on Monday, Benzinga reports. They presently have a $200.00 price target on the information services provider’s stock. Piper Sandler’s price target would suggest a potential upside of 21.57% from the stock’s current price.

Several other brokerages have also issued reports on GOOGL. Wedbush reiterated an “outperform” rating and set a $205.00 price objective on shares of Alphabet in a report on Thursday, September 5th. Evercore ISI lowered their price target on Alphabet from $225.00 to $200.00 and set an “outperform” rating for the company in a research note on Monday, September 16th. Roth Mkm reiterated a “buy” rating and issued a $206.00 target price on shares of Alphabet in a research note on Thursday, August 29th. Citigroup increased their price target on shares of Alphabet from $190.00 to $212.00 and gave the stock a “buy” rating in a research note on Wednesday, July 24th. Finally, UBS Group upped their price objective 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 research analysts have rated the stock with a hold rating, twenty-eight have assigned a buy rating and two have issued a strong buy rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $201.35.

Alphabet Stock Up 0.3 %

NASDAQ:GOOGL traded up $0.56 during trading hours on Monday, hitting $164.51. 6,812,524 shares of the company’s stock traded hands, compared to its average volume of 27,451,553. Alphabet has a twelve month low of $120.21 and a twelve month high of $191.75. The firm has a market cap of $2.03 trillion, a P/E ratio of 25.23, a P/E/G ratio of 1.21 and a beta of 1.04. 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 stock’s fifty day moving average price is $162.83 and its two-hundred day moving average price is $166.68.

Alphabet (NASDAQ:GOOGL) last posted its quarterly earnings results 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. The business had revenue of $84.74 billion during 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 in the prior year, the firm earned $1.44 earnings per share. On average, research analysts expect that Alphabet will post 7.63 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Alphabet news, Director John L. Hennessy sold 1,500 shares of the company’s stock in a transaction that occurred on Friday, July 12th. The stock was sold at an average price of $185.85, for a total transaction of $278,775.00. Following the completion of the transaction, the director now owns 30,824 shares of the company’s stock, valued at approximately $5,728,640.40. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. In other news, Director John L. Hennessy sold 700 shares of the firm’s stock in a transaction that occurred on Monday, September 23rd. The stock was sold at an average price of $165.00, for a total value of $115,500.00. Following the completion of the sale, the director now directly owns 27,824 shares of the company’s stock, valued at $4,590,960. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director John L. Hennessy sold 1,500 shares of the business’s stock in a transaction that occurred on Friday, July 12th. The stock was sold at an average price of $185.85, for a total value of $278,775.00. Following the transaction, the director now directly owns 30,824 shares in the company, valued at $5,728,640.40. The disclosure for this sale can be found here. In the last 90 days, insiders sold 177,605 shares of company stock worth $29,277,931. Corporate insiders own 11.55% of the company’s stock.

Hedge Funds Weigh In On Alphabet

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Christopher J. Hasenberg Inc boosted its position in shares of Alphabet by 75.0% in the second quarter. Christopher J. Hasenberg Inc now owns 140 shares of the information services provider’s stock valued at $26,000 after acquiring an additional 60 shares during the period. Kings Path Partners LLC acquired a new position in Alphabet in the second quarter valued at about $36,000. Tributary Capital Management LLC bought a new stake in Alphabet during the first quarter worth about $30,000. Vermillion & White Wealth Management Group LLC acquired a new stake in Alphabet during the fourth quarter worth about $30,000. Finally, Denver PWM LLC bought a new position in Alphabet in the 2nd quarter valued at about $41,000. 40.03% of the stock is owned by 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.