CIBC Issues Positive Forecast for Alphabet (NASDAQ:GOOGL) Stock Price

Key Points

• CIBC has raised its price target for Alphabet's stock to $315.00, suggesting a potential upside of 23.56% from its previous close.
• Several other analysts have also increased their price targets for Alphabet, with a notable range between $190.00 and $290.00, indicating strong overall market confidence in the stock.
• Alphabet's shares have fluctuated between a 12-month low of $140.53 and a high of $256.96, with the company reporting a revenue of $96.43 billion for the last quarter, surpassing analyst expectations.

Alphabet (NASDAQ:GOOGL - Get Free Report) had its price objective lifted by stock analysts at CIBC to $315.00 in a research report issued to clients and investors on Monday,MarketScreener reports. CIBC's price objective would suggest a potential upside of 23.56% from the stock's previous close.

Other equities research analysts have also recently issued reports about the stock. DA Davidson boosted their price objective on shares of Alphabet from $180.00 to $190.00 and gave the company a "neutral" rating in a research report on Tuesday, September 2nd. BMO Capital Markets set a $294.00 price objective on shares of Alphabet and gave the company an "outperform" rating in a report on Thursday, October 9th. Citigroup upped their target price on Alphabet from $225.00 to $280.00 and gave the stock a "buy" rating in a report on Monday, September 15th. Robert W. Baird boosted their price target on Alphabet from $215.00 to $275.00 and gave the stock an "outperform" rating in a research report on Monday, September 22nd. Finally, Wolfe Research raised their price objective on Alphabet from $220.00 to $290.00 in a research report on Tuesday, September 30th. Four equities research analysts have rated the stock with a Strong Buy rating, thirty-four have assigned a Buy rating and ten have assigned a Hold rating to the company. According to MarketBeat.com, Alphabet currently has an average rating of "Moderate Buy" and an average price target of $255.86.

Alphabet Stock Performance

Shares of NASDAQ:GOOGL opened at $254.94 on Monday. The company has a current ratio of 1.90, a quick ratio of 1.90 and a debt-to-equity ratio of 0.07. Alphabet has a 12 month low of $140.53 and a 12 month high of $256.96. The company has a market capitalization of $3.08 trillion, a price-to-earnings ratio of 27.12, a PEG ratio of 1.71 and a beta of 1.00. The firm's 50-day moving average is $231.55 and its 200 day moving average is $192.14.

Alphabet (NASDAQ:GOOGL - Get Free Report) last released its earnings results 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 return on equity of 34.31% and a net margin of 31.12%.The firm had revenue of $96.43 billion for the quarter, compared to analysts' expectations of $93.60 billion. Research analysts predict that Alphabet will post 8.9 EPS for the current year.

Insider Transactions at Alphabet

In other Alphabet news, CAO Amie Thuener O'toole sold 2,778 shares of the company's stock in a transaction on Monday, September 15th. The shares were sold at an average price of $245.00, for a total transaction of $680,610.00. Following the completion of the transaction, the chief accounting officer directly owned 17,293 shares in the company, valued at approximately $4,236,785. This represents a 13.84% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, insider John Kent Walker sold 23,820 shares of the business's stock in a transaction dated 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 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 position. The disclosure for this sale can be found here. Insiders sold a total of 246,150 shares of company stock valued at $55,805,379 in the last three months. 11.55% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of GOOGL. Mystic Asset Management Inc. increased its position in Alphabet by 6.7% during the first quarter. Mystic Asset Management Inc. now owns 28,454 shares of the information services provider's stock worth $4,400,000 after purchasing an additional 1,791 shares during the last quarter. Harbour Trust & Investment Management Co raised its position in shares of Alphabet by 0.3% during the 1st quarter. Harbour Trust & Investment Management Co now owns 27,075 shares of the information services provider's stock valued at $4,187,000 after buying an additional 80 shares during the period. Cypress Capital LLC lifted its holdings in Alphabet by 4.1% in the first quarter. Cypress Capital LLC now owns 14,310 shares of the information services provider's stock valued at $2,213,000 after acquiring an additional 563 shares during the last quarter. Bridgeway Capital Management LLC lifted its stake in shares of Alphabet by 17.9% in the 1st quarter. Bridgeway Capital Management LLC now owns 88,187 shares of the information services provider's stock valued at $13,637,000 after purchasing an additional 13,371 shares during the last quarter. Finally, Alaethes Wealth LLC lifted its position in Alphabet by 1.1% in the first quarter. Alaethes Wealth LLC now owns 7,646 shares of the information services provider's stock valued at $1,182,000 after buying an additional 84 shares during 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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