Alphabet (NASDAQ:GOOGL) Price Target Raised to $330.00 at Canaccord Genuity Group

Alphabet (NASDAQ:GOOGL) had its price objective lifted by Canaccord Genuity Group from $270.00 to $330.00 in a research report report published on Thursday morning,Benzinga reports. Canaccord Genuity Group currently has a buy rating on the information services provider’s stock.

GOOGL has been the topic of a number of other reports. Mizuho set a $325.00 target price on shares of Alphabet in a research report on Thursday. Guggenheim increased their price target on Alphabet from $280.00 to $330.00 and gave the stock a “buy” rating in a report on Thursday. Wolfe Research reaffirmed an “outperform” rating and set a $350.00 price target (up from $290.00) on shares of Alphabet in a report on Thursday. Royal Bank Of Canada reaffirmed a “buy” rating on shares of Alphabet in a report on Thursday. Finally, Barclays reaffirmed an “overweight” rating and set a $315.00 price target (up from $250.00) on shares of Alphabet in a report on Thursday. Three equities research analysts have rated the stock with a Strong Buy rating, thirty-three have assigned a Buy rating and nine have given a Hold rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $301.32.

Alphabet Stock Performance

Shares of GOOGL opened at $281.48 on Thursday. 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 firm has a market cap of $3.40 trillion, a PE ratio of 27.76, a price-to-earnings-growth ratio of 1.86 and a beta of 1.00. The company’s 50 day simple moving average is $242.49 and its 200-day simple moving average is $198.83. Alphabet has a 12-month low of $140.53 and a 12-month high of $291.59.

Alphabet (NASDAQ:GOOGL) last announced its earnings results on Wednesday, October 29th. The information services provider reported $2.87 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.29 by $0.58. The business had revenue of $102.35 billion for the quarter, compared to analyst estimates of $99.90 billion. Alphabet had a net margin of 32.23% and a return on equity of 36.08%. As a group, equities analysts predict that Alphabet will post 8.9 EPS for the current year.

Insider Activity at Alphabet

In other Alphabet news, Director John L. Hennessy sold 600 shares of the business’s stock in a transaction on Monday, October 13th. The shares were sold at an average price of $242.92, for a total transaction of $145,752.00. Following the sale, the director directly owned 5,116 shares in the company, valued at approximately $1,242,778.72. The trade was a 10.50% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CAO Amie Thuener O’toole sold 2,778 shares of the business’s stock in a transaction on Wednesday, October 15th. The stock was sold at an average price of $250.05, for a total transaction of $694,638.90. Following the sale, the chief accounting officer owned 14,516 shares in the company, valued at $3,629,725.80. The trade was a 16.06% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last ninety days, insiders sold 246,150 shares of company stock worth $55,805,379. 11.64% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Alphabet

Institutional investors have recently made changes to their positions in the stock. Guardian Wealth Management Inc. increased its position in shares of Alphabet by 242.9% in the first quarter. Guardian Wealth Management Inc. now owns 168 shares of the information services provider’s stock valued at $26,000 after buying an additional 119 shares in the last quarter. Financial Gravity Companies Inc. purchased a new position in shares of Alphabet in the second quarter valued at $31,000. IMA Advisory Services Inc. purchased a new position in shares of Alphabet in the first quarter valued at $28,000. von Borstel & Associates Inc. purchased a new position in shares of Alphabet in the first quarter valued at $28,000. Finally, NBZ Investment Advisors LLC increased its position in shares of Alphabet by 85.7% in the first quarter. NBZ Investment Advisors LLC now owns 195 shares of the information services provider’s stock valued at $30,000 after buying an additional 90 shares in the last quarter. 40.03% of the stock is currently owned by hedge funds and other 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.