Pivotal Research Boosts Alphabet (NASDAQ:GOOG) Price Target to $350.00

Alphabet (NASDAQ:GOOG) had its price target upped by equities researchers at Pivotal Research from $300.00 to $350.00 in a report issued on Thursday, Marketbeat reports. The firm currently has a “buy” rating on the information services provider’s stock. Pivotal Research’s target price suggests a potential upside of 24.19% from the company’s previous close.

Several other equities research analysts have also commented on GOOG. UBS Group set a $255.00 price target on shares of Alphabet and gave the company a “neutral” rating in a report on Thursday, October 9th. KeyCorp set a $265.00 target price on Alphabet in a research note on Wednesday, September 3rd. Hsbc Global Res raised Alphabet to a “strong-buy” rating in a report on Tuesday, October 7th. Phillip Securities downgraded Alphabet from a “strong-buy” rating to a “moderate buy” rating in a report on Monday, September 8th. Finally, Oppenheimer set a $300.00 price objective on Alphabet and gave the stock an “outperform” rating in a research report on Monday, October 20th. Five analysts have rated the stock with a Strong Buy rating, twenty-seven have given a Buy rating, four have assigned a Hold rating and three have given a Sell rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $324.81.

Alphabet Price Performance

Shares of NASDAQ:GOOG opened at $281.82 on Thursday. Alphabet has a twelve month low of $142.66 and a twelve month high of $291.93. 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 company has a market cap of $3.41 trillion, a PE ratio of 27.79, a price-to-earnings-growth ratio of 1.86 and a beta of 1.00. The company’s 50 day moving average is $244.59 and its 200 day moving average is $200.68.

Alphabet (NASDAQ:GOOG) last released its quarterly earnings data 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. The business had revenue of $102.35 billion for the quarter, compared to the consensus estimate of $99.90 billion. Alphabet had a net margin of 32.23% and a return on equity of 36.08%. The business’s revenue for the quarter was up 15.9% on a year-over-year basis. During the same period in the prior year, the firm earned $2.12 EPS. On average, sell-side analysts forecast that Alphabet will post 8.89 EPS for the current year.

Insider Buying and Selling

In related news, CEO Sundar Pichai sold 32,500 shares of the business’s stock in a transaction on Wednesday, October 15th. The shares were sold at an average price of $250.15, for a total value of $8,129,875.00. Following the completion of the sale, the chief executive officer owned 2,369,619 shares of the company’s stock, valued at approximately $592,760,192.85. The trade was a 1.35% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CAO Amie Thuener O’toole sold 2,778 shares of the company’s stock in a transaction on Wednesday, October 15th. The stock was sold at an average price of $250.05, for a total transaction of $694,638.90. Following the transaction, the chief accounting officer owned 14,516 shares of the company’s stock, valued at $3,629,725.80. This represents a 16.06% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold 246,150 shares of company stock valued at $55,805,379 in the last 90 days. Corporate insiders own 12.99% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the stock. IFS Advisors LLC lifted its position in shares of Alphabet by 400.0% in the second quarter. IFS Advisors LLC now owns 150 shares of the information services provider’s stock valued at $27,000 after acquiring an additional 120 shares in the last quarter. Robbins Farley raised its stake in Alphabet by 60.0% in the 2nd quarter. Robbins Farley now owns 160 shares of the information services provider’s stock valued at $28,000 after purchasing an additional 60 shares during the last quarter. WestEnd Advisors LLC lifted its holdings in Alphabet by 58.7% in the 2nd quarter. WestEnd Advisors LLC now owns 165 shares of the information services provider’s stock valued at $29,000 after purchasing an additional 61 shares in the last quarter. Fairman Group LLC boosted its stake in Alphabet by 121.3% during the 2nd quarter. Fairman Group LLC now owns 177 shares of the information services provider’s stock worth $31,000 after purchasing an additional 97 shares during the last quarter. Finally, University of Illinois Foundation purchased a new stake in shares of Alphabet during the second quarter worth $31,000. Institutional investors and hedge funds 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.