Alphabet Inc. (NASDAQ:GOOGL - Get Free Report)'s stock price shot up 2.1% during trading on Monday after Bank of America raised their price target on the stock from $200.00 to $210.00. Bank of America currently has a buy rating on the stock. Alphabet traded as high as $189.86 and last traded at $189.04. 17,406,774 shares traded hands during mid-day trading, a decline of 46% from the average session volume of 32,127,130 shares. The stock had previously closed at $185.06.
Several other brokerages have also recently commented on GOOGL. Wells Fargo & Company boosted their price target on shares of Alphabet from $175.00 to $177.00 and gave the stock an "equal weight" rating in a research note on Tuesday, July 8th. Rosenblatt Securities reissued a "neutral" rating and set a $189.00 target price on shares of Alphabet in a report on Wednesday, May 21st. Sanford C. Bernstein lifted their target price on shares of Alphabet from $165.00 to $185.00 and gave the company a "market perform" rating in a research report on Friday, April 25th. Oppenheimer increased their price target on shares of Alphabet from $185.00 to $200.00 and gave the company an "outperform" rating in a research note on Friday, April 25th. Finally, JMP Securities raised shares of Alphabet from a "market perform" rating to a "market outperform" rating and set a $220.00 target price on the stock in a research note on Friday, June 27th. Ten research analysts have rated the stock with a hold rating, twenty-eight have assigned a buy rating and four have issued a strong buy rating to the company. According to MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $201.68.
Read Our Latest Stock Analysis on Alphabet
Insider Activity at Alphabet
In other news, CEO Sundar Pichai sold 32,500 shares of the business's stock in a transaction that occurred on Wednesday, July 16th. The stock was sold at an average price of $184.38, for a total value of $5,992,350.00. Following the transaction, the chief executive officer owned 2,527,392 shares of the company's stock, valued at approximately $466,000,536.96. The trade was a 1.27% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Kavitark Ram Shriram sold 9,000 shares of the firm's stock in a transaction on Thursday, May 22nd. The shares were sold at an average price of $175.00, for a total value of $1,575,000.00. Following the completion of the sale, the director directly owned 255,400 shares of the company's stock, valued at approximately $44,695,000. This trade represents a 3.40% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 215,843 shares of company stock valued at $37,288,490 over the last 90 days. 11.55% of the stock is owned by corporate insiders.
Hedge Funds Weigh In On Alphabet
Large investors have recently added to or reduced their stakes in the business. Missouri Trust & Investment Co increased its stake in Alphabet by 0.3% in the second quarter. Missouri Trust & Investment Co now owns 16,916 shares of the information services provider's stock valued at $2,981,000 after purchasing an additional 55 shares during the last quarter. AM Investment Strategies LLC grew its position in shares of Alphabet by 0.9% during the second quarter. AM Investment Strategies LLC now owns 6,477 shares of the information services provider's stock worth $1,141,000 after acquiring an additional 57 shares during the last quarter. Perritt Capital Management Inc grew its position in shares of Alphabet by 10.4% during the fourth quarter. Perritt Capital Management Inc now owns 618 shares of the information services provider's stock worth $117,000 after acquiring an additional 58 shares during the last quarter. Nia Impact Advisors LLC grew its position in shares of Alphabet by 0.3% during the fourth quarter. Nia Impact Advisors LLC now owns 17,161 shares of the information services provider's stock worth $3,249,000 after acquiring an additional 59 shares during the last quarter. Finally, Bfsg LLC grew its position in shares of Alphabet by 0.6% during the second quarter. Bfsg LLC now owns 10,428 shares of the information services provider's stock worth $1,838,000 after acquiring an additional 59 shares during the last quarter. 40.03% of the stock is currently owned by hedge funds and other institutional investors.
Alphabet Trading Up 2.1%
The company has a debt-to-equity ratio of 0.03, a current ratio of 1.77 and a quick ratio of 1.77. The firm has a market capitalization of $2.29 trillion, a PE ratio of 21.07, a price-to-earnings-growth ratio of 1.30 and a beta of 1.00. The business's 50-day moving average price is $172.90 and its 200-day moving average price is $172.89.
Alphabet (NASDAQ:GOOGL - Get Free Report) last released its quarterly earnings results on Thursday, April 24th. The information services provider reported $2.81 EPS for the quarter, topping the consensus estimate of $2.02 by $0.79. Alphabet had a return on equity of 34.54% and a net margin of 30.86%. The business had revenue of $76.49 billion during the quarter, compared to analysts' expectations of $89.30 billion. During the same quarter in the prior year, the business earned $1.89 earnings per share. As a group, analysts expect that Alphabet Inc. will post 8.9 earnings per share for the current fiscal year.
Alphabet Increases Dividend
The firm also recently disclosed a quarterly dividend, which was paid on Monday, June 16th. Investors of record on Monday, June 9th were paid a $0.21 dividend. This represents a $0.84 dividend on an annualized basis and a yield of 0.44%. This is a boost from Alphabet's previous quarterly dividend of $0.20. The ex-dividend date was Monday, June 9th. Alphabet's dividend payout ratio is presently 9.36%.
About Alphabet
(
Get Free Report)
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.
Further Reading
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.
Before you consider Alphabet, you'll want to hear this.
MarketBeat keeps track of Wall Street's top-rated and best performing research analysts and the stocks they recommend to their clients on a daily basis. MarketBeat has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the broader market catches on... and Alphabet wasn't on the list.
While Alphabet currently has a Moderate Buy rating among analysts, top-rated analysts believe these five stocks are better buys.
View The Five Stocks Here
Nuclear energy stocks are roaring. It's the hottest energy sector of the year. Cameco Corp, Paladin Energy, and BWX Technologies were all up more than 40% in 2024. The biggest market moves could still be ahead of us, and there are seven nuclear energy stocks that could rise much higher in the next several months. To unlock these tickers, enter your email address below.
Get This Free Report
