Alphabet (NASDAQ:GOOGL) Price Target Raised to $265.00 at KeyCorp

Key Points

• KeyCorp has raised its price target for Alphabet's stock from $230.00 to $265.00, indicating a potential upside of 25.38% from the previous close.
• Alphabet reported a quarterly earnings per share (EPS) of $2.31, surpassing the consensus estimate of $2.15, along with a revenue of $96.43 billion for the period.
• The stock has received various ratings from analysts, with four ratings as Strong Buy, twenty-nine as Buy, and an overall consensus rating of Moderate Buy and an average target price of $217.66.

Alphabet (NASDAQ:GOOGL - Get Free Report) had its price objective hoisted by analysts at KeyCorp from $230.00 to $265.00 in a note issued to investors on Wednesday, Marketbeat Ratings reports. The brokerage currently has an "overweight" rating on the information services provider's stock. KeyCorp's price objective would suggest a potential upside of 12.77% from the company's current price.

Several other brokerages also recently weighed in on GOOGL. JPMorgan Chase & Co. upped their target price on Alphabet from $200.00 to $232.00 and gave the stock an "overweight" rating in a research report on Thursday, July 24th. Citigroup upped their target price on Alphabet from $203.00 to $225.00 and gave the stock a "buy" rating in a research report on Thursday, July 24th. BMO Capital Markets upped their target price on Alphabet from $208.00 to $225.00 and gave the stock an "outperform" rating in a research report on Thursday, July 24th. Roth Capital upped their target price on Alphabet from $205.00 to $210.00 and gave the stock a "buy" rating in a research report on Thursday, July 24th. Finally, Morgan Stanley upped their target price on Alphabet from $185.00 to $205.00 and gave the stock an "overweight" rating in a research report on Monday, July 21st. Four analysts have rated the stock with a Strong Buy rating, thirty-one have assigned a Buy rating and ten have given a Hold rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average target price of $222.33.

Alphabet Trading Up 1.2%

GOOGL stock traded up $2.70 during trading on Wednesday, reaching $235.00. 46,562,292 shares of the stock traded hands, compared to its average volume of 33,713,716. The business's 50 day moving average price is $195.79 and its 200-day moving average price is $175.48. Alphabet has a 52-week low of $140.53 and a 52-week high of $235.76. 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 firm has a market capitalization of $2.84 trillion, a PE ratio of 25.03, a P/E/G ratio of 1.56 and a beta of 1.01.

Alphabet (NASDAQ:GOOGL - Get Free Report) last posted its quarterly earnings results on Wednesday, July 23rd. The information services provider reported $2.31 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $2.15 by $0.16. Alphabet had a return on equity of 34.31% and a net margin of 31.12%.The firm had revenue of $96.43 billion during the quarter, compared to the consensus estimate of $93.60 billion. As a group, sell-side analysts forecast that Alphabet will post 8.9 earnings per share for the current year.

Insiders Place Their Bets

In related news, Director John L. Hennessy sold 1,000 shares of the business's stock in a transaction dated 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 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 transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider John Kent Walker sold 23,820 shares of the company's stock in a transaction that occurred on Monday, August 4th. The shares were sold at an average price of $194.70, for a total value of $4,637,754.00. Following the sale, the insider owned 42,999 shares in the company, valued at $8,371,905.30. The trade was a 35.65% decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 254,710 shares of company stock worth $49,208,380. 11.64% of the stock is owned by insiders.

Institutional Trading of Alphabet

Several institutional investors and hedge funds have recently bought and sold shares of the company. Vanguard Group Inc. raised its stake in Alphabet by 1.3% during the second quarter. Vanguard Group Inc. now owns 516,559,609 shares of the information services provider's stock valued at $91,033,300,000 after buying an additional 6,733,278 shares in the last quarter. State Street Corp raised its stake in Alphabet by 1.8% during the second quarter. State Street Corp now owns 229,954,269 shares of the information services provider's stock valued at $40,524,841,000 after buying an additional 4,008,374 shares in the last quarter. Geode Capital Management LLC raised its stake in Alphabet by 3.1% during the second 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 buying an additional 4,224,497 shares in the last quarter. Norges Bank acquired a new stake in Alphabet during the second quarter valued at approximately $21,944,208,000. Finally, Invesco Ltd. raised its stake in Alphabet by 1.2% during the second quarter. Invesco Ltd. now owns 44,151,820 shares of the information services provider's stock valued at $7,780,875,000 after buying an additional 503,306 shares in the last quarter. Institutional investors and hedge funds own 40.03% 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.