Alphabet (NASDAQ:GOOGL) Price Target Increased to $210.00 by Analysts at Canaccord Genuity Group

Alphabet (NASDAQ:GOOGL) had its price target upped by equities researchers at Canaccord Genuity Group from $190.00 to $210.00 in a research note issued to investors on Friday, Benzinga reports. The firm presently has a “buy” rating on the information services provider’s stock. Canaccord Genuity Group’s price objective suggests a potential upside of 34.62% from the stock’s current price.

Other equities research analysts have also issued research reports about the company. Barclays raised their price objective on Alphabet from $173.00 to $200.00 and gave the company an “overweight” rating in a research note on Friday. Morgan Stanley raised their price objective on Alphabet from $165.00 to $195.00 and gave the company an “overweight” rating in a research note on Friday. Wolfe Research increased their target price on Alphabet from $180.00 to $200.00 and gave the stock an “outperform” rating in a report on Friday. Citigroup increased their target price on Alphabet from $168.00 to $190.00 and gave the stock a “buy” rating in a report on Friday. Finally, Truist Financial increased their target price on Alphabet from $158.00 to $170.00 and gave the stock a “buy” rating in a report on Wednesday, April 17th. Five equities research analysts have rated the stock with a hold rating, twenty-eight have assigned a buy rating and two have given a strong buy rating to the stock. According to data from MarketBeat, Alphabet presently has an average rating of “Moderate Buy” and an average target price of $173.00.

Alphabet Price Performance

GOOGL stock opened at $156.00 on Friday. The company has a debt-to-equity ratio of 0.05, a quick ratio of 2.10 and a current ratio of 2.10. Alphabet has a 1 year low of $102.63 and a 1 year high of $160.22. The firm has a market cap of $1.94 trillion, a P/E ratio of 26.90, a price-to-earnings-growth ratio of 1.47 and a beta of 1.05. The stock has a 50-day simple moving average of $147.22 and a 200-day simple moving average of $141.16.

Alphabet (NASDAQ:GOOGL) last issued its quarterly earnings data on Tuesday, January 30th. The information services provider reported $1.64 earnings per share for the quarter, beating analysts’ consensus estimates of $1.60 by $0.04. Alphabet had a return on equity of 27.22% and a net margin of 24.01%. The firm had revenue of $86.31 billion during the quarter, compared to analyst estimates of $70.77 billion. During the same quarter last year, the firm earned $1.05 EPS. On average, equities analysts predict that Alphabet will post 6.78 earnings per share for the current fiscal year.

Insider Activity

In other news, Director Frances Arnold sold 230 shares of Alphabet stock in a transaction on Tuesday, January 30th. The stock was sold at an average price of $154.06, for a total transaction of $35,433.80. Following the transaction, the director now directly owns 15,104 shares in the company, valued at approximately $2,326,922.24. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In other news, Director Frances Arnold sold 230 shares of Alphabet stock in a transaction on Tuesday, January 30th. The stock was sold at an average price of $154.06, for a total transaction of $35,433.80. Following the transaction, the director now directly owns 15,104 shares in the company, valued at approximately $2,326,922.24. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, CAO Amie Thuener O’toole sold 660 shares of Alphabet stock in a transaction on Thursday, February 1st. The shares were sold at an average price of $143.59, for a total value of $94,769.40. Following the transaction, the chief accounting officer now owns 27,920 shares in the company, valued at $4,009,032.80. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 251,339 shares of company stock worth $36,377,482. 0.88% of the stock is owned by company insiders.

Hedge Funds Weigh In On Alphabet

A number of hedge funds have recently modified their holdings of GOOGL. Chico Wealth RIA acquired a new position in shares of Alphabet in the 3rd quarter worth $330,000. Summit Global Investments grew its holdings in shares of Alphabet by 67.7% in the 3rd quarter. Summit Global Investments now owns 241,463 shares of the information services provider’s stock worth $31,598,000 after acquiring an additional 97,466 shares during the last quarter. Prentice Wealth Management LLC grew its holdings in shares of Alphabet by 18.1% in the 3rd quarter. Prentice Wealth Management LLC now owns 7,140 shares of the information services provider’s stock worth $934,000 after acquiring an additional 1,096 shares during the last quarter. Sunflower Bank N.A. grew its holdings in shares of Alphabet by 6.3% in the 3rd quarter. Sunflower Bank N.A. now owns 5,951 shares of the information services provider’s stock worth $779,000 after acquiring an additional 353 shares during the last quarter. Finally, David J Yvars Group grew its holdings in shares of Alphabet by 10.3% during the third quarter. David J Yvars Group now owns 4,170 shares of the information services provider’s stock valued at $546,000 after buying an additional 390 shares in the last quarter. 40.03% of the stock is currently owned by institutional investors and hedge funds.

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.