Alphabet (NASDAQ:GOOG) Price Target Raised to $245.00

Alphabet (NASDAQ:GOOG - Get Free Report) had its price objective boosted by equities research analysts at Pivotal Research from $225.00 to $245.00 in a research report issued to clients and investors on Thursday, Marketbeat reports. The firm presently has a "buy" rating on the information services provider's stock. Pivotal Research's target price would indicate a potential upside of 26.81% from the stock's current price.

Several other analysts have also issued reports on the company. Susquehanna restated a "positive" rating on shares of Alphabet in a research note on Friday, May 2nd. Scotiabank lifted their price objective on Alphabet from $200.00 to $240.00 and gave the stock a "sector outperform" rating in a report on Tuesday. Lake Street Capital reaffirmed a "buy" rating on shares of Alphabet in a report on Wednesday, July 9th. UBS Group lifted their target price on shares of Alphabet from $186.00 to $192.00 and gave the stock a "neutral" rating in a research note on Wednesday, July 16th. Finally, Cantor Fitzgerald reissued a "neutral" rating and issued a $171.00 price target on shares of Alphabet in a research report on Friday, April 25th. Three investment analysts have rated the stock with a sell rating, six have issued a hold rating, seventeen have issued a buy rating and five have issued a strong buy rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average target price of $215.19.

Alphabet Stock Up 0.9%

Alphabet stock traded up $1.69 during midday trading on Thursday, hitting $193.20. 45,163,229 shares of the stock were exchanged, compared to its average volume of 26,053,214. Alphabet has a 52-week low of $142.66 and a 52-week high of $208.70. The company has a quick ratio of 1.77, a current ratio of 1.77 and a debt-to-equity ratio of 0.03. The business's 50-day moving average price is $176.33 and its 200-day moving average price is $174.69. The stock has a market capitalization of $2.34 trillion, a price-to-earnings ratio of 20.58, a price-to-earnings-growth ratio of 1.33 and a beta of 1.01.

Alphabet (NASDAQ:GOOG - Get Free Report) last posted its earnings results on Wednesday, July 23rd. The information services provider reported $2.31 EPS for the quarter, topping the consensus estimate of $2.12 by $0.19. The firm had revenue of $96.43 billion for the quarter, compared to analysts' expectations of $93.67 billion. Alphabet had a net margin of 31.12% and a return on equity of 35.22%. The company's quarterly revenue was up 13.8% compared to the same quarter last year. During the same quarter last year, the firm earned $1.89 EPS. On average, research analysts expect that Alphabet will post 8.89 EPS for the current fiscal year.

Insider Buying and Selling at Alphabet

In other Alphabet news, CEO Sundar Pichai sold 32,500 shares of Alphabet stock in a transaction that occurred on Wednesday, July 16th. The stock was sold at an average price of $184.38, for a total value of $5,992,350.00. Following the transaction, the chief executive officer directly owned 2,527,392 shares of the company's stock, valued at $466,000,536.96. The trade was a 1.27% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director John L. Hennessy sold 400 shares of the business's stock in a transaction that occurred on Monday, July 14th. The shares were sold at an average price of $181.98, for a total value of $72,792.00. Following the completion of the sale, the director owned 6,013 shares of the company's stock, valued at $1,094,245.74. The trade was a 6.24% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 249,409 shares of company stock worth $43,523,710 over the last three months. Company insiders own 12.99% of the company's stock.

Institutional Inflows and Outflows

Several hedge funds have recently made changes to their positions in the company. Vanguard Group Inc. increased its stake in shares of Alphabet by 2.4% during the first quarter. Vanguard Group Inc. now owns 411,570,922 shares of the information services provider's stock valued at $64,299,725,000 after buying an additional 9,687,855 shares during the period. Kingstone Capital Partners Texas LLC boosted its holdings in Alphabet by 580,897.4% in the second quarter. Kingstone Capital Partners Texas LLC now owns 135,087,705 shares of the information services provider's stock valued at $23,963,208,000 after acquiring an additional 135,064,454 shares in the last quarter. FMR LLC increased its position in Alphabet by 2.8% during the 4th quarter. FMR LLC now owns 117,991,725 shares of the information services provider's stock valued at $22,470,344,000 after purchasing an additional 3,189,592 shares during the period. Geode Capital Management LLC increased its position in Alphabet by 1.2% during the 4th quarter. Geode Capital Management LLC now owns 104,777,092 shares of the information services provider's stock valued at $19,894,651,000 after purchasing an additional 1,219,606 shares during the period. Finally, JPMorgan Chase & Co. raised its holdings in Alphabet by 9.9% in the 1st quarter. JPMorgan Chase & Co. now owns 102,232,997 shares of the information services provider's stock worth $15,971,861,000 after purchasing an additional 9,243,959 shares in the last quarter. 27.26% of the stock is owned by hedge funds and other institutional investors.

Alphabet Company Profile

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.