Alphabet (NASDAQ:GOOGL) PT Raised to $1,700.00 at Royal Bank of Canada

Alphabet (NASDAQ:GOOGL) had its price objective lifted by equities researchers at Royal Bank of Canada from $1,500.00 to $1,700.00 in a research report issued on Friday, The Fly reports. The brokerage currently has an “outperform” rating on the information services provider’s stock. Royal Bank of Canada’s price target suggests a potential upside of 14.25% from the company’s previous close.

Several other research analysts have also recently issued reports on GOOGL. Credit Suisse Group increased their target price on shares of Alphabet from $1,600.00 to $1,850.00 and gave the stock an “outperform” rating in a report on Monday, July 20th. Bank of America reiterated a “buy” rating and set a $1,610.00 price objective on shares of Alphabet in a research note on Monday, July 20th. BofA Securities upped their target price on Alphabet from $1,610.00 to $1,730.00 and gave the stock a “buy” rating in a report on Friday. Barclays lifted their price target on Alphabet from $1,600.00 to $1,800.00 and gave the company an “overweight” rating in a report on Friday. Finally, Susquehanna Bancshares upped their price objective on Alphabet from $1,550.00 to $1,850.00 and gave the stock a “positive” rating in a research note on Friday. Four investment analysts have rated the stock with a hold rating and forty have issued a buy rating to the company. The company currently has a consensus rating of “Buy” and a consensus target price of $1,657.51.

Shares of NASDAQ GOOGL opened at $1,487.95 on Friday. Alphabet has a 52-week low of $1,008.87 and a 52-week high of $1,587.05. The firm has a market capitalization of $1,015.70 billion, a price-to-earnings ratio of 32.72, a PEG ratio of 2.27 and a beta of 1.06. The stock has a 50 day moving average price of $1,473.93 and a 200 day moving average price of $1,375.65. The company has a debt-to-equity ratio of 0.08, a quick ratio of 3.64 and a current ratio of 3.66.

Alphabet (NASDAQ:GOOGL) last issued its earnings results on Thursday, July 30th. The information services provider reported $10.13 earnings per share for the quarter, beating the Zacks’ consensus estimate of $8.43 by $1.70. The business had revenue of $31.60 billion during the quarter, compared to analyst estimates of $30.58 billion. Alphabet had a return on equity of 15.77% and a net margin of 18.99%. Analysts forecast that Alphabet will post 42.07 earnings per share for the current year.

A number of large investors have recently bought and sold shares of the business. Spence Asset Management lifted its holdings in shares of Alphabet by 45.5% in the 1st quarter. Spence Asset Management now owns 32 shares of the information services provider’s stock valued at $37,000 after buying an additional 10 shares during the period. Cedar Mountain Advisors LLC grew its holdings in Alphabet by 26.9% during the second quarter. Cedar Mountain Advisors LLC now owns 33 shares of the information services provider’s stock worth $47,000 after acquiring an additional 7 shares during the period. OmniStar Financial Group Inc. purchased a new position in Alphabet during the first quarter valued at approximately $44,000. Center for Financial Planning Inc. lifted its holdings in Alphabet by 35.5% in the first quarter. Center for Financial Planning Inc. now owns 42 shares of the information services provider’s stock valued at $49,000 after acquiring an additional 11 shares during the period. Finally, Watson Rebecca purchased a new stake in Alphabet in the 2nd quarter worth approximately $60,000. 34.14% of the stock is currently owned by institutional investors.

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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