Wolfe Research Issues Positive Forecast for Alphabet (NASDAQ:GOOG) Stock Price

Alphabet (NASDAQ:GOOG) had its price objective boosted by Wolfe Research from $290.00 to $350.00 in a research note released on Thursday, MarketBeat.com reports. Wolfe Research currently has an outperform rating on the information services provider’s stock.

Several other analysts have also issued reports on the stock. Piper Sandler increased their price target on shares of Alphabet from $285.00 to $330.00 and gave the stock an “overweight” rating in a research report on Thursday. Raymond James Financial set a $275.00 price objective on shares of Alphabet and gave the company an “outperform” rating in a research note on Friday, October 24th. Weiss Ratings reissued a “buy (b)” rating on shares of Alphabet in a research note on Wednesday, October 8th. HSBC reissued a “buy” rating and issued a $335.00 price objective on shares of Alphabet in a research note on Thursday. Finally, TD Cowen increased their price objective on shares of Alphabet from $270.00 to $280.00 and gave the company a “buy” rating in a research note on Wednesday, October 8th. Five equities research analysts have rated the stock with a Strong Buy rating, twenty-seven have assigned a Buy rating, four have given a Hold rating and three have assigned a Sell rating to the stock. According to data from MarketBeat, Alphabet has a consensus rating of “Moderate Buy” and a consensus target price of $324.81.

Alphabet Stock Performance

NASDAQ GOOG opened at $281.90 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 capitalization of $3.41 trillion, a price-to-earnings ratio of 27.80, a P/E/G ratio of 1.86 and a beta of 1.00. The firm’s 50 day simple moving average is $243.09 and its 200 day simple moving average is $199.85. Alphabet has a 1 year low of $142.66 and a 1 year high of $291.93.

Alphabet (NASDAQ:GOOG) last posted its quarterly earnings results on Wednesday, October 29th. The information services provider reported $2.87 earnings per share (EPS) for the quarter, topping the consensus estimate 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%. The firm’s revenue for the quarter was up 15.9% on a year-over-year basis. During the same quarter last year, the business posted $2.12 EPS. As a group, research analysts expect that Alphabet will post 8.89 earnings per share for the current fiscal year.

Insider Activity

In other news, CEO Sundar Pichai sold 32,500 shares of the firm’s stock in a transaction on Wednesday, September 17th. The shares were sold at an average price of $249.50, for a total transaction of $8,108,750.00. Following the completion of the transaction, the chief executive officer owned 2,397,392 shares of the company’s stock, valued at approximately $598,149,304. This trade represents a 1.34% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CAO Amie Thuener O’toole sold 2,778 shares of the firm’s stock in a transaction on Monday, September 15th. The shares were sold at an average price of $245.00, for a total transaction of $680,610.00. Following the transaction, the chief accounting officer directly owned 17,293 shares of the company’s stock, valued at $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. Over the last 90 days, insiders sold 246,150 shares of company stock valued at $55,805,379. Insiders own 12.99% of the company’s stock.

Hedge Funds Weigh In On Alphabet

Large investors have recently modified their holdings of the business. Brighton Jones LLC grew its holdings in Alphabet by 5.6% during the 4th quarter. Brighton Jones LLC now owns 120,253 shares of the information services provider’s stock worth $22,901,000 after acquiring an additional 6,410 shares during the period. Revisor Wealth Management LLC grew its holdings in Alphabet by 107.9% during the 1st quarter. Revisor Wealth Management LLC now owns 3,659 shares of the information services provider’s stock worth $572,000 after acquiring an additional 1,899 shares during the period. Golden State Wealth Management LLC grew its holdings in Alphabet by 6.2% during the 1st quarter. Golden State Wealth Management LLC now owns 10,160 shares of the information services provider’s stock worth $1,587,000 after acquiring an additional 594 shares during the period. Arbor Capital Management Inc. ADV acquired a new stake in Alphabet during the 1st quarter worth about $239,000. Finally, CarsonAllaria Wealth Management Ltd. grew its holdings in Alphabet by 14.3% during the 1st quarter. CarsonAllaria Wealth Management Ltd. now owns 1,031 shares of the information services provider’s stock worth $161,000 after acquiring an additional 129 shares during the period. Institutional investors own 27.26% of the company’s stock.

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.