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

Alphabet (NASDAQ:GOOG - Get Free Report) had its target price lifted by equities researchers at Oppenheimer from $200.00 to $220.00 in a research note issued to investors on Wednesday, July 9th, MarketBeat Ratings reports. The firm presently has an "outperform" rating on the information services provider's stock. Oppenheimer's price objective indicates a potential upside of 13.87% from the company's current price.

Several other research analysts have also weighed in on GOOG. BNP Paribas lowered Alphabet from a "strong-buy" rating to a "hold" rating in a research report on Thursday, June 26th. Westpark Capital reaffirmed a "buy" rating and issued a $210.00 target price on shares of Alphabet in a research report on Friday, April 25th. JPMorgan Chase & Co. upped their target price on Alphabet from $180.00 to $195.00 and gave the stock an "overweight" rating in a research report on Friday, April 25th. The Goldman Sachs Group reaffirmed a "buy" rating and issued a $220.00 target price on shares of Alphabet in a research report on Monday, June 2nd. Finally, KeyCorp dropped their target price on Alphabet from $202.00 to $185.00 and set an "overweight" rating on the stock in a research report on Wednesday, April 9th. Three research analysts have rated the stock with a sell rating, six have given a hold rating, seventeen have assigned a buy rating and five have given a strong buy rating to the company's stock. According to MarketBeat.com, Alphabet currently has an average rating of "Moderate Buy" and a consensus price target of $215.19.

Alphabet Stock Up 0.9%

NASDAQ:GOOG opened at $193.20 on Wednesday. The firm has a market capitalization of $2.34 trillion, a price-to-earnings ratio of 20.58, a PEG ratio of 1.33 and a beta of 1.01. Alphabet has a 1-year low of $142.66 and a 1-year high of $208.70. The company has a current ratio of 1.77, a quick ratio of 1.77 and a debt-to-equity ratio of 0.03. The business's fifty day moving average price is $176.33 and its 200 day moving average price is $174.69.

Alphabet (NASDAQ:GOOG - Get Free Report) last posted its quarterly earnings results on Wednesday, July 23rd. The information services provider reported $2.31 earnings per share for the quarter, beating the consensus estimate of $2.12 by $0.19. Alphabet had a return on equity of 35.22% and a net margin of 31.12%. The firm had revenue of $96.43 billion for the quarter, compared to analyst estimates of $93.67 billion. During the same period in the previous year, the firm earned $1.89 earnings per share. Alphabet's quarterly revenue was up 13.8% on a year-over-year basis. On average, sell-side analysts forecast that Alphabet will post 8.89 earnings per share for the current fiscal year.

Insider Activity at Alphabet

In related news, Director John L. Hennessy sold 400 shares of the stock in a transaction that occurred on Monday, July 14th. The stock was sold at an average price of $181.98, for a total transaction of $72,792.00. Following the completion of the sale, the director owned 6,013 shares in the company, valued at $1,094,245.74. This represents a 6.24% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Kavitark Ram Shriram sold 18,566 shares of the stock in a transaction that occurred on Friday, July 18th. The shares were sold at an average price of $185.76, for a total value of $3,448,820.16. Following the sale, the director owned 243,400 shares of the company's stock, valued at approximately $45,213,984. The trade was a 7.09% 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 in the last 90 days. 12.99% of the stock is owned by company insiders.

Institutional Trading of Alphabet

Hedge funds have recently modified their holdings of the company. Principia Wealth Advisory LLC lifted its position in shares of Alphabet by 111.8% in the 1st quarter. Principia Wealth Advisory LLC now owns 161 shares of the information services provider's stock worth $26,000 after acquiring an additional 85 shares during the period. MorganRosel Wealth Management LLC bought a new position in shares of Alphabet during the 1st quarter worth approximately $26,000. LSV Asset Management bought a new position in shares of Alphabet during the 4th quarter worth approximately $27,000. IFS Advisors LLC lifted its position in shares of Alphabet by 400.0% during the 2nd quarter. IFS Advisors LLC now owns 150 shares of the information services provider's stock worth $27,000 after buying an additional 120 shares during the period. Finally, Robbins Farley lifted its position in shares of Alphabet by 60.0% during the 2nd quarter. Robbins Farley now owns 160 shares of the information services provider's stock worth $28,000 after buying an additional 60 shares during the period. Institutional investors own 27.26% of the company's stock.

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.