Alphabet (NASDAQ:GOOGL) Price Target Raised to $260.00 at Needham & Company LLC

Key Points

• Needham & Company LLC has raised Alphabet's price target from $220.00 to $260.00, suggesting a potential upside of 23.02% based on the stock's current price.
• Alphabet reported $2.31 EPS for the last quarter, exceeding estimates of $2.15, with a total revenue of $96.43 billion.
• The stock has an average rating of "Moderate Buy", with four analysts giving it a "Strong Buy" rating and a consensus target price of $216.08.

Alphabet (NASDAQ:GOOGL - Get Free Report) had its target price boosted by Needham & Company LLC from $220.00 to $260.00 in a research report issued to clients and investors on Wednesday,Benzinga reports. The firm presently has a "buy" rating on the information services provider's stock. Needham & Company LLC's target price indicates a potential upside of 23.02% from the stock's current price.

GOOGL has been the subject of a number of other research reports. Wells Fargo & Company boosted their price objective on shares of Alphabet from $184.00 to $187.00 and gave the company an "equal weight" rating in a research report on Tuesday, July 29th. Piper Sandler increased their price target on Alphabet from $195.00 to $220.00 and gave the company an "overweight" rating in a research note on Thursday, July 24th. BNP Paribas Exane reissued a "neutral" rating and issued a $172.00 target price on shares of Alphabet in a report on Friday, June 27th. Stifel Nicolaus increased their price objective on shares of Alphabet from $200.00 to $218.00 and gave the company a "buy" rating in a research report on Tuesday, July 22nd. Finally, Oppenheimer restated an "outperform" rating and issued a $270.00 target price on shares of Alphabet in a report on Tuesday. Four analysts have rated the stock with a Strong Buy rating, twenty-nine have assigned a Buy rating and ten have assigned a Hold rating to the company's stock. According to MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $216.08.

Alphabet Price Performance

NASDAQ GOOGL opened at $211.35 on Wednesday. Alphabet has a one year low of $140.53 and a one year high of $214.65. The stock has a 50-day moving average of $192.29 and a 200 day moving average of $174.41. The company has a debt-to-equity ratio of 0.07, a quick ratio of 1.90 and a current ratio of 1.90. The company has a market capitalization of $2.56 trillion, a price-to-earnings ratio of 22.51, a PEG ratio of 1.43 and a beta of 1.01.

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, beating the consensus estimate of $2.15 by $0.16. The firm had revenue of $96.43 billion during the quarter, compared to analyst estimates of $93.60 billion. Alphabet had a net margin of 31.12% and a return on equity of 34.31%. On average, sell-side analysts forecast that Alphabet will post 8.9 EPS for the current year.

Insider Transactions at Alphabet

In other news, Director Kavitark Ram Shriram sold 18,566 shares of Alphabet stock in a transaction that occurred on Friday, July 18th. The shares were 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 of the company's stock, valued at $45,213,984. The trade was a 7.09% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director John L. Hennessy sold 1,000 shares of the company's stock in a transaction on Friday, August 8th. The stock was sold at an average price of $200.00, for a total value of $200,000.00. Following the transaction, the director directly owned 6,916 shares in the company, valued at approximately $1,383,200. The trade was a 12.63% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 222,210 shares of company stock valued at $41,742,155. Company insiders own 11.55% of the company's stock.

Institutional Investors Weigh In On Alphabet

Large investors have recently modified their holdings of the business. Evolution Wealth Management Inc. purchased a new position in shares of Alphabet in the second quarter worth $135,000. Lavaca Capital LLC lifted its position in Alphabet by 6.2% during the 2nd 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 Alphabet during the 2nd quarter valued at about $217,000. Tribridge Partners Financial LLC purchased a new stake in Alphabet during the 2nd quarter valued at about $266,000. Finally, Orion Porfolio Solutions LLC increased its holdings in shares of Alphabet by 6.2% in the second quarter. Orion Porfolio Solutions LLC now owns 370,809 shares of the information services provider's stock valued at $65,348,000 after purchasing an additional 21,651 shares during the period. Hedge funds and other institutional investors own 40.03% of the company's stock.

Alphabet Company Profile

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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