Alphabet Inc. (NASDAQ:GOOG - Get Free Report) rose 9% on Wednesday after JPMorgan Chase & Co. raised their price target on the stock from $232.00 to $260.00. JPMorgan Chase & Co. currently has an overweight rating on the stock. Alphabet traded as high as $231.31 and last traded at $231.14. Approximately 31,661,705 shares traded hands during mid-day trading, an increase of 34% from the average daily volume of 23,716,418 shares. The stock had previously closed at $211.99.
Other equities analysts have also issued reports about the company. Lake Street Capital reaffirmed a "buy" rating on shares of Alphabet in a research note on Wednesday, July 9th. Raymond James Financial reaffirmed an "outperform" rating and issued a $210.00 price objective (up from $185.00) on shares of Alphabet in a research note on Thursday, July 24th. Citizens Jmp raised Alphabet from a "hold" rating to a "strong-buy" rating in a research report on Thursday, June 26th. BNP Paribas downgraded Alphabet from a "strong-buy" rating to a "hold" rating in a report on Thursday, June 26th. Finally, Roth Capital restated a "buy" rating on shares of Alphabet in a report on Wednesday, July 9th. Five analysts have rated the stock with a Strong Buy rating, seventeen have given a Buy rating, six have issued a Hold rating and three have given a Sell rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $224.13.
View Our Latest Stock Report on GOOG
Insider Transactions at Alphabet
In other news, CEO Sundar Pichai sold 32,500 shares of the business's stock in a transaction that occurred on Wednesday, August 20th. The stock was sold at an average price of $199.92, for a total value of $6,497,400.00. Following the completion of the sale, the chief executive officer directly owned 2,462,392 shares in the company, valued at approximately $492,281,408.64. The trade was a 1.30% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director John L. Hennessy sold 600 shares of the business's stock in a transaction that occurred on Wednesday, August 13th. The shares were sold at an average price of $203.79, for a total value of $122,274.00. Following the completion of the sale, the director owned 6,316 shares of the company's stock, valued at $1,287,137.64. This trade represents a 8.68% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 222,210 shares of company stock valued at $41,742,155 over the last 90 days. Insiders own 12.99% of the company's stock.
Institutional Inflows and Outflows
Institutional investors have recently added to or reduced their stakes in the stock. ARQ Wealth Advisors LLC grew its stake in Alphabet by 39.3% during the 4th quarter. ARQ Wealth Advisors LLC now owns 4,964 shares of the information services provider's stock worth $945,000 after buying an additional 1,400 shares during the last quarter. Independence Bank of Kentucky boosted its position in Alphabet by 10.2% during the 1st quarter. Independence Bank of Kentucky now owns 14,907 shares of the information services provider's stock worth $2,329,000 after acquiring an additional 1,376 shares during the period. Fermata Advisors LLC boosted its position in Alphabet by 2.7% during the 1st quarter. Fermata Advisors LLC now owns 9,771 shares of the information services provider's stock worth $1,527,000 after acquiring an additional 259 shares during the period. jvl associates llc boosted its position in Alphabet by 3.5% during the 1st quarter. jvl associates llc now owns 10,055 shares of the information services provider's stock worth $1,571,000 after acquiring an additional 343 shares during the period. Finally, Members Trust Co boosted its position in Alphabet by 84.7% during the 1st quarter. Members Trust Co now owns 4,999 shares of the information services provider's stock worth $781,000 after acquiring an additional 2,292 shares during the period. 27.26% of the stock is currently owned by institutional investors.
Alphabet Stock Up 9.0%
The company has a current ratio of 1.90, a quick ratio of 1.90 and a debt-to-equity ratio of 0.07. The stock has a 50-day simple moving average of $193.15 and a 200-day simple moving average of $175.85. The company has a market cap of $2.80 trillion, a price-to-earnings ratio of 24.62, a price-to-earnings-growth ratio of 1.44 and a beta of 1.01.
Alphabet (NASDAQ:GOOG - Get Free Report) last announced its quarterly earnings results on Wednesday, July 23rd. The information services provider reported $2.31 earnings per share (EPS) 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 company had revenue of $96.43 billion during the quarter, compared to analyst estimates of $93.67 billion. During the same quarter in the previous year, the firm posted $1.89 EPS. The firm's quarterly revenue was up 13.8% on a year-over-year basis. As a group, analysts predict that Alphabet Inc. will post 8.89 EPS for the current year.
Alphabet Dividend Announcement
The firm also recently declared a quarterly dividend, which will be paid on Monday, September 15th. Shareholders of record on Monday, September 8th will be given a dividend of $0.21 per share. This represents a $0.84 dividend on an annualized basis and a yield of 0.4%. The ex-dividend date is Monday, September 8th. Alphabet's payout ratio is 8.95%.
About Alphabet
(
Get Free Report)
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.
Further Reading
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