Royal Bank of Canada Raises Alphabet (NASDAQ:GOOGL) Price Target to $1,500.00

Alphabet (NASDAQ:GOOGL) had its target price raised by investment analysts at Royal Bank of Canada from $1,350.00 to $1,500.00 in a note issued to investors on Wednesday, The Fly reports. The brokerage presently has an “outperform” rating on the information services provider’s stock. Royal Bank of Canada’s target price points to a potential upside of 11.76% from the company’s current price.

Several other equities research analysts also recently issued reports on GOOGL. Pivotal Research decreased their price objective on shares of Alphabet from $1,700.00 to $1,425.00 and set a “buy” rating for the company in a research note on Wednesday, April 15th. Mizuho boosted their target price on shares of Alphabet from $1,500.00 to $1,560.00 and gave the stock a “buy” rating in a research report on Wednesday. Bernstein Bank initiated coverage on shares of Alphabet in a research report on Friday, January 10th. They set an “outperform” rating and a $1,600.00 target price on the stock. Barclays boosted their target price on shares of Alphabet from $1,300.00 to $1,400.00 and gave the stock an “overweight” rating in a research report on Wednesday. Finally, Citigroup boosted their target price on shares of Alphabet from $1,500.00 to $1,700.00 and gave the stock a “buy” rating in a research report on Friday, February 7th. Six equities research analysts have rated the stock with a hold rating and forty-three have given a buy rating to the company’s stock. Alphabet has an average rating of “Buy” and a consensus target price of $1,503.08.

Alphabet stock traded up $109.59 during trading on Wednesday, reaching $1,342.18. The company had a trading volume of 5,411,226 shares, compared to its average volume of 2,361,673. Alphabet has a 12-month low of $1,008.87 and a 12-month high of $1,530.74. The stock’s 50 day moving average price is $1,183.10 and its two-hundred day moving average price is $1,317.25. The firm has a market capitalization of $921.76 billion, a price-to-earnings ratio of 27.29, a PEG ratio of 1.88 and a beta of 1.04. The company has a debt-to-equity ratio of 0.07, a quick ratio of 3.35 and a current ratio of 3.37.

Alphabet (NASDAQ:GOOGL) last released its earnings results on Tuesday, April 28th. The information services provider reported $9.87 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $11.16 by ($1.29). Alphabet had a net margin of 21.22% and a return on equity of 18.66%. The company had revenue of $33.71 billion during the quarter, compared to analysts’ expectations of $32.59 billion. During the same quarter in the previous year, the firm posted $9.50 earnings per share. As a group, research analysts expect that Alphabet will post 42.76 earnings per share for the current year.

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. First National Trust Co lifted its holdings in Alphabet by 1.5% in the 1st quarter. First National Trust Co now owns 8,099 shares of the information services provider’s stock valued at $9,410,000 after acquiring an additional 121 shares during the last quarter. Dupont Capital Management Corp lifted its holdings in Alphabet by 26.9% in the 1st quarter. Dupont Capital Management Corp now owns 11,345 shares of the information services provider’s stock valued at $13,182,000 after acquiring an additional 2,407 shares during the last quarter. Van Strum & Towne Inc. lifted its holdings in Alphabet by 5.2% in the 1st quarter. Van Strum & Towne Inc. now owns 2,897 shares of the information services provider’s stock valued at $3,366,000 after acquiring an additional 142 shares during the last quarter. Archford Capital Strategies LLC lifted its holdings in Alphabet by 26.4% in the 1st quarter. Archford Capital Strategies LLC now owns 1,723 shares of the information services provider’s stock valued at $2,002,000 after acquiring an additional 360 shares during the last quarter. Finally, Graves Light Private Wealth Management Inc. lifted its holdings in Alphabet by 2.1% in the 1st quarter. Graves Light Private Wealth Management Inc. now owns 4,145 shares of the information services provider’s stock valued at $4,816,000 after acquiring an additional 86 shares during the last quarter. Hedge funds and other institutional investors own 35.07% of the company’s stock.

About Alphabet

Alphabet Inc, through its subsidiaries, provides online advertising services in the United States and internationally. The company offers performance and brand advertising services. It operates through Google and Other Bets segments. The Google segment includes principal Internet products, such as Ads, Android, Chrome, Commerce, Google Cloud, Google Maps, Google Play, Hardware, Search, and YouTube, as well as technical infrastructure and newer efforts, including Virtual Reality.

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