Alphabet (NASDAQ:GOOGL) Given New $190.00 Price Target at DA Davidson

Key Points

• DA Davidson has raised Alphabet's price target from $180.00 to $190.00, maintaining a "neutral" rating, indicating a potential downside from the stock's previous close.
• JPMorgan Chase & Co. and Cantor Fitzgerald have also increased their price targets for Alphabet to $232.00 and $201.00, respectively, while maintaining positive ratings.
• Insider trading activity has been noted, with significant shares sold by directors, suggesting some caution despite a generally positive outlook on Alphabet's stock performance.

Alphabet (NASDAQ:GOOGL - Get Free Report) had its price objective boosted by equities research analysts at DA Davidson from $180.00 to $190.00 in a research report issued on Tuesday,Benzinga reports. The firm currently has a "neutral" rating on the information services provider's stock. DA Davidson's target price indicates a potential downside of 9.73% from the stock's previous close.

A number of other analysts have also recently weighed in on GOOGL. JPMorgan Chase & Co. raised their price objective on Alphabet from $200.00 to $232.00 and gave the stock an "overweight" rating in a research report on Thursday, July 24th. BNP Paribas cut Alphabet from a "strong-buy" rating to a "hold" rating in a research report on Thursday, June 26th. Sanford C. Bernstein raised their target price on Alphabet from $185.00 to $195.00 and gave the stock a "market perform" rating in a research note on Tuesday, July 22nd. Cantor Fitzgerald raised their target price on Alphabet from $196.00 to $201.00 and gave the stock a "neutral" rating in a research note on Thursday, July 24th. Finally, Citizens Jmp upgraded Alphabet from a "market perform" rating to an "outperform" rating and set a $220.00 target price for the company in a research note on Friday, June 27th. Four research analysts have rated the stock with a Strong Buy rating, twenty-nine have given a Buy rating and ten have given a Hold rating to the company. According to MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average target price of $211.79.

Alphabet Stock Down 1.1%

NASDAQ GOOGL traded down $2.43 during midday trading on Tuesday, hitting $210.48. 24,844,293 shares of the company traded hands, compared to its average volume of 36,120,063. The company has a debt-to-equity ratio of 0.07, a current ratio of 1.90 and a quick ratio of 1.90. The company has a market cap of $2.55 trillion, a PE ratio of 22.42, a price-to-earnings-growth ratio of 1.43 and a beta of 1.01. Alphabet has a 52 week low of $140.53 and a 52 week high of $214.65. The company's 50-day simple moving average is $191.39 and its 200-day simple moving average is $174.16.

Alphabet (NASDAQ:GOOGL - Get Free Report) last posted 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 $2.15 by $0.16. The firm had revenue of $96.43 billion during the quarter, compared to analysts' expectations of $93.60 billion. Alphabet had a return on equity of 34.31% and a net margin of 31.12%. As a group, equities research analysts forecast that Alphabet will post 8.9 earnings per share for the current year.

Insider Buying and Selling

In other news, Director John L. Hennessy sold 1,000 shares of the business's stock in a transaction that occurred on Friday, August 8th. The stock was sold at an average price of $200.00, for a total transaction of $200,000.00. Following the transaction, the director directly owned 6,916 shares in the company, valued at $1,383,200. The trade was a 12.63% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Kavitark Ram Shriram sold 18,566 shares of the business's stock in a transaction that occurred on Friday, July 18th. The stock was sold at an average price of $185.76, for a total value 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. In the last quarter, insiders have sold 254,710 shares of company stock valued at $47,225,230. 11.55% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the business. Evolution Wealth Management Inc. purchased a new stake in Alphabet in the second quarter valued at approximately $135,000. Lavaca Capital LLC increased its position in shares of Alphabet by 6.2% during the second quarter. Lavaca Capital LLC now owns 6,860 shares of the information services provider's stock worth $1,209,000 after acquiring an additional 400 shares during the period. Midwestern Financial LLC IA purchased a new stake in shares of Alphabet during the second quarter worth $217,000. Tribridge Partners Financial LLC purchased a new stake in shares of Alphabet during the second quarter worth $266,000. Finally, Orion Porfolio Solutions LLC increased its position in shares of Alphabet by 6.2% during the second quarter. Orion Porfolio Solutions LLC now owns 370,809 shares of the information services provider's stock worth $65,348,000 after acquiring an additional 21,651 shares during the period. 40.03% of the stock is currently owned by institutional investors and hedge funds.

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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