Alphabet (NASDAQ:GOOGL) Given New $350.00 Price Target at Citigroup

Alphabet (NASDAQ:GOOGL) had its target price lifted by equities researchers at Citigroup from $343.00 to $350.00 in a note issued to investors on Friday,MarketScreener reports. The brokerage currently has a “buy” rating on the information services provider’s stock. Citigroup’s target price suggests a potential upside of 15.76% from the stock’s current price.

GOOGL has been the subject of a number of other research reports. Bank of America boosted their price target on Alphabet from $280.00 to $335.00 and gave the company a “buy” rating in a research report on Thursday, October 30th. Hsbc Global Res raised shares of Alphabet to a “strong-buy” rating in a research report on Tuesday, October 7th. Wedbush restated an “outperform” rating on shares of Alphabet in a report on Friday. Mizuho set a $325.00 price target on Alphabet in a report on Thursday, October 30th. Finally, Wall Street Zen raised Alphabet from a “hold” rating to a “buy” rating in a research report on Saturday, November 1st. Four equities research analysts have rated the stock with a Strong Buy rating, forty-one have given a Buy rating and six have given a Hold rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $315.31.

Alphabet Stock Down 0.0%

GOOGL stock opened at $302.35 on Friday. The company has a 50 day moving average price of $287.77 and a two-hundred day moving average price of $232.84. The company has a debt-to-equity ratio of 0.06, a quick ratio of 1.75 and a current ratio of 1.75. The stock has a market capitalization of $3.65 trillion, a P/E ratio of 29.82, a PEG ratio of 1.72 and a beta of 1.07. Alphabet has a one year low of $140.53 and a one year high of $328.83.

Alphabet (NASDAQ:GOOGL) last released its earnings results on Wednesday, October 29th. The information services provider reported $2.87 EPS for the quarter, beating the consensus estimate of $2.29 by $0.58. Alphabet had a return on equity of 35.00% and a net margin of 32.23%.The firm had revenue of $102.35 billion during the quarter, compared to analyst estimates of $99.90 billion. As a group, sell-side analysts expect that Alphabet will post 8.9 EPS for the current year.

Insider Buying and Selling at Alphabet

In other news, insider John Kent Walker sold 17,816 shares of the company’s stock in a transaction that occurred on Monday, September 29th. The shares were sold at an average price of $247.42, for a total value of $4,408,034.72. Following the completion of the transaction, the insider 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 transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Sundar Pichai sold 32,500 shares of Alphabet stock in a transaction dated Wednesday, November 5th. The shares were sold at an average price of $283.48, for a total value of $9,213,100.00. Following the completion of the sale, the chief executive officer directly owned 2,337,119 shares in the company, valued at $662,526,494.12. This represents a 1.37% decrease in their position. The SEC filing for this sale provides additional information. Over the last ninety days, insiders sold 226,128 shares of company stock valued at $63,183,331. Company insiders own 11.64% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of the company. Brighton Jones LLC boosted its holdings in shares of Alphabet by 3.9% during the 4th quarter. Brighton Jones LLC now owns 110,330 shares of the information services provider’s stock worth $20,886,000 after buying an additional 4,110 shares during the period. Revolve Wealth Partners LLC increased its stake in shares of Alphabet by 3.5% during the fourth quarter. Revolve Wealth Partners LLC now owns 14,930 shares of the information services provider’s stock worth $2,826,000 after purchasing an additional 506 shares during the period. United Bank lifted its holdings in Alphabet by 2.1% during the 1st quarter. United Bank now owns 45,084 shares of the information services provider’s stock worth $6,972,000 after purchasing an additional 910 shares during the last quarter. Integrated Investment Consultants LLC boosted its stake in Alphabet by 16.4% in the 1st quarter. Integrated Investment Consultants LLC now owns 27,114 shares of the information services provider’s stock valued at $4,193,000 after purchasing an additional 3,822 shares during the period. Finally, Waddell & Associates LLC grew its holdings in Alphabet by 14.8% in the 1st quarter. Waddell & Associates LLC now owns 7,437 shares of the information services provider’s stock valued at $1,150,000 after buying an additional 959 shares in the last quarter. 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.