Tigress Financial Boosts Alphabet (NASDAQ:GOOGL) Price Target to $280.00

Key Points

• Tigress Financial has raised its price target for Alphabet (NASDAQ:GOOGL) to $280.00, indicating a potential upside of 19.65% from the stock's previous close.
• Alphabet's stock currently has a "strong-buy" rating from Tigress Financial, with thirty-one analysts rating it as a buy and four with a strong buy classification.
• In the latest quarter, Alphabet reported earnings per share of $2.31, surpassing estimates and generating revenue of $96.43 billion, which also exceeded expectations.

Alphabet (NASDAQ:GOOGL - Get Free Report) had its target price upped by equities research analysts at Tigress Financial from $240.00 to $280.00 in a research report issued to clients and investors on Friday,Benzinga reports. The brokerage presently has a "strong-buy" rating on the information services provider's stock. Tigress Financial's target price would suggest a potential upside of 19.65% from the stock's previous close.

Other equities research analysts also recently issued reports about the stock. Westpark Capital boosted their price target on shares of Alphabet from $210.00 to $220.00 and gave the company a "buy" rating in a research note on Thursday, July 24th. Stifel Nicolaus increased their price target on shares of Alphabet from $200.00 to $218.00 and gave the stock a "buy" rating in a research note on Tuesday, July 22nd. JPMorgan Chase & Co. raised their price objective on shares of Alphabet from $200.00 to $232.00 and gave the stock an "overweight" rating in a report on Thursday, July 24th. Needham & Company LLC upped their price target on shares of Alphabet from $220.00 to $260.00 and gave the stock a "buy" rating in a research note on Wednesday. Finally, Barclays upped their price objective on shares of Alphabet from $235.00 to $250.00 and gave the company an "overweight" rating in a research note on Wednesday. Four equities research analysts have rated the stock with a Strong Buy rating, thirty-one have assigned a Buy rating and ten have issued a Hold rating to the company's stock. Based on data from MarketBeat, Alphabet presently has an average rating of "Moderate Buy" and an average target price of $222.33.

Alphabet Stock Up 0.7%

GOOGL stock traded up $1.72 during trading on Friday, reaching $234.02. The stock had a trading volume of 26,305,614 shares, compared to its average volume of 36,686,770. The company has a market capitalization of $2.83 trillion, a price-to-earnings ratio of 24.92, a P/E/G ratio of 1.55 and a beta of 1.01. The company has a quick ratio of 1.90, a current ratio of 1.90 and a debt-to-equity ratio of 0.07. The company's 50 day moving average is $194.66 and its two-hundred day moving average is $175.13. Alphabet has a one year low of $140.53 and a one year high of $235.76.

Alphabet (NASDAQ:GOOGL - Get Free Report) last announced its quarterly earnings results on Wednesday, July 23rd. The information services provider reported $2.31 earnings per share for the quarter, beating the consensus estimate of $2.15 by $0.16. Alphabet had a net margin of 31.12% and a return on equity of 34.31%. The company had revenue of $96.43 billion during the quarter, compared to the consensus estimate of $93.60 billion. Equities research analysts forecast that Alphabet will post 8.9 EPS for the current year.

Insiders Place Their Bets

In other Alphabet news, Director John L. Hennessy sold 600 shares of the stock in a transaction that occurred on Wednesday, August 13th. The stock was sold at an average price of $203.79, for a total value of $122,274.00. Following the transaction, the director owned 6,316 shares in the company, valued at approximately $1,287,137.64. This represents a 8.68% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Kavitark Ram Shriram sold 15,000 shares of Alphabet stock in a transaction on Friday, July 18th. The stock was sold at an average price of $185.76, for a total value of $2,786,400.00. Following the sale, the director owned 240,400 shares in the company, valued at $44,656,704. This trade represents a 5.87% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 222,210 shares of company stock valued at $41,742,155 in the last quarter. Corporate insiders own 11.64% of the company's stock.

Institutional Trading of Alphabet

Several institutional investors and hedge funds have recently modified their holdings of the stock. Guardian Wealth Management Inc. grew its holdings 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. purchased a new stake in Alphabet during the 2nd quarter worth $31,000. IMA Advisory Services Inc. bought a new position in shares of Alphabet during the first quarter worth about $28,000. von Borstel & Associates Inc. bought a new position in Alphabet in the first quarter worth about $28,000. Finally, NBZ Investment Advisors LLC grew its position in Alphabet by 85.7% in the first quarter. NBZ Investment Advisors LLC now owns 195 shares of the information services provider's stock worth $30,000 after buying an additional 90 shares during the last quarter. Institutional investors own 40.03% of the company's stock.

About Alphabet

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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