Alphabet (NASDAQ:GOOGL) Stock Price Expected to Rise, Daiwa Capital Markets Analyst Says

Alphabet (NASDAQ:GOOGL) had its target price raised by stock analysts at Daiwa Capital Markets from $233.00 to $333.00 in a report issued on Thursday,MarketScreener reports. The brokerage currently has a “buy” rating on the information services provider’s stock. Daiwa Capital Markets’ target price would indicate a potential upside of 16.73% from the company’s current price.

Several other analysts also recently weighed in on the stock. Truist Financial lifted their price target on shares of Alphabet from $285.00 to $320.00 and gave the company a “buy” rating in a research note on Thursday, October 30th. Weiss Ratings reaffirmed a “buy (b)” rating on shares of Alphabet in a report on Wednesday, October 8th. Moffett Nathanson increased their price target on shares of Alphabet from $295.00 to $305.00 and gave the stock a “buy” rating in a report on Thursday, October 30th. Robert W. Baird boosted their price objective on Alphabet from $215.00 to $275.00 and gave the company an “outperform” rating in a report on Monday, September 22nd. Finally, Royal Bank Of Canada restated a “buy” rating on shares of Alphabet in a research report on Thursday, October 30th. Three analysts have rated the stock with a Strong Buy rating, thirty-eight have assigned a Buy rating and nine have given a Hold rating to the company’s stock. According to data from MarketBeat.com, Alphabet presently has a consensus rating of “Moderate Buy” and a consensus target price of $304.10.

Alphabet Stock Up 2.8%

Shares of NASDAQ:GOOGL opened at $285.27 on Thursday. The firm has a market capitalization of $3.45 trillion, a PE ratio of 28.04, a price-to-earnings-growth ratio of 1.86 and a beta of 1.05. The business has a 50 day simple moving average of $248.44 and a two-hundred day simple moving average of $202.71. Alphabet has a 1 year low of $140.53 and a 1 year high of $291.59. The company has a debt-to-equity ratio of 0.07, a current ratio of 1.90 and a quick ratio of 1.90.

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

Insider Buying and Selling

In other news, Director John L. Hennessy sold 1,000 shares of the company’s stock in a transaction that occurred on Friday, August 8th. The stock was sold at an average price of $200.00, for a total value of $200,000.00. Following the completion of the sale, the director directly owned 6,916 shares in the company, valued at $1,383,200. This represents a 12.63% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CAO Amie Thuener O’toole sold 2,778 shares of Alphabet stock in a transaction that occurred on Monday, September 15th. The stock was sold at an average price of $245.00, for a total value of $680,610.00. Following the transaction, the chief accounting officer owned 17,293 shares in the company, valued at approximately $4,236,785. The trade was a 13.84% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last quarter, insiders have sold 190,896 shares of company stock valued at $45,092,175. 11.64% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in the business. Brighton Jones LLC increased its stake in Alphabet by 3.9% in the fourth quarter. Brighton Jones LLC now owns 110,330 shares of the information services provider’s stock valued at $20,886,000 after purchasing an additional 4,110 shares during the period. Revolve Wealth Partners LLC lifted its position in Alphabet by 3.5% during the 4th quarter. Revolve Wealth Partners LLC now owns 14,930 shares of the information services provider’s stock worth $2,826,000 after acquiring an additional 506 shares during the period. Latitude Advisors LLC increased its holdings in shares of Alphabet by 15.3% in the first quarter. Latitude Advisors LLC now owns 5,652 shares of the information services provider’s stock valued at $874,000 after purchasing an additional 752 shares during the period. Clune & Associates LTD. raised its stake in shares of Alphabet by 38.7% during the first quarter. Clune & Associates LTD. now owns 3,234 shares of the information services provider’s stock worth $500,000 after purchasing an additional 902 shares during the last quarter. Finally, Chaney Capital Management Inc. lifted its holdings in shares of Alphabet by 1.3% during the first quarter. Chaney Capital Management Inc. now owns 42,602 shares of the information services provider’s stock worth $6,588,000 after purchasing an additional 560 shares during the period. 40.03% of the stock is currently owned by institutional investors and hedge funds.

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.