Alphabet (NASDAQ:GOOGL – Free Report) had its price objective increased by Wells Fargo & Company from $126.00 to $129.00 in a research note published on Thursday, Benzinga reports. Wells Fargo & Company currently has an equal weight rating on the information services provider’s stock.
A number of other brokerages also recently issued reports on GOOGL. Citigroup lifted their price target on Alphabet from $130.00 to $153.00 in a report on Wednesday, July 26th. JPMorgan Chase & Co. raised their price target on shares of Alphabet from $121.00 to $150.00 in a report on Wednesday, July 26th. Stifel Nicolaus boosted their price objective on shares of Alphabet from $130.00 to $135.00 and gave the stock a buy rating in a research note on Friday, July 21st. Jefferies Financial Group raised their target price on shares of Alphabet from $150.00 to $165.00 in a research note on Wednesday, July 26th. Finally, Evercore ISI lifted their price target on shares of Alphabet from $130.00 to $160.00 and gave the stock an outperform rating in a report on Wednesday, July 26th. Five research analysts have rated the stock with a hold rating, twenty-nine have issued a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of Moderate Buy and a consensus target price of $147.00.
Alphabet Price Performance
Alphabet (NASDAQ:GOOGL – Get Free Report) last posted its quarterly earnings results on Tuesday, October 24th. The information services provider reported $1.55 earnings per share for the quarter, beating the consensus estimate of $1.45 by $0.10. The firm had revenue of $64.05 billion during the quarter, compared to the consensus estimate of $63.13 billion. Alphabet had a net margin of 22.46% and a return on equity of 25.24%. As a group, sell-side analysts anticipate that Alphabet will post 5.74 EPS for the current year.
Insiders Place Their Bets
In related news, Director Kavitark Ram Shriram sold 75,000 shares of the business’s stock in a transaction that occurred on Tuesday, November 7th. The stock was sold at an average price of $131.09, for a total transaction of $9,831,750.00. Following the completion of the sale, the director now directly owns 104,364 shares in the company, valued at $13,681,076.76. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In other Alphabet news, Director Frances Arnold sold 250 shares of the firm’s stock in a transaction that occurred on Monday, October 30th. The shares were sold at an average price of $124.36, for a total value of $31,090.00. Following the transaction, the director now directly owns 14,226 shares of the company’s stock, valued at approximately $1,769,145.36. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Kavitark Ram Shriram sold 75,000 shares of the company’s stock in a transaction that occurred on Tuesday, November 7th. The shares were sold at an average price of $131.09, for a total value of $9,831,750.00. Following the completion of the sale, the director now owns 104,364 shares of the company’s stock, valued at $13,681,076.76. The disclosure for this sale can be found here. In the last three months, insiders sold 176,576 shares of company stock worth $23,425,367. Corporate insiders own 0.88% of the company’s stock.
Institutional Investors Weigh In On Alphabet
A number of hedge funds have recently modified their holdings of GOOGL. Unconventional Investor LLC purchased a new position in Alphabet in the third quarter worth approximately $217,000. CM Wealth Advisors LLC lifted its stake in shares of Alphabet by 155.6% in the 3rd quarter. CM Wealth Advisors LLC now owns 19,652 shares of the information services provider’s stock valued at $2,644,000 after purchasing an additional 11,963 shares during the last quarter. Mezzasalma Advisors LLC grew its holdings in shares of Alphabet by 2.1% during the 3rd quarter. Mezzasalma Advisors LLC now owns 91,121 shares of the information services provider’s stock worth $11,924,000 after purchasing an additional 1,850 shares during the period. Revisor Wealth Management LLC acquired a new stake in shares of Alphabet during the 3rd quarter worth about $801,000. Finally, Financial Gravity Asset Management Inc. raised its holdings in Alphabet by 1,208.3% in the 3rd quarter. Financial Gravity Asset Management Inc. now owns 1,570 shares of the information services provider’s stock valued at $205,000 after buying an additional 1,450 shares during the period. Hedge funds and other institutional investors own 35.08% of the company’s stock.
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.
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