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Argus Boosts Alphabet (NASDAQ:GOOGL) Price Target to $2,800.00

Last updated on Wednesday, May 5, 2021 | 2021 MarketBeat

Alphabet (NASDAQ:GOOGL) had its target price upped by analysts at Argus from $2,500.00 to $2,800.00 in a note issued to investors on Wednesday, Benzinga reports. The brokerage currently has a "buy" rating on the information services provider's stock. Argus' price objective would suggest a potential upside of 20.62% from the stock's previous close.

Other equities research analysts also recently issued reports about the company. Monness Crespi & Hardt lifted their target price on Alphabet from $2,500.00 to $3,000.00 and gave the stock a "buy" rating in a report on Wednesday, April 28th. Susquehanna boosted their target price on Alphabet from $3,000.00 to $3,100.00 and gave the company a "positive" rating in a research note on Wednesday, April 28th. Canaccord Genuity boosted their price objective on Alphabet from $2,600.00 to $2,800.00 and gave the company a "buy" rating in a research note on Tuesday. JMP Securities boosted their price objective on Alphabet from $2,400.00 to $2,850.00 and gave the company a "market outperform" rating in a research note on Tuesday. Finally, Susquehanna Bancshares boosted their price objective on Alphabet from $3,000.00 to $3,100.00 and gave the company a "positive" rating in a research note on Wednesday, April 28th. One research analyst has rated the stock with a hold rating, forty-two have assigned a buy rating and one has assigned a strong buy rating to the stock. Alphabet currently has an average rating of "Buy" and an average price target of $2,473.33.

Shares of GOOGL traded up $14.56 during trading hours on Wednesday, hitting $2,321.39. 35,866 shares of the company were exchanged, compared to its average volume of 1,786,992. The firm's fifty day moving average is $2,191.35 and its 200 day moving average is $1,922.44. The company has a market cap of $1.56 trillion, a price-to-earnings ratio of 44.58, a P/E/G ratio of 1.65 and a beta of 0.99. The company has a quick ratio of 3.39, a current ratio of 3.41 and a debt-to-equity ratio of 0.07. Alphabet has a fifty-two week low of $1,323.30 and a fifty-two week high of $2,431.38.

Alphabet (NASDAQ:GOOGL) last announced its quarterly earnings results on Monday, April 26th. The information services provider reported $26.29 EPS for the quarter, beating the Zacks' consensus estimate of $15.82 by $10.47. Alphabet had a return on equity of 17.31% and a net margin of 20.80%. During the same quarter last year, the business earned $9.87 EPS. Analysts anticipate that Alphabet will post 52.19 EPS for the current year.

Hedge funds have recently modified their holdings of the company. Kinloch Capital LLC acquired a new position in shares of Alphabet during the fourth quarter worth $28,000. Resolute Partners Group acquired a new position in shares of Alphabet in the 4th quarter valued at $28,000. ForthRight Wealth Management LLC acquired a new position in shares of Alphabet in the 4th quarter valued at $32,000. TFO TDC LLC acquired a new position in shares of Alphabet in the 1st quarter valued at $43,000. Finally, Cypress Point Wealth Management LLC acquired a new position in shares of Alphabet in the 4th quarter valued at $39,000. 33.79% of the stock is currently owned by institutional investors and hedge funds.

About Alphabet

Alphabet Inc provides online advertising services in the United States, Europe, the Middle East, Africa, the Asia-Pacific, Canada, and Latin America. The company offers performance and brand advertising services. It operates through Google Services, Google Cloud, and Other Bets segments. The Google Services segment provides products and services, such as ads, Android, Chrome, hardware, Google Maps, Google Play, Search, and YouTube, as well as technical infrastructure; and digital content.

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