Alphabet (NASDAQ:GOOG) Upgraded by Hsbc Global Res to "Strong-Buy" Rating

Key Points

• Alphabet has been upgraded to a "strong-buy" rating by HSBC Global Research, following a trend of increasing positive ratings from various research firms.
• The stock currently has a consensus price target of $235.33, with six analysts rating it a Strong Buy, while others have varied opinions ranging from Buy to Sell.
• Alphabet reported earnings exceeding analysts' expectations with $2.31 EPS for the last quarter, contributing to a revenue increase of 13.8% year-over-year.

Alphabet (NASDAQ:GOOG - Get Free Report) was upgraded by equities research analysts at Hsbc Global Res to a "strong-buy" rating in a research report issued to clients and investors on Tuesday,Zacks.com reports.

Several other research firms have also recently weighed in on GOOG. Morgan Stanley lifted their price objective on Alphabet from $210.00 to $270.00 and gave the company an "overweight" rating in a research report on Thursday, October 2nd. Piper Sandler restated a "neutral" rating on shares of Alphabet in a report on Wednesday, July 9th. Roth Capital reaffirmed a "buy" rating on shares of Alphabet in a research report on Wednesday, July 9th. Wells Fargo & Company reissued an "equal weight" rating on shares of Alphabet in a research report on Wednesday, July 9th. Finally, BNP Paribas downgraded shares of Alphabet from a "strong-buy" rating to a "hold" rating in a report on Thursday, June 26th. Six research analysts have rated the stock with a Strong Buy rating, twenty have issued a Buy rating, five have given a Hold rating and three have given a Sell rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $235.33.

Alphabet Price Performance

Shares of NASDAQ GOOG opened at $247.13 on Tuesday. The firm has a market cap of $2.99 trillion, a price-to-earnings ratio of 26.32, a price-to-earnings-growth ratio of 1.70 and a beta of 1.00. The stock has a fifty day simple moving average of $224.07 and a two-hundred day simple moving average of $188.32. Alphabet has a 1-year low of $142.66 and a 1-year high of $256.70. The company has a current ratio of 1.90, a quick ratio of 1.90 and a debt-to-equity ratio of 0.07.

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 (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 for the quarter, compared to the consensus estimate of $93.67 billion. During the same quarter last year, the business posted $1.89 earnings per share. The firm's revenue was up 13.8% compared to the same quarter last year. Analysts anticipate that Alphabet will post 8.89 earnings per share for the current year.

Insider Activity

In other news, insider John Kent Walker sold 23,820 shares of the stock in a transaction that occurred on Monday, August 4th. The shares were 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 transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible 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 transaction of $3,448,820.16. Following the transaction, the director owned 243,400 shares in the company, valued at approximately $45,213,984. This represents a 7.09% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 276,738 shares of company stock worth $59,135,475. Corporate insiders own 12.99% of the company's stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently made changes to their positions in GOOG. MorganRosel Wealth Management LLC acquired a new stake in Alphabet during the first quarter valued at $26,000. IFS Advisors LLC raised its position in Alphabet by 400.0% in the second quarter. IFS Advisors LLC now owns 150 shares of the information services provider's stock valued at $27,000 after purchasing an additional 120 shares during the period. Robbins Farley increased its stake in 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. WestEnd Advisors LLC increased its position in shares of Alphabet by 58.7% in the 2nd quarter. WestEnd Advisors LLC now owns 165 shares of the information services provider's stock valued at $29,000 after purchasing an additional 61 shares during the last quarter. Finally, Fairman Group LLC grew its position in shares of Alphabet by 121.3% in the 2nd quarter. Fairman Group LLC now owns 177 shares of the information services provider's stock valued at $31,000 after buying an additional 97 shares during the last quarter. Hedge funds and other 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.

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