Alphabet (NASDAQ:GOOGL) Sets New 12-Month High After Analyst Upgrade

Key Points

• Alphabet's stock reached a new 52-week high of $231.31 after Royal Bank of Canada raised its price target from $220.00 to $260.00, maintaining an outperform rating.
• Several brokerages have also increased their price targets for Alphabet, with an average target price of $219.11 and a consensus rating of "Moderate Buy" from analysts.
• The company recently reported strong quarterly earnings, with a net margin of 31.12% and revenue of $96.43 billion, surpassing analysts' expectations.

Alphabet Inc. (NASDAQ:GOOGL - Get Free Report)'s share price reached a new 52-week high during mid-day trading on Thursday after Royal Bank Of Canada raised their price target on the stock from $220.00 to $260.00. Royal Bank Of Canada currently has an outperform rating on the stock. Alphabet traded as high as $231.31 and last traded at $230.66, with a volume of 102404162 shares traded. The stock had previously closed at $211.35.

A number of other brokerages have also recently weighed in on GOOGL. Westpark Capital boosted their price target on shares of Alphabet from $210.00 to $220.00 and gave the company a "buy" rating in a research report on Thursday, July 24th. Susquehanna boosted their price target on shares of Alphabet from $220.00 to $225.00 and gave the company a "positive" rating in a research report on Thursday, July 24th. Guggenheim lifted their price objective on shares of Alphabet from $190.00 to $210.00 and gave the company a "buy" rating in a research note on Wednesday, July 23rd. Barclays lifted their price objective on shares of Alphabet from $235.00 to $250.00 and gave the company an "overweight" rating in a research note on Wednesday. Finally, Piper Sandler lifted their price objective on shares of Alphabet from $195.00 to $220.00 and gave the company an "overweight" rating in a research note on Thursday, July 24th. Four research analysts have rated the stock with a Strong Buy rating, thirty have given 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 $219.11.

Insider Buying and Selling at Alphabet

In other news, CEO Sundar Pichai sold 32,500 shares of the stock in a transaction on Wednesday, August 20th. The shares were sold at an average price of $199.92, for a total value of $6,497,400.00. Following the completion of the sale, the chief executive officer owned 2,462,392 shares of the company's stock, valued at $492,281,408.64. This represents a 1.30% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider John Kent Walker sold 23,820 shares of the 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. The trade was a 35.65% decrease in their position. The disclosure for this sale can be found here. Insiders sold 222,210 shares of company stock worth $41,742,155 over the last three months. 11.55% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Alphabet

A number of large investors have recently added to or reduced their stakes in GOOGL. Guardian Wealth Management Inc. boosted its stake in Alphabet by 242.9% during the 1st quarter. Guardian Wealth Management Inc. now owns 168 shares of the information services provider's stock valued at $26,000 after acquiring an additional 119 shares during the last quarter. von Borstel & Associates Inc. bought a new position in Alphabet during the 1st quarter valued at $28,000. IMA Advisory Services Inc. bought a new position in Alphabet during the 1st quarter valued at $28,000. NBZ Investment Advisors LLC boosted its stake in Alphabet by 85.7% during the 1st quarter. NBZ Investment Advisors LLC now owns 195 shares of the information services provider's stock valued at $30,000 after acquiring an additional 90 shares during the last quarter. Finally, Financial Gravity Companies Inc. bought a new position in Alphabet during the 2nd quarter valued at $31,000. 40.03% of the stock is owned by institutional investors and hedge funds.

Alphabet Stock Up 9.1%

The company has a current ratio of 1.90, a quick ratio of 1.90 and a debt-to-equity ratio of 0.07. The stock has a market capitalization of $2.79 trillion, a P/E ratio of 24.56, a P/E/G ratio of 1.43 and a beta of 1.01. The stock's 50 day simple moving average is $193.49 and its 200 day simple moving average is $174.80.

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

Alphabet Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Monday, September 15th. Shareholders of record on Monday, September 8th will be paid a dividend of $0.21 per share. This represents a $0.84 dividend on an annualized basis and a yield of 0.4%. The ex-dividend date is Monday, September 8th. Alphabet's dividend payout ratio is 8.95%.

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.

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