BMO Capital Markets Forecasts Strong Price Appreciation for Alphabet (NASDAQ:GOOG) Stock

Alphabet (NASDAQ:GOOG) had its target price increased by BMO Capital Markets from $455.00 to $465.00 in a research note issued on Thursday. The brokerage currently has an “outperform” rating on the information services provider’s stock. BMO Capital Markets’ target price suggests a potential upside of 47.01% from the stock’s previous close.

A number of other brokerages have also issued reports on GOOG. Truist Financial cut their price target on shares of Alphabet from $430.00 to $420.00 and set a “buy” rating on the stock in a research note on Thursday. Scotiabank restated an “outperform” rating and issued a $450.00 price objective (up from $400.00) on shares of Alphabet in a research note on Thursday, April 30th. Oppenheimer reiterated an “outperform” rating and set a $400.00 target price (down from $445.00) on shares of Alphabet in a research report on Thursday. Freedom Capital cut shares of Alphabet from a “strong-buy” rating to a “hold” rating in a research note on Monday, May 4th. Finally, The Goldman Sachs Group reiterated a “buy” rating and set a $450.00 target price on shares of Alphabet in a research report on Thursday, May 21st. Five equities research analysts have rated the stock with a Strong Buy rating, thirty have given a Buy rating and four have assigned a Hold rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Buy” and an average target price of $408.27.

Alphabet Stock Down 7.5%

Alphabet stock traded down $25.60 during midday trading on Thursday, hitting $316.31. 18,257,247 shares of the company’s stock were exchanged, compared to its average volume of 21,381,564. The firm has a 50-day moving average of $363.69 and a two-hundred day moving average of $337.49. Alphabet has a 12 month low of $188.70 and a 12 month high of $404.47. The company has a market cap of $3.83 trillion, a PE ratio of 24.17, a P/E/G ratio of 1.43 and a beta of 1.23. The company has a debt-to-equity ratio of 0.16, a quick ratio of 1.92 and a current ratio of 1.92.

Alphabet (NASDAQ:GOOG) last issued its quarterly earnings results on Thursday, July 23rd. The information services provider reported $9.11 earnings per share for the quarter, topping the consensus estimate of $2.88 by $6.23. Alphabet had a return on equity of 38.99% and a net margin of 37.92%.The business had revenue of $119.80 billion during the quarter, compared to the consensus estimate of $117.06 billion. During the same quarter last year, the company earned $2.31 earnings per share. The company’s quarterly revenue was up 24.2% on a year-over-year basis. As a group, analysts expect that Alphabet will post 14.34 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Alphabet news, insider John Kent Walker sold 8,998 shares of Alphabet stock in a transaction dated Monday, June 29th. The stock was sold at an average price of $349.29, for a total value of $3,142,911.42. Following the completion of the sale, the insider owned 75,290 shares in the company, valued at $26,298,044.10. The trade was a 10.68% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, major shareholder 2019 Gp L.L.C. Gv sold 87,475 shares of the company’s stock in a transaction that occurred on Friday, May 15th. The stock was sold at an average price of $23.75, for a total transaction of $2,077,531.25. Additional details regarding this sale are available in the official SEC disclosure. Over the last 90 days, insiders have sold 159,415 shares of company stock valued at $7,672,279. 12.99% of the stock is currently owned by company insiders.

Institutional Trading of Alphabet

A number of institutional investors and hedge funds have recently bought and sold shares of the business. Providence Wealth Advisors LLC increased its position in shares of Alphabet by 0.3% in the first quarter. Providence Wealth Advisors LLC now owns 10,508 shares of the information services provider’s stock valued at $3,094,000 after acquiring an additional 29 shares during the last quarter. One Charles Private Wealth Services LLC boosted its position in shares of Alphabet by 0.6% during the 1st quarter. One Charles Private Wealth Services LLC now owns 4,844 shares of the information services provider’s stock worth $1,390,000 after acquiring an additional 29 shares in the last quarter. Wisconsin Wealth Advisors LLC increased its stake in Alphabet by 1.3% in the second quarter. Wisconsin Wealth Advisors LLC now owns 2,223 shares of the information services provider’s stock valued at $785,000 after acquiring an additional 29 shares during the last quarter. Ring Mountain Capital LLC raised its position in Alphabet by 0.9% during the fourth quarter. Ring Mountain Capital LLC now owns 3,554 shares of the information services provider’s stock valued at $1,174,000 after purchasing an additional 30 shares in the last quarter. Finally, Cannon Financial Strategists Inc. raised its position in Alphabet by 1.9% during the fourth quarter. Cannon Financial Strategists Inc. now owns 1,589 shares of the information services provider’s stock valued at $499,000 after purchasing an additional 30 shares in the last quarter. Institutional investors and hedge funds own 27.26% of the company’s stock.

Key Alphabet News

Here are the key news stories impacting Alphabet this week:

• Positive Sentiment: Alphabet delivered a strong Q2 beat, with revenue, EPS, and cloud growth all topping expectations, reinforcing the strength of Search, YouTube, and Google Cloud. Google quarterly cloud revenue growth beats expectations
• Positive Sentiment: Google Cloud momentum and rising Gemini usage suggest Alphabet’s AI investments are beginning to show returns, which could support longer-term growth. Alphabet Beats on Cloud Revenue, Posts Strong Gemini Usage
• Positive Sentiment: Analyst sentiment remains constructive, with several firms maintaining buy ratings and raising price targets after the earnings report. Tickerreport.com
• Neutral Sentiment: Alphabet also announced new, cheaper Gemini model updates and work on efficiency-improving AI chips, which may help offset future infrastructure costs if execution improves. Google releases three new Gemini models — but no 3.5 Pro
• Negative Sentiment: Investors are worried Alphabet’s AI capex spree is getting too large, especially after the company raised spending guidance and reported negative free cash flow. Alphabet’s cash burn raises alarm for Big Tech as AI spending climbs
• Negative Sentiment: Alphabet also faces added regulatory pressure after the EU hit Google with a roughly $1 billion antitrust fine over Search and Play Store practices. Google hit with $1 billion EU fine, first under landmark rules

About Alphabet

Alphabet Inc (NASDAQ: GOOG) is a multinational technology holding company headquartered in Mountain View, California. Formed in 2015 through a corporate restructuring of Google, Alphabet serves as the parent to Google LLC and a portfolio of businesses collectively known as “Other Bets.” Google was originally founded in 1998 by Larry Page and Sergey Brin; Alphabet is led by CEO Sundar Pichai, who oversees Google and the broader company while the founders remain prominent shareholders and influential figures in the company’s history.

Alphabet’s core business centers on internet search and advertising, with Google Search and the company’s ad platforms (including Google Ads and AdSense) generating the majority of revenue by connecting advertisers with consumers worldwide.