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

Key Points

• President Capital has raised its price target for Alphabet (NASDAQ:GOOGL) from $258.00 to $323.00, indicating a potential upside of 13.23% from its current price.
• Alphabet reported earnings of $2.87 per share, surpassing analysts' expectations, contributing to its strong performance and valuations.
• The stock currently has a consensus target price of $304.10, with multiple analysts rating it as a "buy" or "outperform."

Alphabet (NASDAQ:GOOGL - Get Free Report) had its price target lifted by equities researchers at President Capital from $258.00 to $323.00 in a research report issued to clients and investors on Thursday,MarketScreener reports. The brokerage currently has a "buy" rating on the information services provider's stock. President Capital's price target would suggest a potential upside of 13.23% from the company's current price.

Several other equities analysts have also weighed in on the stock. 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. CICC Research raised their price target on Alphabet from $240.00 to $303.00 and gave the stock an "outperform" rating in a research report on Friday, October 31st. Wall Street Zen upgraded Alphabet from a "hold" rating to a "buy" rating in a report on Saturday, November 1st. Citigroup restated a "buy" rating and set a $343.00 target price (up previously from $280.00) on shares of Alphabet in a report on Thursday, October 30th. Finally, Roth Capital upped their price target on Alphabet from $210.00 to $265.00 and gave the company a "buy" rating in a research note on Thursday, October 16th. Three investment analysts have rated the stock with a Strong Buy rating, thirty-eight have assigned a Buy rating and nine have given a Hold rating to the company's stock. According to data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus target price of $304.10.

Alphabet Stock Up 2.8%

Shares of NASDAQ:GOOGL opened at $285.27 on Thursday. Alphabet has a 12 month low of $140.53 and a 12 month high of $291.59. The company's 50-day moving average price is $248.44 and its two-hundred day moving average price is $202.71. The firm has a market cap of $3.45 trillion, a P/E ratio of 28.04, a P/E/G ratio of 1.86 and a beta of 1.05. The company has a quick ratio of 1.90, a current ratio of 1.90 and a debt-to-equity ratio of 0.07.

Alphabet (NASDAQ:GOOGL - Get Free Report) last issued its quarterly earnings results on Wednesday, October 29th. The information services provider reported $2.87 earnings per share for the quarter, beating analysts' consensus estimates of $2.29 by $0.58. Alphabet had a net margin of 32.23% and a return on equity of 36.08%. The business had revenue of $102.35 billion during the quarter, compared to analyst estimates of $99.90 billion. As a group, research analysts forecast that Alphabet will post 8.9 EPS for the current fiscal year.

Insider Buying and Selling

In related news, CAO Amie Thuener O'toole sold 2,778 shares of the firm's stock in a transaction that occurred on Monday, September 15th. The shares were sold at an average price of $245.00, for a total value of $680,610.00. Following the completion of the transaction, the chief accounting officer owned 17,293 shares in the company, valued at $4,236,785. This trade represents a 13.84% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director John L. Hennessy sold 1,000 shares of Alphabet stock in a transaction on Friday, August 8th. The stock was sold at an average price of $200.00, for a total transaction of $200,000.00. Following the transaction, the director owned 6,916 shares in the company, valued at approximately $1,383,200. This trade represents a 12.63% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold 190,896 shares of company stock worth $45,092,175 in the last ninety days. 11.64% of the stock is owned by company insiders.

Institutional Trading of Alphabet

Large investors have recently made changes to their positions in the company. Guardian Wealth Management Inc. increased its holdings in Alphabet by 242.9% in the 1st quarter. Guardian Wealth Management Inc. now owns 168 shares of the information services provider's stock worth $26,000 after acquiring an additional 119 shares during the last quarter. von Borstel & Associates Inc. bought a new stake in shares of Alphabet in the first quarter valued at approximately $28,000. IMA Advisory Services Inc. bought a new position in Alphabet in the 1st quarter worth approximately $28,000. NBZ Investment Advisors LLC raised its holdings in Alphabet by 85.7% during the 1st 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 during the second quarter worth $31,000. 40.03% of the stock is currently owned by institutional investors and hedge funds.

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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