Wedbush Forecasts Strong Price Appreciation for Alphabet (NASDAQ:GOOGL) Stock

Key Points

• Wedbush raised its price target for Alphabet (NASDAQ:GOOGL) from $225.00 to $245.00, indicating a potential upside of 15.92% from the stock's previous close.
• Analysts show a positive outlook for Alphabet, with four issuing a Strong Buy rating and a consensus target price of $216.08.
• In Q2, Alphabet reported earnings of $2.31 per share, surpassing estimates, and achieved $96.43 billion in revenue, exceeding analyst expectations.

Alphabet (NASDAQ:GOOGL - Get Free Report) had its price target raised by equities researchers at Wedbush from $225.00 to $245.00 in a report released on Wednesday,Benzinga reports. The brokerage currently has an "outperform" rating on the information services provider's stock. Wedbush's price target would suggest a potential upside of 15.92% from the stock's previous close.

Other analysts have also issued reports about the company. Loop Capital reiterated a "hold" rating and set a $190.00 price objective (up from $165.00) on shares of Alphabet in a report on Tuesday, August 5th. Morgan Stanley upped their target price on Alphabet from $185.00 to $205.00 and gave the stock an "overweight" rating in a research report on Monday, July 21st. Citigroup lifted their price target on Alphabet from $203.00 to $225.00 and gave the company a "buy" rating in a report on Thursday, July 24th. Royal Bank Of Canada boosted their price target on Alphabet from $200.00 to $220.00 and gave the company an "outperform" rating in a research note on Thursday, July 24th. Finally, Bank of America raised their price objective on shares of Alphabet from $210.00 to $217.00 and gave the company a "buy" rating in a research report on Thursday, July 24th. Four equities research analysts have rated the stock with a Strong Buy rating, twenty-nine have issued a Buy rating and ten have issued a Hold rating to the company. According to MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $216.08.

Alphabet Stock Performance

GOOGL stock opened at $211.35 on Wednesday. The company has a debt-to-equity ratio of 0.07, a quick ratio of 1.90 and a current ratio of 1.90. The stock has a market cap of $2.56 trillion, a P/E ratio of 22.51, a P/E/G ratio of 1.43 and a beta of 1.01. The firm has a 50 day simple moving average of $192.29 and a 200 day simple moving average of $174.41. Alphabet has a 52 week low of $140.53 and a 52 week high of $214.65.

Alphabet (NASDAQ:GOOGL - Get Free Report) last released its quarterly earnings data 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 firm had revenue of $96.43 billion for the quarter, compared to analyst estimates of $93.60 billion. Research analysts anticipate that Alphabet will post 8.9 earnings per share for the current fiscal year.

Insider Activity

In related news, insider John Kent Walker sold 23,820 shares of the company's stock in a transaction on Monday, August 4th. The shares were sold at an average price of $194.70, for a total transaction of $4,637,754.00. Following the completion of the sale, the insider directly owned 42,999 shares of the company's stock, valued at approximately $8,371,905.30. This represents a 35.65% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director John L. Hennessy sold 600 shares of the firm's stock in a transaction on Wednesday, August 13th. The shares were sold at an average price of $203.79, for a total transaction of $122,274.00. Following the completion of the transaction, the director owned 6,316 shares in the company, valued at $1,287,137.64. The trade was a 8.68% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 222,210 shares of company stock valued at $41,742,155 over the last three months. Corporate insiders own 11.55% of the company's stock.

Hedge Funds Weigh In On Alphabet

Several large investors have recently made changes to their positions in GOOGL. Guardian Wealth Management Inc. boosted its position in shares of Alphabet by 242.9% in the first quarter. Guardian Wealth Management Inc. now owns 168 shares of the information services provider's stock valued at $26,000 after acquiring an additional 119 shares during the period. von Borstel & Associates Inc. bought a new position in Alphabet during the first quarter worth $28,000. IMA Advisory Services Inc. acquired a new position in Alphabet during the 1st quarter valued at $28,000. NBZ Investment Advisors LLC raised its stake 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 purchasing an additional 90 shares during the last quarter. Finally, Financial Gravity Companies Inc. bought a new stake in Alphabet in the 2nd quarter valued at $31,000. Institutional investors and hedge funds 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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