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

Key Points

• Oppenheimer has raised its price target for Alphabet (NASDAQ:GOOGL) from $270.00 to $300.00, indicating a potential upside of 17.68% from the stock's previous close.
• Several research firms, including Tigress Financial and Truist Financial, have also upgraded their price targets for Alphabet, reflecting a general bullish sentiment among analysts.
• Alphabet's stock recently opened at $254.94, showing a market capitalization of $3.08 trillion and a P/E ratio of 27.12.

Alphabet (NASDAQ:GOOGL - Get Free Report) had its price target boosted by research analysts at Oppenheimer from $270.00 to $300.00 in a research report issued to clients and investors on Monday,MarketScreener reports. The firm currently has an "outperform" rating on the information services provider's stock. Oppenheimer's price objective suggests a potential upside of 17.68% from the stock's previous close.

Several other equities research analysts have also commented on the company. Tigress Financial boosted their price objective on Alphabet from $240.00 to $280.00 and gave the stock a "strong-buy" rating in a research note on Friday, September 5th. Stifel Nicolaus lifted their target price on Alphabet from $200.00 to $218.00 and gave the company a "buy" rating in a research report on Tuesday, July 22nd. Citizens Jmp raised their price objective on Alphabet from $250.00 to $290.00 and gave the stock an "outperform" rating in a research report on Friday, September 19th. Truist Financial raised their target price on Alphabet from $225.00 to $285.00 and gave the company a "buy" rating in a report on Monday, September 22nd. Finally, JMP Securities increased their target price on shares of Alphabet from $250.00 to $290.00 and gave the stock a "market outperform" rating in a report on Friday, September 19th. Four equities research analysts have rated the stock with a Strong Buy rating, thirty-four have assigned a Buy rating and ten have issued a Hold rating to the company. Based on data from MarketBeat.com, Alphabet has an average rating of "Moderate Buy" and a consensus target price of $255.86.

Alphabet Trading Up 0.6%

Alphabet stock opened at $254.94 on Monday. The firm has a market cap of $3.08 trillion, a PE ratio of 27.12, a P/E/G ratio of 1.71 and a beta of 1.00. Alphabet has a 12 month low of $140.53 and a 12 month high of $256.96. The stock's 50 day simple moving average is $231.55 and its two-hundred day simple moving average is $192.14. 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 (NASDAQ:GOOGL - Get Free Report) last issued its quarterly earnings data on Wednesday, July 23rd. The information services provider reported $2.31 earnings per share for the quarter, topping analysts' consensus estimates of $2.15 by $0.16. The business had revenue of $96.43 billion during the quarter, compared to the consensus estimate of $93.60 billion. Alphabet had a net margin of 31.12% and a return on equity of 34.31%. Analysts anticipate that Alphabet will post 8.9 earnings per share for the current year.

Insider Buying and Selling at Alphabet

In related news, CEO Sundar Pichai sold 32,500 shares of Alphabet stock in a transaction on Wednesday, October 15th. The shares were sold at an average price of $250.15, for a total transaction of $8,129,875.00. Following the sale, the chief executive officer owned 2,369,619 shares of the company's stock, valued at $592,760,192.85. The trade was a 1.35% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, insider John Kent Walker sold 17,816 shares of the company's stock in a transaction dated Monday, September 29th. The shares were sold at an average price of $247.42, for a total transaction of $4,408,034.72. Following the completion of the transaction, the insider directly owned 42,985 shares of the company's stock, valued at approximately $10,635,348.70. The trade was a 29.30% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 246,150 shares of company stock worth $55,805,379. Company insiders own 11.55% of the company's stock.

Institutional Trading of Alphabet

A number of hedge funds have recently made changes to their positions in the stock. Guardian Wealth Management Inc. lifted its position in shares of Alphabet by 242.9% during the first quarter. Guardian Wealth Management Inc. now owns 168 shares of the information services provider's stock worth $26,000 after purchasing an additional 119 shares during the last quarter. Financial Gravity Companies Inc. bought a new stake in Alphabet during the second quarter valued at $31,000. IMA Advisory Services Inc. acquired a new stake in shares of Alphabet during the first quarter worth $28,000. von Borstel & Associates Inc. bought a new position in shares of Alphabet in the 1st quarter worth about $28,000. Finally, NBZ Investment Advisors LLC boosted its holdings in shares of Alphabet by 85.7% in the 1st quarter. NBZ Investment Advisors LLC now owns 195 shares of the information services provider's stock valued at $30,000 after buying an additional 90 shares during the period. Institutional investors and hedge funds own 40.03% of the company's stock.

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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