Alphabet (NASDAQ:GOOGL) Shares Up 1% - Here's Why

Key Points

• Alphabet's stock rose by 1% on Tuesday, reaching a last trading price of $236.45 after a brief high of $236.89, with trading volume significantly lower than average at 11.3 million shares.
• Several analysts have raised their target prices for Alphabet, with Oppenheimer setting a new price objective of $270, indicating strong belief in the stock's potential.
• The company recently announced a quarterly dividend of $0.21 per share, with a yield of 0.4%, showcasing Alphabet's ongoing commitment to returning value to shareholders.

Alphabet Inc. (NASDAQ:GOOGL - Get Free Report) shares shot up 1% during trading on Tuesday . The stock traded as high as $236.89 and last traded at $236.45. 11,276,972 shares traded hands during mid-day trading, a decline of 69% from the average session volume of 36,631,922 shares. The stock had previously closed at $234.04.

Analyst Ratings Changes

Several research firms recently commented on GOOGL. Oppenheimer reaffirmed an "outperform" rating and issued a $270.00 price objective (up from $235.00) on shares of Alphabet in a report on Tuesday, September 2nd. Roth Capital increased their target price on shares of Alphabet from $205.00 to $210.00 and gave the stock a "buy" rating in a research note on Thursday, July 24th. Piper Sandler increased their target price on shares of Alphabet from $195.00 to $220.00 and gave the stock an "overweight" rating in a research note on Thursday, July 24th. Cantor Fitzgerald increased their target price on shares of Alphabet from $196.00 to $201.00 and gave the stock a "neutral" rating in a research note on Thursday, July 24th. Finally, Wall Street Zen cut shares of Alphabet from a "buy" rating to a "hold" rating in a research note on Friday. Three analysts have rated the stock with a Strong Buy rating, thirty-two have assigned a Buy rating and ten have issued a Hold rating to the company's stock. According to MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus price target of $221.44.

Alphabet Stock Performance

The company has a market cap of $2.88 trillion, a PE ratio of 25.37, a PEG ratio of 1.58 and a beta of 1.01. The business's 50-day moving average is $196.95 and its 200 day moving average is $175.73. The company has a debt-to-equity ratio of 0.07, a quick ratio of 1.90 and a current ratio of 1.90.

Alphabet (NASDAQ:GOOGL - Get Free Report) last issued its earnings results on Wednesday, July 23rd. The information services provider reported $2.31 EPS for the quarter, topping analysts' consensus estimates of $2.15 by $0.16. The company had revenue of $96.43 billion for the quarter, compared to analysts' expectations of $93.60 billion. Alphabet had a net margin of 31.12% and a return on equity of 34.31%. On average, equities 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. Stockholders of record on Monday, September 8th will be issued a dividend of $0.21 per share. This represents a $0.84 annualized dividend and a dividend yield of 0.4%. The ex-dividend date of this dividend is Monday, September 8th. Alphabet's payout ratio is presently 8.95%.

Insider Buying and Selling at Alphabet

In other Alphabet news, Director Kavitark Ram Shriram sold 15,000 shares of the company's 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 $2,786,400.00. Following the completion of the transaction, the director directly owned 240,400 shares in the company, valued at $44,656,704. This represents a 5.87% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider John Kent Walker sold 23,820 shares of the company's stock in a transaction that occurred 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 transaction, the insider owned 42,999 shares of the company's stock, valued at approximately $8,371,905.30. The trade was a 35.65% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 254,710 shares of company stock valued at $49,208,380. 11.55% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Alphabet

Hedge funds have recently bought and sold shares of the business. Guardian Wealth Management Inc. raised its stake in Alphabet by 242.9% during the first quarter. Guardian Wealth Management Inc. now owns 168 shares of the information services provider's stock valued at $26,000 after purchasing an additional 119 shares in the last quarter. von Borstel & Associates Inc. purchased a new stake in shares of Alphabet in the first quarter valued at $28,000. IMA Advisory Services Inc. purchased a new stake in shares of Alphabet in the first quarter valued at $28,000. NBZ Investment Advisors LLC raised its stake in shares of Alphabet by 85.7% in the first 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 period. Finally, Financial Gravity Companies Inc. purchased a new stake in shares of Alphabet in the second quarter valued at $31,000. Hedge funds and other institutional investors 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.

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.