Alphabet (NASDAQ:GOOGL) Price Target Raised to $290.00 at Wolfe Research

Key Points

• Wolfe Research raised Alphabet's price target from $220.00 to $290.00, suggesting a potential 19.29% upside from its recent closing price.
• Four analysts rated Alphabet with a Strong Buy rating, while 32 assigned a Buy rating, indicating strong confidence in the stock's performance.
• Alphabet reported quarterly earnings of $2.31 per share, exceeding analysts' expectations, with revenue of $96.43 billion during that quarter.

Alphabet (NASDAQ:GOOGL - Get Free Report) had its price objective lifted by investment analysts at Wolfe Research from $220.00 to $290.00 in a research note issued on Tuesday,MarketScreener reports. Wolfe Research's price objective indicates a potential upside of 19.29% from the company's previous close.

A number of other research firms have also weighed in on GOOGL. Bank of America boosted their target price on shares of Alphabet from $210.00 to $217.00 and gave the stock a "buy" rating in a report on Thursday, July 24th. Citizens Jmp boosted their target price on Alphabet from $250.00 to $290.00 and gave the company an "outperform" rating in a research report on Friday, September 19th. BNP Paribas Exane reaffirmed a "neutral" rating and issued a $172.00 price target on shares of Alphabet in a research report on Friday, June 27th. Susquehanna lifted their target price on Alphabet from $220.00 to $225.00 and gave the company a "positive" rating in a research report on Thursday, July 24th. Finally, Citigroup upped their price objective on shares of Alphabet from $225.00 to $280.00 and gave the stock a "buy" rating in a research report on Monday, September 15th. Four analysts have rated the stock with a Strong Buy rating, thirty-two have assigned a Buy rating and ten have given a Hold rating to the company. According to MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average price target of $237.10.

Alphabet Trading Down 0.4%

GOOGL opened at $243.10 on Tuesday. The stock has a market capitalization of $2.94 trillion, a price-to-earnings ratio of 25.89, a P/E/G ratio of 1.65 and a beta of 1.01. The company has a quick ratio of 1.90, a current ratio of 1.90 and a debt-to-equity ratio of 0.07. Alphabet has a twelve month low of $140.53 and a twelve month high of $256.00. The company has a 50-day simple moving average of $218.05 and a 200 day simple moving average of $184.24.

Alphabet (NASDAQ:GOOGL - Get Free Report) last issued its quarterly earnings results 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 company had revenue of $96.43 billion during the quarter, compared to the consensus estimate of $93.60 billion. Alphabet had a net margin of 31.12% and a return on equity of 34.31%. Analysts predict that Alphabet will post 8.9 EPS for the current fiscal year.

Insiders Place Their Bets

In other Alphabet news, Director John L. Hennessy sold 600 shares of Alphabet stock in a transaction that occurred on Monday, September 15th. The shares were sold at an average price of $249.44, for a total transaction of $149,664.00. Following the transaction, the director directly owned 5,716 shares of the company's stock, valued at approximately $1,425,799.04. This trade represents a 9.50% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, insider John Kent Walker sold 23,820 shares of the business's stock in a transaction on Monday, August 4th. The stock was sold at an average price of $194.70, for a total transaction of $4,637,754.00. Following the completion of the sale, 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 ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 225,469 shares of company stock valued at $46,586,752 over the last 90 days. Company insiders own 11.55% of the company's stock.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in the stock. Rydar Equities Inc. purchased a new stake in shares of Alphabet in the 2nd quarter worth about $4,101,000. Gilbert Capital Group Inc. purchased a new stake in Alphabet in the second quarter worth about $350,000. Cullen Capital Management LLC boosted its position in Alphabet by 6.9% during the 2nd quarter. Cullen Capital Management LLC now owns 8,598 shares of the information services provider's stock valued at $1,515,000 after acquiring an additional 555 shares in the last quarter. Summit Financial Wealth Advisors LLC grew its holdings in shares of Alphabet by 32.0% during the 2nd quarter. Summit Financial Wealth Advisors LLC now owns 2,428 shares of the information services provider's stock worth $428,000 after acquiring an additional 588 shares during the period. Finally, TradeWell Securities LLC. raised its position in shares of Alphabet by 75.5% in the 2nd quarter. TradeWell Securities LLC. now owns 2,880 shares of the information services provider's stock worth $508,000 after acquiring an additional 1,239 shares in the last quarter. 40.03% of the stock is owned by hedge funds and other institutional investors.

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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