Alphabet (NASDAQ:GOOGL) Shares Up 0.7% – Here’s What Happened

Alphabet Inc. (NASDAQ:GOOGL)’s stock price rose 0.7% during mid-day trading on Tuesday . The company traded as high as $165.77 and last traded at $165.19. Approximately 4,953,022 shares were traded during mid-day trading, a decline of 82% from the average daily volume of 26,880,938 shares. The stock had previously closed at $164.07.

Analyst Upgrades and Downgrades

GOOGL has been the subject of a number of recent research reports. Bank of America raised their target price on Alphabet from $200.00 to $206.00 and gave the stock a “buy” rating in a research note on Wednesday, July 17th. Mizuho raised their target price on Alphabet from $205.00 to $210.00 and gave the stock an “outperform” rating in a research report on Wednesday, July 24th. Wolfe Research started coverage on Alphabet in a research report on Tuesday, July 16th. They set an “outperform” rating and a $240.00 price target on the stock. Piper Sandler reiterated an “overweight” rating and issued a $200.00 target price on shares of Alphabet in a research note on Monday, September 30th. Finally, Wells Fargo & Company reduced their price objective on shares of Alphabet from $190.00 to $182.00 and set an “equal weight” rating for the company in a research report on Wednesday, October 2nd. Eight investment analysts have rated the stock with a hold rating, twenty-nine have given a buy rating and four have given a strong buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $201.76.

Alphabet Price Performance

The company’s 50 day moving average is $161.80 and its 200-day moving average is $168.35. The company has a current ratio of 2.08, a quick ratio of 2.08 and a debt-to-equity ratio of 0.04. The stock has a market cap of $2.04 trillion, a PE ratio of 25.27, a P/E/G ratio of 1.21 and a beta of 1.04.

Alphabet (NASDAQ:GOOGL) last announced its earnings results on Tuesday, July 23rd. The information services provider reported $1.89 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.85 by $0.04. Alphabet had a return on equity of 30.49% and a net margin of 26.70%. The company had revenue of $84.74 billion for the quarter, compared to analyst estimates of $70.60 billion. During the same period in the prior year, the company posted $1.44 EPS. As a group, sell-side analysts predict that Alphabet Inc. will post 7.64 earnings per share for the current year.

Insider Activity at Alphabet

In other news, CEO Sundar Pichai sold 22,500 shares of the business’s stock in a transaction dated Wednesday, August 7th. The shares were sold at an average price of $162.35, for a total value of $3,652,875.00. Following the completion of the sale, the chief executive officer now owns 2,182,385 shares of the company’s stock, valued at approximately $354,310,204.75. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In other news, CEO Sundar Pichai sold 22,500 shares of the firm’s stock in a transaction dated Wednesday, August 7th. The shares were sold at an average price of $162.35, for a total value of $3,652,875.00. Following the transaction, the chief executive officer now directly owns 2,182,385 shares in the company, valued at approximately $354,310,204.75. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CAO Amie Thuener O’toole sold 682 shares of the stock in a transaction that occurred on Friday, August 2nd. The stock was sold at an average price of $168.00, for a total value of $114,576.00. Following the sale, the chief accounting officer now owns 31,334 shares in the company, valued at $5,264,112. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 220,426 shares of company stock valued at $35,993,340 over the last ninety days. Corporate insiders own 11.55% of the company’s stock.

Hedge Funds Weigh In On Alphabet

Several institutional investors have recently modified their holdings of GOOGL. &PARTNERS boosted its position in Alphabet by 13.7% during the 1st quarter. &PARTNERS now owns 26,715 shares of the information services provider’s stock worth $4,032,000 after acquiring an additional 3,209 shares during the period. Mountain Pacific Investment Advisers Inc. ID grew its position in Alphabet by 10.0% in the 1st quarter. Mountain Pacific Investment Advisers Inc. ID now owns 4,521 shares of the information services provider’s stock valued at $682,000 after buying an additional 411 shares in the last quarter. International Assets Investment Management LLC increased its stake in Alphabet by 7.6% during the 1st quarter. International Assets Investment Management LLC now owns 41,933 shares of the information services provider’s stock valued at $6,520,000 after buying an additional 2,951 shares during the period. Aua Capital Management LLC raised its position in shares of Alphabet by 4.3% during the 1st quarter. Aua Capital Management LLC now owns 5,090 shares of the information services provider’s stock worth $768,000 after buying an additional 210 shares in the last quarter. Finally, Crestmont Private Wealth LLC lifted its stake in shares of Alphabet by 28.0% in the 1st quarter. Crestmont Private Wealth LLC now owns 3,840 shares of the information services provider’s stock worth $580,000 after acquiring an additional 839 shares during the period. Institutional investors 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.