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Alphabet (NASDAQ:GOOGL) Price Target Raised to $247.00

Alphabet logo with Computer and Technology background

Key Points

  • BNP Paribas Exane raised Alphabet's price target from $187.00 to $247.00, indicating a potential downside of 3.72% from the stock's previous close, while maintaining a "neutral" rating.
  • Multiple analysts have set bullish targets for Alphabet, with Canaccord Genuity raising its target to $270.00 and Needham & Company boosting theirs to $260.00, both giving "buy" ratings.
  • Alphabet reported a quarterly EPS of $2.31, exceeding estimates and generating revenue of $96.43 billion, surpassing analyst expectations of $93.60 billion.
  • MarketBeat previews the top five stocks to own by November 1st.

Alphabet (NASDAQ:GOOGL - Get Free Report) had its price objective lifted by stock analysts at BNP Paribas Exane from $187.00 to $247.00 in a report released on Tuesday,MarketScreener reports. The brokerage currently has a "neutral" rating on the information services provider's stock. BNP Paribas Exane's target price indicates a potential downside of 3.72% from the stock's previous close.

A number of other analysts have also issued reports on the stock. Canaccord Genuity Group lifted their price target on shares of Alphabet from $230.00 to $270.00 and gave the stock a "buy" rating in a research note on Thursday, September 4th. Needham & Company LLC boosted their target price on shares of Alphabet from $220.00 to $260.00 and gave the stock a "buy" rating in a research report on Wednesday, September 3rd. Weiss Ratings restated a "buy (b)" rating on shares of Alphabet in a research note on Wednesday, October 8th. Wedbush boosted their price objective on Alphabet from $225.00 to $245.00 and gave the company an "outperform" rating in a report on Wednesday, September 3rd. Finally, Roth Capital upped their price objective on Alphabet from $210.00 to $265.00 and gave the company a "buy" rating in a research note on Thursday, October 16th. Four equities research analysts have rated the stock with a Strong Buy rating, thirty-four have assigned a Buy rating and ten have issued a Hold rating to the stock. According to MarketBeat, the company has an average rating of "Moderate Buy" and an average target price of $257.60.

Check Out Our Latest Stock Report on GOOGL

Alphabet Stock Performance

Alphabet stock opened at $256.55 on Tuesday. Alphabet has a 12-month low of $140.53 and a 12-month high of $257.33. 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 capitalization of $3.10 trillion, a price-to-earnings ratio of 27.32, a price-to-earnings-growth ratio of 1.71 and a beta of 1.00. The firm's fifty day moving average price is $232.66 and its 200 day moving average price is $192.92.

Alphabet (NASDAQ:GOOGL - Get Free Report) last released its quarterly earnings results on Wednesday, July 23rd. The information services provider reported $2.31 EPS for the quarter, topping the consensus estimate of $2.15 by $0.16. Alphabet had a return on equity of 34.31% and a net margin of 31.12%.The business had revenue of $96.43 billion for the quarter, compared to analysts' expectations of $93.60 billion. On average, research analysts forecast that Alphabet will post 8.9 EPS for the current fiscal year.

Insider Buying and Selling at Alphabet

In related news, insider John Kent Walker sold 23,820 shares of the stock in a transaction that occurred on Monday, August 4th. The stock was sold at an average price of $194.70, for a total value of $4,637,754.00. Following the completion of the transaction, the insider directly owned 42,999 shares of the company's stock, valued at $8,371,905.30. This represents a 35.65% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, CAO Amie Thuener O'toole sold 2,778 shares of the stock in a transaction on Monday, September 15th. The stock was sold at an average price of $245.00, for a total value of $680,610.00. Following the completion of the transaction, the chief accounting officer directly owned 17,293 shares of the company's stock, valued at approximately $4,236,785. The trade was a 13.84% decrease in their position. The disclosure for this sale can be found here. Insiders sold 246,150 shares of company stock valued at $55,805,379 in the last ninety days. Company insiders own 11.55% of the company's stock.

Hedge Funds Weigh In On Alphabet

Hedge funds have recently added to or reduced their stakes in the company. Vanguard Group Inc. lifted its stake in shares of Alphabet by 1.3% in the 2nd quarter. Vanguard Group Inc. now owns 516,559,609 shares of the information services provider's stock valued at $91,033,300,000 after purchasing an additional 6,733,278 shares during the last quarter. State Street Corp boosted its stake in shares of Alphabet by 1.8% during the 2nd quarter. State Street Corp now owns 229,954,269 shares of the information services provider's stock worth $40,524,841,000 after acquiring an additional 4,008,374 shares in the last quarter. Geode Capital Management LLC raised its stake in shares of Alphabet by 3.1% in the 2nd quarter. Geode Capital Management LLC now owns 141,615,284 shares of the information services provider's stock valued at $24,857,017,000 after acquiring an additional 4,224,497 shares in the last quarter. Norges Bank bought a new position in shares of Alphabet in the 2nd quarter valued at approximately $21,944,208,000. Finally, Invesco Ltd. lifted its holdings in Alphabet by 1.2% in the 2nd quarter. Invesco Ltd. now owns 44,151,820 shares of the information services provider's stock worth $7,780,875,000 after purchasing an additional 503,306 shares during the last quarter. Institutional investors and hedge funds own 40.03% of the company's stock.

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.

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Analyst Recommendations for Alphabet (NASDAQ:GOOGL)

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.

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