Alphabet (NASDAQ:GOOGL) Price Target Raised to $335.00

Alphabet (NASDAQ:GOOGL) had its target price raised by HSBC from $295.00 to $335.00 in a research report sent to investors on Thursday morning,MarketScreener Latest Ratings reports. HSBC currently has a buy rating on the information services provider’s stock.

Other analysts also recently issued reports about the stock. BNP Paribas Exane raised their target price on shares of Alphabet from $187.00 to $247.00 and gave the stock a “neutral” rating in a report on Tuesday, October 21st. UBS Group restated a “neutral” rating and set a $306.00 target price (up from $255.00) on shares of Alphabet in a report on Thursday. Jefferies Financial Group boosted their target price on Alphabet from $285.00 to $320.00 and gave the company a “buy” rating in a research note on Thursday. Morgan Stanley boosted their target price on Alphabet from $270.00 to $330.00 and gave the company an “overweight” rating in a research note on Thursday. Finally, New Street Research boosted their target price on Alphabet from $275.00 to $295.00 in a research note on Friday, October 24th. Three analysts have rated the stock with a Strong Buy rating, thirty-five have given a Buy rating and nine have issued a Hold rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $302.20.

Alphabet Stock Performance

Shares of GOOGL stock opened at $281.31 on Thursday. The company has a debt-to-equity ratio of 0.07, a quick ratio of 1.90 and a current ratio of 1.90. The company has a market capitalization of $3.40 trillion, a P/E ratio of 27.74, a price-to-earnings-growth ratio of 1.86 and a beta of 1.00. The company’s 50 day moving average price is $244.00 and its two-hundred day moving average price is $199.98. Alphabet has a 52 week low of $140.53 and a 52 week high of $291.59.

Alphabet (NASDAQ:GOOGL) last announced its earnings results on Wednesday, October 29th. The information services provider reported $2.87 EPS for the quarter, topping the consensus estimate of $2.29 by $0.58. The firm 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%. On average, analysts expect that Alphabet will post 8.9 earnings per share for the current fiscal year.

Insider Activity at Alphabet

In related news, insider John Kent Walker sold 23,820 shares of the firm’s stock in a transaction on Monday, August 4th. The shares were sold at an average price of $194.70, for a total value of $4,637,754.00. Following the completion of the transaction, the insider directly owned 42,999 shares of the company’s stock, valued at approximately $8,371,905.30. This trade represents a 35.65% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, 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 directly owned 2,397,392 shares of the company’s stock, valued at $598,149,304. This represents a 1.34% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last three months, insiders sold 246,150 shares of company stock valued at $55,805,379. 11.64% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Alphabet

Several hedge funds and other institutional investors have recently made changes to their positions in the company. First Command Advisory Services Inc. grew its stake in shares of Alphabet by 14.4% in the third quarter. First Command Advisory Services Inc. now owns 9,177 shares of the information services provider’s stock valued at $2,231,000 after buying an additional 1,157 shares in the last quarter. Riverwater Partners LLC raised its stake in Alphabet by 15.9% in the 3rd quarter. Riverwater Partners LLC now owns 13,923 shares of the information services provider’s stock valued at $3,385,000 after acquiring an additional 1,914 shares during the period. Tandem Financial LLC raised its stake in Alphabet by 4.0% in the 3rd quarter. Tandem Financial LLC now owns 4,156 shares of the information services provider’s stock valued at $1,010,000 after acquiring an additional 161 shares during the period. Flagstone Financial Management bought a new stake in Alphabet in the 3rd quarter valued at $240,000. Finally, Pier 88 Investment Partners LLC bought a new stake in Alphabet in the 3rd quarter valued at $4,157,000. 40.03% of the stock is owned by institutional investors.

About Alphabet

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.