Alphabet (NASDAQ:GOOGL) Price Target Cut to $416.00 by Analysts at Wells Fargo & Company

Key Points

• Wells Fargo cut its price target on Alphabet from $435 to $416, while keeping an overweight rating. The new target still implies about 15% upside from the current share price.
• Alphabet has continued to draw generally bullish analyst support, with multiple firms recently raising targets and the stock carrying a Moderate Buy consensus. MarketBeat says the average analyst price target is $413.54.
• The company’s latest quarter beat expectations, posting $5.11 EPS versus a $2.64 estimate and $109.9 billion in revenue. Shares were also up 1.1% in Thursday trading.

Alphabet (NASDAQ:GOOGL - Get Free Report) had its price objective decreased by investment analysts at Wells Fargo & Company from $435.00 to $416.00 in a research report issued on Thursday,Benzinga reports. The brokerage presently has an "overweight" rating on the information services provider's stock. Wells Fargo & Company's price target would suggest a potential upside of 15.17% from the stock's current price.

Other equities analysts have also recently issued research reports about the company. Citizens Jmp reaffirmed a "market outperform" rating and issued a $515.00 price target on shares of Alphabet in a report on Wednesday, May 20th. Dbs Bank raised their price objective on Alphabet from $400.00 to $460.00 in a report on Thursday, May 7th. Loop Capital boosted their price objective on Alphabet from $355.00 to $490.00 and gave the company a "buy" rating in a research report on Friday, May 15th. BNP Paribas Exane upped their target price on Alphabet from $390.00 to $420.00 and gave the stock an "outperform" rating in a research note on Thursday, April 30th. Finally, Arete Research increased their target price on Alphabet from $405.00 to $425.00 and gave the company a "buy" rating in a research report on Monday, May 18th. Two research analysts have rated the stock with a Strong Buy rating, forty-seven have given a Buy rating and five have assigned a Hold rating to the stock. According to MarketBeat, Alphabet has a consensus rating of "Moderate Buy" and an average price target of $413.54.

Alphabet Stock Up 1.1%

GOOGL stock opened at $361.21 on Thursday. Alphabet has a one year low of $172.77 and a one year high of $408.61. The company has a debt-to-equity ratio of 0.16, a quick ratio of 1.92 and a current ratio of 1.92. The firm's fifty day moving average is $370.08 and its 200 day moving average is $333.88. The firm has a market cap of $4.38 trillion, a PE ratio of 27.55, a P/E/G ratio of 1.53 and a beta of 1.23.

Alphabet (NASDAQ:GOOGL - Get Free Report) last issued its quarterly earnings data on Wednesday, April 29th. The information services provider reported $5.11 earnings per share for the quarter, topping analysts' consensus estimates of $2.64 by $2.47. Alphabet had a net margin of 37.92% and a return on equity of 38.99%. The business had revenue of $109.90 billion during the quarter, compared to the consensus estimate of $106.98 billion. On average, research analysts forecast that Alphabet will post 14.3 EPS for the current year.

Insider Buying and Selling at Alphabet

In related news, major shareholder 2019 Gp L.L.C. Gv sold 87,475 shares of the business's stock in a transaction that occurred on Friday, May 15th. The stock was sold at an average price of $23.75, for a total transaction of $2,077,531.25. 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 1,050 shares of the firm's stock in a transaction on Friday, May 15th. The shares were sold at an average price of $393.26, for a total value of $412,923.00. Following the completion of the transaction, the director owned 2,531 shares in the company, valued at $995,341.06. The trade was a 29.32% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last ninety days, insiders have sold 160,465 shares of company stock valued at $8,020,511. 11.61% of the stock is owned by insiders.

Institutional Investors Weigh In On Alphabet

A number of large investors have recently modified their holdings of GOOGL. Adelphi Trust Co grew its holdings in shares of Alphabet by 0.6% during the second quarter. Adelphi Trust Co now owns 15,510 shares of the information services provider's stock worth $5,543,000 after buying an additional 90 shares in the last quarter. Trust Co of the South lifted its stake in shares of Alphabet by 18.9% in the second quarter. Trust Co of the South now owns 6,480 shares of the information services provider's stock worth $2,316,000 after buying an additional 1,029 shares in the last quarter. Roxbury Financial LLC boosted its position in Alphabet by 1.1% during the second quarter. Roxbury Financial LLC now owns 18,086 shares of the information services provider's stock worth $6,463,000 after acquiring an additional 202 shares during the last quarter. Global Wealth Strategies & Associates boosted its position in Alphabet by 4.5% during the second quarter. Global Wealth Strategies & Associates now owns 2,375 shares of the information services provider's stock worth $849,000 after acquiring an additional 102 shares during the last quarter. Finally, BSN CAPITAL PARTNERS Ltd purchased a new stake in Alphabet during the 1st quarter valued at about $210,924,000. Hedge funds and other institutional investors own 40.03% of the company's stock.

Alphabet News Summary

Here are the key news stories impacting Alphabet this week:

• Positive Sentiment: Alphabet continues to get support from bullish commentary around its AI and advertising franchise, plus its recent addition to the Dow Jones Industrial Average, which can boost index-linked demand for GOOGL. Alphabet debuts in Dow Jones Industrial Average as index tilts toward tech
• Positive Sentiment: Google also launched Nano Banana 2 Lite, a faster and cheaper AI image/video generator, which may help strengthen its generative AI product lineup. Google introduces a faster, cheaper image generator with Nano Banana 2 Lite
• Positive Sentiment: Visa and Google signing on to OpenUSD adds another signal that Alphabet is expanding into digital payments and commerce infrastructure. Visa and Google Sign on to Use Money Movement Stablecoin OpenUSD
• Neutral Sentiment: Recent insider selling by executives and directors appears routine and relatively small, so it is not a major fundamental signal by itself. Alphabet insider John Kent Walker sells shares
• Negative Sentiment: Europe’s top court dismissed Google’s appeal of a record €4.1 billion Android antitrust fine, extending legal overhang and reinforcing regulatory risk. EU top court dismisses Google fight against record €4.1 billion EU antitrust fine
• Negative Sentiment: A Swedish court also ordered Google to pay roughly $1.5 billion to PriceRunner/Klarna in a separate antitrust case, adding another costly legal development for the company. Swedish court orders Google pay $1.46 bn for favoring its price comparisons

Alphabet Company Profile

Alphabet Inc is the holding company created in 2015 to organize Google and a portfolio of businesses developing technologies beyond Google's core internet services. Its principal operations are led by Google, which builds and operates consumer-facing products such as Google Search, YouTube, Android, Chrome, Gmail, Google Maps and Google Workspace, as well as advertising platforms (Google Ads and AdSense) that historically generate the majority of its revenue. Google also develops consumer hardware (Pixel phones, Nest smart-home devices, Chromecast) and developer and distribution platforms such as Google Play.

Beyond Google's consumer and advertising businesses, Alphabet invests in enterprise and infrastructure offerings through Google Cloud, which provides cloud computing, data analytics and productivity services to businesses and institutions.

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