Alphabet (NASDAQ:GOOG – Get Free Report) had its price target reduced by Morgan Stanley from $415.00 to $400.00 in a research note issued to investors on Thursday. The firm presently has an “overweight” rating on the information services provider’s stock. Morgan Stanley’s target price suggests a potential upside of 26.46% from the stock’s current price.
Several other brokerages have also issued reports on GOOG. Wolfe Research set a $460.00 target price on Alphabet in a research note on Thursday. TD Cowen increased their price target on Alphabet from $450.00 to $475.00 and gave the stock a “buy” rating in a research note on Tuesday, June 9th. Weiss Ratings reissued a “buy (b)” rating on shares of Alphabet in a report on Friday, July 17th. Barclays restated an “overweight” rating and issued a $425.00 price objective (up from $405.00) on shares of Alphabet in a research note on Thursday. Finally, Stifel Nicolaus set a $420.00 price objective on shares of Alphabet in a report on Wednesday, May 20th. Five research analysts have rated the stock with a Strong Buy rating, thirty have assigned a Buy rating and four have given a Hold rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Buy” and an average price target of $408.27.
Check Out Our Latest Stock Analysis on GOOG
Alphabet Trading Down 7.5%
Alphabet (NASDAQ:GOOG – Get Free Report) last posted its quarterly earnings data on Thursday, July 23rd. The information services provider reported $9.11 EPS for the quarter, beating the consensus estimate of $2.88 by $6.23. Alphabet had a return on equity of 38.99% and a net margin of 37.92%.The business had revenue of $119.80 billion for the quarter, compared to the consensus estimate of $117.06 billion. During the same quarter in the prior year, the business earned $2.31 earnings per share. Alphabet’s revenue for the quarter was up 24.2% on a year-over-year basis. On average, equities research analysts anticipate that Alphabet will post 14.34 earnings per share for the current fiscal year.
Insider Activity
In other Alphabet news, Director John L. Hennessy sold 1,050 shares of the firm’s stock in a transaction on Monday, June 15th. The shares were sold at an average price of $368.63, for a total value of $387,061.50. Following the completion of the transaction, the director directly owned 1,481 shares of the company’s stock, valued at $545,941.03. This trade represents a 41.49% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, major shareholder 2019 Gp L.L.C. Gv sold 87,475 shares of the company’s stock in a transaction on Friday, May 15th. The stock was sold at an average price of $23.75, for a total transaction of $2,077,531.25. The SEC filing for this sale provides additional information. Over the last 90 days, insiders sold 159,415 shares of company stock valued at $7,672,279. 12.99% of the stock is currently owned by insiders.
Institutional Inflows and Outflows
Several institutional investors have recently modified their holdings of the stock. Vanguard Group Inc. raised its position in Alphabet by 2.0% during the fourth quarter. Vanguard Group Inc. now owns 421,013,782 shares of the information services provider’s stock valued at $132,114,125,000 after purchasing an additional 8,128,234 shares in the last quarter. State Street Corp boosted its holdings in shares of Alphabet by 0.5% in the 4th quarter. State Street Corp now owns 187,102,863 shares of the information services provider’s stock worth $58,712,878,000 after purchasing an additional 953,790 shares in the last quarter. Auto Owners Insurance Co increased its position in shares of Alphabet by 38,409.2% during the 4th quarter. Auto Owners Insurance Co now owns 179,836,276 shares of the information services provider’s stock valued at $5,643,262,000 after purchasing an additional 179,369,280 shares during the last quarter. J. Stern & Co. LLP increased its position in shares of Alphabet by 28,482.8% during the 4th quarter. J. Stern & Co. LLP now owns 112,091,870 shares of the information services provider’s stock valued at $35,174,429,000 after purchasing an additional 111,699,704 shares during the last quarter. Finally, JPMorgan Chase & Co. raised its holdings in shares of Alphabet by 1.1% during the 4th quarter. JPMorgan Chase & Co. now owns 100,602,893 shares of the information services provider’s stock valued at $31,569,189,000 after buying an additional 1,073,151 shares in the last quarter. 27.26% of the stock is currently owned by institutional investors.
Key Stories Impacting Alphabet
Here are the key news stories impacting Alphabet this week:
- Positive Sentiment: Alphabet delivered a strong Q2 beat, with revenue, EPS, and cloud growth all topping expectations, reinforcing the strength of Search, YouTube, and Google Cloud. Google quarterly cloud revenue growth beats expectations
- Positive Sentiment: Google Cloud momentum and rising Gemini usage suggest Alphabet’s AI investments are beginning to show returns, which could support longer-term growth. Alphabet Beats on Cloud Revenue, Posts Strong Gemini Usage
- Positive Sentiment: Analyst sentiment remains constructive, with several firms maintaining buy ratings and raising price targets after the earnings report. Tickerreport.com
- Neutral Sentiment: Alphabet also announced new, cheaper Gemini model updates and work on efficiency-improving AI chips, which may help offset future infrastructure costs if execution improves. Google releases three new Gemini models — but no 3.5 Pro
- Negative Sentiment: Investors are worried Alphabet’s AI capex spree is getting too large, especially after the company raised spending guidance and reported negative free cash flow. Alphabet’s cash burn raises alarm for Big Tech as AI spending climbs
- Negative Sentiment: Alphabet also faces added regulatory pressure after the EU hit Google with a roughly $1 billion antitrust fine over Search and Play Store practices. Google hit with $1 billion EU fine, first under landmark rules
About Alphabet
Alphabet Inc (NASDAQ: GOOG) is a multinational technology holding company headquartered in Mountain View, California. Formed in 2015 through a corporate restructuring of Google, Alphabet serves as the parent to Google LLC and a portfolio of businesses collectively known as “Other Bets.” Google was originally founded in 1998 by Larry Page and Sergey Brin; Alphabet is led by CEO Sundar Pichai, who oversees Google and the broader company while the founders remain prominent shareholders and influential figures in the company’s history.
Alphabet’s core business centers on internet search and advertising, with Google Search and the company’s ad platforms (including Google Ads and AdSense) generating the majority of revenue by connecting advertisers with consumers worldwide.
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