Alphabet (NASDAQ:GOOG) Price Target Raised to $350.00

Alphabet (NASDAQ:GOOG) had its price objective upped by Wolfe Research from $290.00 to $350.00 in a report published on Thursday morning, Marketbeat.com reports. The brokerage currently has an outperform rating on the information services provider’s stock.

A number of other equities research analysts have also recently commented on GOOG. Oppenheimer increased their price objective on shares of Alphabet from $300.00 to $345.00 and gave the company an “outperform” rating in a research note on Thursday. Canaccord Genuity Group reissued a “buy” rating and issued a $330.00 price objective on shares of Alphabet in a research note on Thursday. JPMorgan Chase & Co. increased their price objective on shares of Alphabet from $260.00 to $300.00 and gave the company an “overweight” rating in a research note on Monday, October 27th. Roth Capital reissued a “buy” rating on shares of Alphabet in a research note on Wednesday, July 9th. Finally, Piper Sandler increased their price objective on shares of Alphabet from $285.00 to $330.00 and gave the company an “overweight” rating in a research note on Thursday. Five research analysts have rated the stock with a Strong Buy rating, twenty-seven have assigned a Buy rating, four have assigned a Hold rating and three have given a Sell rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $324.81.

Alphabet Stock Performance

NASDAQ:GOOG opened at $281.82 on Thursday. The company has a quick ratio of 1.90, a current ratio of 1.90 and a debt-to-equity ratio of 0.07. Alphabet has a fifty-two week low of $142.66 and a fifty-two week high of $291.93. The stock has a market cap of $3.41 trillion, a PE ratio of 27.79, a price-to-earnings-growth ratio of 1.86 and a beta of 1.00. The firm’s fifty day simple moving average is $244.59 and its 200-day simple moving average is $200.98.

Alphabet (NASDAQ:GOOG) last posted its quarterly earnings results on Wednesday, October 29th. The information services provider reported $2.87 earnings per share for the quarter, topping analysts’ consensus estimates of $2.29 by $0.58. Alphabet had a net margin of 32.23% and a return on equity of 36.08%. The business had revenue of $102.35 billion for the quarter, compared to analysts’ expectations of $99.90 billion. During the same period in the prior year, the company posted $2.12 EPS. The business’s revenue for the quarter was up 15.9% on a year-over-year basis. Analysts expect that Alphabet will post 8.89 earnings per share for the current fiscal year.

Insider Activity at Alphabet

In other Alphabet news, CEO Sundar Pichai sold 32,500 shares of the firm’s stock in a transaction dated Wednesday, October 15th. The shares were sold at an average price of $250.15, for a total transaction of $8,129,875.00. Following the sale, the chief executive officer directly owned 2,369,619 shares of the company’s stock, valued at $592,760,192.85. This trade represents a 1.35% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider John Kent Walker sold 17,816 shares of the firm’s stock in a transaction dated Monday, September 29th. The stock was sold at an average price of $247.42, for a total transaction of $4,408,034.72. Following the sale, the insider directly owned 42,985 shares in the company, valued at $10,635,348.70. This represents a 29.30% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold 246,150 shares of company stock worth $55,805,379 over the last three months. Company insiders own 12.99% of the company’s stock.

Institutional Investors Weigh In On Alphabet

Several hedge funds have recently modified their holdings of the company. IFS Advisors LLC lifted its holdings in shares of Alphabet by 400.0% during the 2nd quarter. IFS Advisors LLC now owns 150 shares of the information services provider’s stock worth $27,000 after acquiring an additional 120 shares during the period. Robbins Farley lifted its holdings in shares of Alphabet by 60.0% during the 2nd quarter. Robbins Farley now owns 160 shares of the information services provider’s stock worth $28,000 after acquiring an additional 60 shares during the period. WestEnd Advisors LLC lifted its holdings in shares of Alphabet by 58.7% during the 2nd quarter. WestEnd Advisors LLC now owns 165 shares of the information services provider’s stock worth $29,000 after acquiring an additional 61 shares during the period. Fairman Group LLC lifted its holdings in shares of Alphabet by 121.3% during the 2nd quarter. Fairman Group LLC now owns 177 shares of the information services provider’s stock worth $31,000 after acquiring an additional 97 shares during the period. Finally, University of Illinois Foundation purchased a new position in shares of Alphabet during the 2nd quarter worth about $31,000. 27.26% of the stock is 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.