Alphabet (NASDAQ:GOOG) Stock Price Expected to Rise, Morgan Stanley Analyst Says

Key Points

• Morgan Stanley has raised its price target for Alphabet from $210.00 to $270.00, indicating a potential upside of nearly 10% from its previous closing price.
• Alphabet's stock currently holds an average rating of "Moderate Buy," with a consensus target price of $235.33 from various analysts.
• In its latest quarterly earnings report, Alphabet exceeded expectations, reporting **$2.31** earnings per share on revenues of **$96.43 billion**, marking a **13.8%** increase year-over-year.

Alphabet (NASDAQ:GOOG - Get Free Report) had its target price boosted by research analysts at Morgan Stanley from $210.00 to $270.00 in a research note issued to investors on Thursday,Briefing.com Automated Import reports. The firm currently has an "overweight" rating on the information services provider's stock. Morgan Stanley's price objective would suggest a potential upside of 9.96% from the company's previous close.

Other analysts have also issued research reports about the stock. Wells Fargo & Company reiterated an "equal weight" rating on shares of Alphabet in a research note on Wednesday, July 9th. Cowen reiterated a "buy" rating on shares of Alphabet in a research note on Wednesday, July 9th. Raymond James Financial reissued an "outperform" rating and issued a $210.00 price objective (up previously from $185.00) on shares of Alphabet in a report on Thursday, July 24th. Pivotal Research lifted their price target on Alphabet from $245.00 to $300.00 and gave the company a "buy" rating in a research report on Wednesday, September 3rd. Finally, Lake Street Capital reaffirmed a "buy" rating on shares of Alphabet in a research note on Wednesday, July 9th. Five research analysts have rated the stock with a Strong Buy rating, nineteen have given a Buy rating, five have given a Hold rating and three have issued a Sell rating to the stock. According to data from MarketBeat.com, Alphabet currently has an average rating of "Moderate Buy" and a consensus target price of $235.33.

Alphabet Trading Up 0.8%

NASDAQ:GOOG opened at $245.54 on Thursday. The company has a debt-to-equity ratio of 0.07, a quick ratio of 1.90 and a current ratio of 1.90. The firm has a market cap of $2.97 trillion, a P/E ratio of 26.15, a P/E/G ratio of 1.64 and a beta of 1.00. The firm has a 50-day simple moving average of $219.78 and a 200-day simple moving average of $185.88. Alphabet has a one year low of $142.66 and a one year high of $256.70.

Alphabet (NASDAQ:GOOG - Get Free Report) last issued its quarterly earnings data on Wednesday, July 23rd. The information services provider reported $2.31 earnings per share for the quarter, topping analysts' consensus estimates of $2.12 by $0.19. Alphabet had a return on equity of 34.31% and a net margin of 31.12%.The firm had revenue of $96.43 billion during the quarter, compared to analysts' expectations of $93.67 billion. During the same period in the prior year, the business posted $1.89 EPS. The firm's quarterly revenue was up 13.8% on a year-over-year basis. Equities analysts anticipate that Alphabet will post 8.89 EPS for the current fiscal year.

Insider Buying and Selling

In other Alphabet news, CAO Amie Thuener O'toole sold 2,778 shares of the company's stock in a transaction on Monday, September 15th. The shares were sold at an average price of $245.00, for a total transaction of $680,610.00. Following the completion of the transaction, the chief accounting officer owned 17,293 shares in the company, valued at approximately $4,236,785. This represents a 13.84% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider John Kent Walker sold 23,820 shares of the company's stock in a transaction on Monday, August 4th. The stock was sold at an average price of $194.70, for a total transaction of $4,637,754.00. Following the transaction, the insider directly owned 42,999 shares in the company, valued at approximately $8,371,905.30. This trade represents a 35.65% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 243,285 shares of company stock worth $50,994,787. 12.99% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Alphabet

A number of hedge funds have recently bought and sold shares of GOOG. First Financial Bank Trust Division raised its holdings in Alphabet by 0.6% in the 3rd quarter. First Financial Bank Trust Division now owns 7,208 shares of the information services provider's stock valued at $1,756,000 after acquiring an additional 45 shares during the period. Dimension Capital Management LLC boosted its holdings in shares of Alphabet by 0.4% during the 2nd quarter. Dimension Capital Management LLC now owns 13,968 shares of the information services provider's stock valued at $2,478,000 after acquiring an additional 50 shares in the last quarter. Resources Management Corp CT ADV increased its position in Alphabet by 1.1% in the 2nd quarter. Resources Management Corp CT ADV now owns 4,485 shares of the information services provider's stock valued at $796,000 after acquiring an additional 50 shares during the period. Adams Wealth Management increased its stake in shares of Alphabet by 2.2% in the second quarter. Adams Wealth Management now owns 2,332 shares of the information services provider's stock valued at $414,000 after buying an additional 50 shares during the period. Finally, CacheTech Inc. lifted its holdings in Alphabet by 2.2% in the second quarter. CacheTech Inc. now owns 2,332 shares of the information services provider's stock valued at $414,000 after buying an additional 50 shares during the period. 27.26% of the stock is currently owned by institutional investors and hedge funds.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.