New Street Research Forecasts Strong Price Appreciation for Alphabet (NASDAQ:GOOGL) Stock

Alphabet (NASDAQ:GOOGL) had its target price raised by analysts at New Street Research from $275.00 to $295.00 in a research note issued on Friday,MarketScreener reports. New Street Research’s price target would indicate a potential upside of 13.50% from the stock’s current price.

Other analysts have also recently issued research reports about the stock. Morgan Stanley set a $270.00 target price on shares of Alphabet and gave the company an “overweight” rating in a report on Thursday, October 2nd. CIBC boosted their target price on shares of Alphabet to $315.00 in a report on Monday, October 20th. Wall Street Zen cut Alphabet from a “buy” rating to a “hold” rating in a research report on Sunday, September 21st. Piper Sandler boosted their price target on Alphabet from $220.00 to $285.00 and gave the stock an “overweight” rating in a research report on Thursday, September 18th. Finally, Citizens Jmp boosted their price target on Alphabet from $250.00 to $290.00 and gave the stock an “outperform” rating in a research report on Friday, September 19th. Four equities research analysts have rated the stock with a Strong Buy rating, thirty-four have given a Buy rating and ten have issued a Hold rating to the company. According to MarketBeat.com, Alphabet has an average rating of “Moderate Buy” and an average target price of $263.55.

Alphabet Price Performance

GOOGL opened at $259.92 on Friday. The company has a current ratio of 1.90, a quick ratio of 1.90 and a debt-to-equity ratio of 0.07. The company has a market cap of $3.14 trillion, a price-to-earnings ratio of 27.68, a price-to-earnings-growth ratio of 1.75 and a beta of 1.00. The stock has a fifty day simple moving average of $236.72 and a two-hundred day simple moving average of $195.60. Alphabet has a 12-month low of $140.53 and a 12-month high of $261.68.

Alphabet (NASDAQ:GOOGL) last announced its earnings results on Wednesday, July 23rd. The information services provider reported $2.31 EPS for the quarter, beating analysts’ consensus estimates of $2.15 by $0.16. Alphabet had a net margin of 31.12% and a return on equity of 34.31%. The firm had revenue of $96.43 billion for the quarter, compared to analysts’ expectations of $93.60 billion. Research analysts predict that Alphabet will post 8.9 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, insider John Kent Walker sold 17,816 shares of Alphabet stock in a transaction dated Monday, September 29th. The stock was sold at an average price of $247.42, for a total value of $4,408,034.72. Following the completion of the sale, the insider directly owned 42,985 shares in the company, valued at approximately $10,635,348.70. This trade represents a 29.30% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CAO Amie Thuener O’toole sold 2,778 shares of Alphabet stock in a transaction dated Wednesday, October 15th. The stock was sold at an average price of $250.05, for a total value of $694,638.90. Following the completion of the sale, the chief accounting officer owned 14,516 shares of the company’s stock, valued at $3,629,725.80. The trade was a 16.06% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 246,150 shares of company stock worth $55,805,379 in the last three months. 11.64% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Alphabet

Several large investors have recently bought and sold shares of the business. Guardian Wealth Management Inc. grew its stake in shares of Alphabet by 242.9% during the 1st quarter. Guardian Wealth Management Inc. now owns 168 shares of the information services provider’s stock valued at $26,000 after purchasing an additional 119 shares during the period. von Borstel & Associates Inc. bought a new stake in shares of Alphabet during the 1st quarter valued at about $28,000. IMA Advisory Services Inc. bought a new stake in shares of Alphabet during the 1st quarter valued at about $28,000. NBZ Investment Advisors LLC grew its stake in shares of Alphabet by 85.7% during the 1st quarter. NBZ Investment Advisors LLC now owns 195 shares of the information services provider’s stock valued at $30,000 after purchasing an additional 90 shares during the period. Finally, Financial Gravity Companies Inc. bought a new stake in shares of Alphabet during the 2nd quarter valued at about $31,000. 40.03% of the stock is currently owned by institutional investors.

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.