Alphabet Inc. (NASDAQ:GOOGL – Get Free Report)’s stock price reached a new 52-week high during trading on Tuesday after Wells Fargo & Company raised their price target on the stock from $121.00 to $126.00. Wells Fargo & Company currently has an equal weight rating on the stock. Alphabet traded as high as $139.47 and last traded at $139.39, with a volume of 9342664 shares changing hands. The stock had previously closed at $138.42.
GOOGL has been the topic of several other research reports. Tigress Financial boosted their price target on Alphabet from $160.00 to $172.00 and gave the stock a “strong-buy” rating in a research report on Friday, July 14th. Bank of America raised their price target on shares of Alphabet from $142.00 to $146.00 and gave the stock a “buy” rating in a report on Wednesday, October 4th. Truist Financial upped their target price on shares of Alphabet from $122.00 to $160.00 in a research report on Wednesday, July 26th. 51job restated a “downgrade” rating on shares of Alphabet in a research note on Tuesday, June 27th. Finally, 888 reaffirmed a “downgrade” rating on shares of Alphabet in a research note on Monday, June 26th. Four investment analysts have rated the stock with a hold rating, thirty-one have issued a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, Alphabet currently has a consensus rating of “Moderate Buy” and a consensus target price of $144.00.
Insider Transactions at Alphabet
In other Alphabet news, Director Ann Mather sold 220 shares of the company’s stock in a transaction dated Tuesday, July 25th. The shares were sold at an average price of $121.75, for a total transaction of $26,785.00. Following the transaction, the director now directly owns 4,759 shares in the company, valued at $579,408.25. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In other Alphabet news, SVP Prabhakar Raghavan sold 16,083 shares of the company’s stock in a transaction dated Monday, October 2nd. The shares were sold at an average price of $133.82, for a total value of $2,152,227.06. Following the sale, the senior vice president now owns 75,621 shares of the company’s stock, valued at $10,119,602.22. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Ann Mather sold 220 shares of the firm’s stock in a transaction that occurred on Tuesday, July 25th. The stock was sold at an average price of $121.75, for a total transaction of $26,785.00. Following the transaction, the director now directly owns 4,759 shares of the company’s stock, valued at $579,408.25. The disclosure for this sale can be found here. In the last three months, insiders sold 101,091 shares of company stock valued at $13,527,476. Corporate insiders own 0.88% of the company’s stock.
Hedge Funds Weigh In On Alphabet
A number of institutional investors have recently modified their holdings of the company. Bornite Capital Management LP acquired a new position in shares of Alphabet in the 1st quarter valued at $16,688,000. Markel Corp boosted its holdings in Alphabet by 17.0% in the first quarter. Markel Corp now owns 15,500 shares of the information services provider’s stock valued at $43,110,000 after acquiring an additional 2,250 shares during the last quarter. United Bank grew its position in Alphabet by 5.9% during the first quarter. United Bank now owns 2,033 shares of the information services provider’s stock valued at $5,654,000 after acquiring an additional 113 shares during the period. Mirae Asset Global Investments Co. Ltd. increased its stake in Alphabet by 23.4% during the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 323,918 shares of the information services provider’s stock worth $900,929,000 after acquiring an additional 61,427 shares during the last quarter. Finally, Dakota Wealth Management raised its holdings in shares of Alphabet by 20.4% in the 1st quarter. Dakota Wealth Management now owns 9,279 shares of the information services provider’s stock worth $25,806,000 after purchasing an additional 1,570 shares during the period. Institutional investors and hedge funds own 35.08% of the company’s stock.
Alphabet Trading Up 0.6 %
The firm has a fifty day moving average of $132.75 and a 200-day moving average of $122.01. The company has a debt-to-equity ratio of 0.05, a quick ratio of 2.14 and a current ratio of 2.17. The stock has a market capitalization of $1.76 trillion, a price-to-earnings ratio of 29.33, a P/E/G ratio of 1.58 and a beta of 1.06.
Alphabet (NASDAQ:GOOGL – Get Free Report) last announced its earnings results on Tuesday, July 25th. The information services provider reported $1.44 earnings per share for the quarter, beating the consensus estimate of $1.32 by $0.12. Alphabet had a return on equity of 23.49% and a net margin of 21.05%. The company had revenue of $74.60 billion during the quarter, compared to the consensus estimate of $60.24 billion. During the same period last year, the firm earned $1.21 earnings per share. As a group, equities analysts predict that Alphabet Inc. will post 5.68 earnings per share for the current fiscal year.
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, hardware, Gmail, Google Drive, Google Maps, Google Photos, Google Play, Search, and YouTube.