Alphabet’s (GOOGL) “Outperform” Rating Reaffirmed at Wedbush

Wedbush restated their outperform rating on shares of Alphabet (NASDAQ:GOOGL) in a research note released on Monday morning, Benzinga reports. They currently have a $205.00 price objective on the information services provider’s stock. Wedbush also issued estimates for Alphabet’s Q2 2024 earnings at $1.86 EPS, Q3 2024 earnings at $1.75 EPS, Q4 2024 earnings at $1.93 EPS, FY2024 earnings at $7.49 EPS and FY2025 earnings at $8.27 EPS.

A number of other equities research analysts also recently commented on GOOGL. Wells Fargo & Company lifted their price target on shares of Alphabet from $168.00 to $187.00 and gave the stock an equal weight rating in a report on Monday, July 8th. Needham & Company LLC reissued a buy rating and issued a $210.00 target price on shares of Alphabet in a research report on Friday, June 28th. Wolfe Research started coverage on shares of Alphabet in a research report on Tuesday, July 16th. They issued an outperform rating and a $240.00 target price on the stock. Bank of America raised their target price on shares of Alphabet from $200.00 to $206.00 and gave the stock a buy rating in a research report on Wednesday, July 17th. Finally, Jefferies Financial Group raised their target price on shares of Alphabet from $215.00 to $220.00 in a research report on Tuesday, July 9th. Six investment analysts have rated the stock with a hold rating, twenty-eight have given a buy rating and two have issued a strong buy rating to the stock. According to MarketBeat.com, the stock presently has an average rating of Moderate Buy and an average price target of $203.74.

Alphabet Stock Performance

Shares of NASDAQ GOOGL opened at $167.28 on Monday. The company has a market cap of $2.07 trillion, a PE ratio of 25.66, a price-to-earnings-growth ratio of 1.36 and a beta of 1.05. Alphabet has a 12 month low of $120.21 and a 12 month high of $191.75. The company has a debt-to-equity ratio of 0.05, a current ratio of 2.15 and a quick ratio of 2.15. The company has a 50-day simple moving average of $179.22 and a 200-day simple moving average of $160.15.

Alphabet (NASDAQ:GOOGL) last issued its quarterly earnings results on Tuesday, July 23rd. The information services provider reported $1.89 EPS for the quarter, topping analysts’ consensus estimates of $1.85 by $0.04. The business had revenue of $84.74 billion during the quarter, compared to the consensus estimate of $70.60 billion. Alphabet had a net margin of 26.70% and a return on equity of 30.96%. During the same period in the previous year, the firm posted $1.44 earnings per share. On average, equities analysts anticipate that Alphabet will post 7.62 earnings per share for the current year.

Insider Buying and Selling

In related news, CAO Amie Thuener O’toole sold 682 shares of Alphabet stock in a transaction on Thursday, May 2nd. The shares were sold at an average price of $166.67, for a total value of $113,668.94. Following the completion of the sale, the chief accounting officer now owns 29,284 shares in the company, valued at $4,880,764.28. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. In related news, CEO Sundar Pichai sold 22,500 shares of Alphabet stock in a transaction on Wednesday, May 1st. The shares were sold at an average price of $166.80, for a total value of $3,753,000.00. Following the completion of the sale, the chief executive officer now owns 2,280,511 shares in the company, valued at $380,389,234.80. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CAO Amie Thuener O’toole sold 682 shares of Alphabet stock in a transaction on Thursday, May 2nd. The stock was sold at an average price of $166.67, for a total transaction of $113,668.94. Following the completion of the sale, the chief accounting officer now owns 29,284 shares of the company’s stock, valued at approximately $4,880,764.28. The disclosure for this sale can be found here. Over the last quarter, insiders sold 122,388 shares of company stock worth $21,497,609. Insiders own 11.55% of the company’s stock.

Institutional Trading of Alphabet

Institutional investors have recently added to or reduced their stakes in the business. Christopher J. Hasenberg Inc increased its stake in Alphabet by 75.0% during the second quarter. Christopher J. Hasenberg Inc now owns 140 shares of the information services provider’s stock valued at $26,000 after purchasing an additional 60 shares during the last quarter. Vermillion & White Wealth Management Group LLC acquired a new position in shares of Alphabet during the fourth quarter valued at $30,000. Tributary Capital Management LLC acquired a new position in shares of Alphabet during the first quarter valued at $30,000. DiNuzzo Private Wealth Inc. acquired a new position in shares of Alphabet during the fourth quarter valued at $38,000. Finally, CarsonAllaria Wealth Management Ltd. boosted its holdings in shares of Alphabet by 59.2% during the first quarter. CarsonAllaria Wealth Management Ltd. now owns 293 shares of the information services provider’s stock valued at $44,000 after acquiring an additional 109 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.