Alphabet (NASDAQ:GOOG) Price Target Raised to $212.00

Alphabet (NASDAQ:GOOG) had its price target boosted by JPMorgan Chase & Co. from $208.00 to $212.00 in a research note issued on Wednesday, Benzinga reports. The firm currently has an “overweight” rating on the information services provider’s stock. JPMorgan Chase & Co.‘s price objective would suggest a potential upside of 15.95% from the company’s previous close.

A number of other brokerages also recently issued reports on GOOG. Wolfe Research raised Alphabet to a “strong-buy” rating in a research report on Tuesday, July 16th. TD Cowen raised their price objective on Alphabet from $200.00 to $220.00 and gave the stock a “buy” rating in a research report on Wednesday, July 10th. Pivotal Research raised their price objective on Alphabet from $215.00 to $225.00 and gave the stock a “buy” rating in a research report on Wednesday. DA Davidson raised Alphabet to a “hold” rating in a research report on Tuesday, September 10th. Finally, Barclays raised their price objective on Alphabet from $200.00 to $220.00 and gave the stock an “overweight” rating in a research report on Wednesday. Five investment analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, Alphabet has an average rating of “Moderate Buy” and a consensus price target of $198.69.

Alphabet Trading Up 6.8 %

Shares of NASDAQ:GOOG opened at $182.83 on Wednesday. The business’s 50 day moving average price is $163.39 and its 200-day moving average price is $170.26. Alphabet has a 1 year low of $123.93 and a 1 year high of $193.31. The company has a debt-to-equity ratio of 0.04, a current ratio of 2.08 and a quick ratio of 2.08. The firm has a market capitalization of $2.26 trillion, a price-to-earnings ratio of 26.25, a price-to-earnings-growth ratio of 1.27 and a beta of 1.04.

Alphabet (NASDAQ:GOOG) last issued its earnings results on Tuesday, October 29th. The information services provider reported $2.12 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.83 by $0.29. Alphabet had a return on equity of 30.49% and a net margin of 26.70%. The business had revenue of $88.27 billion during the quarter, compared to the consensus estimate of $86.39 billion. During the same period last year, the company earned $1.55 EPS. The company’s revenue for the quarter was up 15.1% on a year-over-year basis. On average, equities research analysts forecast that Alphabet will post 7.64 earnings per share for the current fiscal year.

Insider Activity

In other news, CAO Amie Thuener O’toole sold 682 shares of Alphabet stock in a transaction dated Friday, August 2nd. The stock was sold at an average price of $168.00, for a total value of $114,576.00. Following the completion of the transaction, the chief accounting officer now owns 31,334 shares in the company, valued at approximately $5,264,112. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. In related news, insider John Kent Walker sold 21,467 shares of the business’s stock in a transaction that occurred on Tuesday, September 3rd. The stock was sold at an average price of $160.35, for a total transaction of $3,442,233.45. Following the completion of the sale, the insider now owns 39,334 shares in the company, valued at $6,307,206.90. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CAO Amie Thuener O’toole sold 682 shares of the business’s 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 of the company’s stock, valued at approximately $5,264,112. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 220,426 shares of company stock worth $35,993,340. 12.99% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Alphabet

Institutional investors have recently added to or reduced their stakes in the business. Colonial River Wealth Management LLC lifted its stake in Alphabet by 5.3% during the second quarter. Colonial River Wealth Management LLC now owns 2,126 shares of the information services provider’s stock worth $390,000 after purchasing an additional 107 shares during the last quarter. Oak Ridge Investments LLC increased its position in Alphabet by 4.6% during the first quarter. Oak Ridge Investments LLC now owns 187,229 shares of the information services provider’s stock worth $28,508,000 after buying an additional 8,201 shares during the period. Rosenberg Matthew Hamilton increased its position in Alphabet by 4.6% during the second quarter. Rosenberg Matthew Hamilton now owns 11,366 shares of the information services provider’s stock worth $2,097,000 after buying an additional 498 shares during the period. Alliance Wealth Management Group increased its position in Alphabet by 93.6% during the first quarter. Alliance Wealth Management Group now owns 3,910 shares of the information services provider’s stock worth $595,000 after buying an additional 1,890 shares during the period. Finally, Handelsbanken Fonder AB increased its position in Alphabet by 4.6% during the third quarter. Handelsbanken Fonder AB now owns 2,628,176 shares of the information services provider’s stock worth $439,405,000 after buying an additional 115,716 shares during the period. Hedge funds and other institutional investors own 27.26% 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.