Needham & Company LLC Increases Alphabet (NASDAQ:GOOGL) Price Target to $210.00

Alphabet (NASDAQ:GOOGL) had its price objective increased by analysts at Needham & Company LLC from $178.00 to $210.00 in a report released on Wednesday,Benzinga reports. The firm currently has a “buy” rating on the information services provider’s stock. Needham & Company LLC’s target price points to a potential upside of 15.38% from the company’s current price.

Several other research analysts have also recently issued reports on the company. Citizens Jmp raised Alphabet from a “market perform” rating to an “outperform” rating and set a $220.00 target price on the stock in a research report on Friday, June 27th. Roth Capital reissued a “buy” rating and issued a $205.00 target price (up from $180.00) on shares of Alphabet in a research report on Tuesday, July 8th. Oppenheimer raised their target price on Alphabet from $185.00 to $200.00 and gave the stock an “outperform” rating in a research report on Friday, April 25th. Truist Financial reaffirmed a “buy” rating and set a $200.00 price objective on shares of Alphabet in a research report on Wednesday, July 2nd. Finally, Rosenblatt Securities reaffirmed a “neutral” rating and set a $189.00 price objective on shares of Alphabet in a research report on Wednesday, May 21st. Ten equities research analysts have rated the stock with a hold rating, twenty-nine have given a buy rating and four have given a strong buy rating to the stock. According to MarketBeat.com, Alphabet currently has an average rating of “Moderate Buy” and a consensus target price of $200.66.

Alphabet Stock Up 0.2%

Alphabet stock opened at $182.00 on Wednesday. The firm has a market cap of $2.21 trillion, a price-to-earnings ratio of 20.29, a PEG ratio of 1.27 and a beta of 1.00. The company has a current ratio of 1.77, a quick ratio of 1.77 and a debt-to-equity ratio of 0.03. Alphabet has a 12 month low of $140.53 and a 12 month high of $207.05. The stock has a fifty day simple moving average of $171.04 and a two-hundred day simple moving average of $173.13.

Alphabet (NASDAQ:GOOGL) last released its quarterly earnings data on Thursday, April 24th. The information services provider reported $2.81 EPS for the quarter, topping the consensus estimate of $2.02 by $0.79. Alphabet had a return on equity of 34.54% and a net margin of 30.86%. The company had revenue of $76.49 billion during the quarter, compared to the consensus estimate of $89.30 billion. During the same period last year, the company earned $1.89 EPS. Equities analysts predict that Alphabet will post 8.9 EPS for the current fiscal year.

Insider Activity at Alphabet

In related news, Director John L. Hennessy sold 600 shares of Alphabet stock in a transaction that occurred on Thursday, May 22nd. The stock was sold at an average price of $175.00, for a total transaction of $105,000.00. Following the completion of the transaction, the director directly owned 6,813 shares in the company, valued at approximately $1,192,275. This trade represents a 8.09% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Kavitark Ram Shriram sold 10,500 shares of the business’s stock in a transaction that occurred on Thursday, May 22nd. The shares were sold at an average price of $175.00, for a total value of $1,837,500.00. Following the completion of the sale, the director owned 261,966 shares of the company’s stock, valued at $45,844,050. This trade represents a 3.85% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 182,943 shares of company stock worth $31,223,348. 11.55% of the stock is owned by corporate insiders.

Institutional Trading of Alphabet

A number of institutional investors have recently made changes to their positions in GOOGL. Norges Bank acquired a new position in Alphabet during the fourth quarter worth $24,383,677,000. Nuveen LLC acquired a new position in Alphabet during the first quarter worth $4,317,606,000. FMR LLC boosted its stake in Alphabet by 9.8% during the fourth quarter. FMR LLC now owns 248,416,916 shares of the information services provider’s stock worth $47,025,322,000 after buying an additional 22,100,902 shares during the last quarter. GAMMA Investing LLC boosted its stake in Alphabet by 16,993.2% during the first quarter. GAMMA Investing LLC now owns 16,062,457 shares of the information services provider’s stock worth $2,483,898,000 after buying an additional 15,968,487 shares during the last quarter. Finally, Vanguard Group Inc. boosted its stake in Alphabet by 2.9% during the first quarter. Vanguard Group Inc. now owns 509,826,331 shares of the information services provider’s stock worth $78,839,544,000 after buying an additional 14,307,345 shares during the last quarter. 40.03% 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.