Alphabet (NASDAQ:GOOGL) Price Target Raised to $350.00

Alphabet (NASDAQ:GOOGLFree Report) had its price objective increased by Robert W. Baird from $310.00 to $350.00 in a report issued on Tuesday morning,MarketScreener reports. They currently have an outperform rating on the information services provider’s stock.

Other research analysts have also issued research reports about the stock. Arete Research upped their price target on shares of Alphabet from $300.00 to $380.00 and gave the stock a “buy” rating in a research report on Tuesday, December 2nd. Citic Securities upped their target price on Alphabet from $230.00 to $310.00 and gave the stock a “buy” rating in a research report on Monday, November 3rd. KeyCorp reiterated an “overweight” rating and issued a $300.00 target price (up previously from $265.00) on shares of Alphabet in a research note on Monday, October 27th. Loop Capital raised Alphabet from a “hold” rating to a “buy” rating and boosted their price target for the stock from $260.00 to $320.00 in a research report on Tuesday, November 18th. Finally, President Capital upped their price target on Alphabet from $258.00 to $323.00 and gave the stock a “buy” rating in a report on Thursday, November 6th. Three research analysts have rated the stock with a Strong Buy rating, forty-two have given a Buy rating and five have given a Hold rating to the stock. According to MarketBeat, Alphabet has an average rating of “Moderate Buy” and a consensus price target of $330.94.

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Alphabet Stock Up 0.7%

GOOGL stock opened at $330.52 on Tuesday. Alphabet has a 52 week low of $140.53 and a 52 week high of $340.49. The company has a current ratio of 1.75, a quick ratio of 1.75 and a debt-to-equity ratio of 0.06. The company has a market cap of $3.99 trillion, a P/E ratio of 32.60, a P/E/G ratio of 1.81 and a beta of 1.08. The company’s 50-day moving average price is $314.62 and its 200 day moving average price is $258.45.

Alphabet (NASDAQ:GOOGLGet Free Report) last released its quarterly earnings results on Wednesday, October 29th. The information services provider reported $2.87 EPS for the quarter, beating the consensus estimate of $2.29 by $0.58. Alphabet had a net margin of 32.23% and a return on equity of 35.00%. The business had revenue of $102.35 billion for the quarter, compared to analyst estimates of $99.90 billion. On average, research analysts expect that Alphabet will post 8.9 earnings per share for the current fiscal year.

Insider Buying and Selling at Alphabet

In other Alphabet news, insider John Kent Walker sold 17,829 shares of the firm’s stock in a transaction dated Tuesday, December 30th. The shares were sold at an average price of $314.89, for a total transaction of $5,614,173.81. Following the transaction, the insider owned 42,972 shares of the company’s stock, valued at approximately $13,531,453.08. This trade represents a 29.32% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CAO Amie Thuener O’toole sold 2,778 shares of the firm’s stock in a transaction that occurred on Monday, December 15th. The shares were sold at an average price of $312.30, for a total transaction of $867,569.40. Following the transaction, the chief accounting officer owned 8,962 shares in the company, valued at $2,798,832.60. This represents a 23.66% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 189,909 shares of company stock valued at $57,927,282 in the last ninety days. Company insiders own 11.64% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the stock. Norges Bank purchased a new stake in Alphabet in the 2nd quarter worth approximately $21,944,208,000. Berkshire Hathaway Inc acquired a new position in shares of Alphabet in the third quarter worth $4,338,397,000. Laurel Wealth Advisors LLC raised its holdings in shares of Alphabet by 17,667.7% during the second quarter. Laurel Wealth Advisors LLC now owns 15,245,075 shares of the information services provider’s stock worth $2,686,640,000 after acquiring an additional 15,159,273 shares in the last quarter. Capital World Investors boosted its position in Alphabet by 28.0% during the third quarter. Capital World Investors now owns 53,107,572 shares of the information services provider’s stock valued at $12,910,542,000 after purchasing an additional 11,605,785 shares during the last quarter. Finally, Franklin Resources Inc. boosted its position in Alphabet by 51.7% during the second quarter. Franklin Resources Inc. now owns 31,817,684 shares of the information services provider’s stock valued at $5,607,232,000 after purchasing an additional 10,843,853 shares during the last quarter. Institutional investors own 40.03% of the company’s stock.

Alphabet News Summary

Here are the key news stories impacting Alphabet this week:

About Alphabet

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Alphabet Inc is the holding company created in 2015 to organize Google and a portfolio of businesses developing technologies beyond Google’s core internet services. Its principal operations are led by Google, which builds and operates consumer-facing products such as Google Search, YouTube, Android, Chrome, Gmail, Google Maps and Google Workspace, as well as advertising platforms (Google Ads and AdSense) that historically generate the majority of its revenue. Google also develops consumer hardware (Pixel phones, Nest smart-home devices, Chromecast) and developer and distribution platforms such as Google Play.

Beyond Google’s consumer and advertising businesses, Alphabet invests in enterprise and infrastructure offerings through Google Cloud, which provides cloud computing, data analytics and productivity services to businesses and institutions.

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