Alphabet (NASDAQ:GOOG – Get Free Report) had its target price upped by BMO Capital Markets from $455.00 to $465.00 in a research note issued to investors on Thursday. The firm presently has an “outperform” rating on the information services provider’s stock. BMO Capital Markets’ target price would indicate a potential upside of 47.01% from the company’s previous close.
Other equities research analysts have also issued reports about the stock. Zacks Research raised Alphabet from a “hold” rating to a “strong-buy” rating in a report on Tuesday, July 7th. Raymond James Financial reiterated a “strong-buy” rating on shares of Alphabet in a research note on Thursday. Stifel Nicolaus set a $420.00 target price on shares of Alphabet in a report on Wednesday, May 20th. Piper Sandler reiterated an “overweight” rating and set a $395.00 price target (down from $445.00) on shares of Alphabet in a research note on Thursday. Finally, Morgan Stanley reduced their price objective on Alphabet from $415.00 to $400.00 and set an “overweight” rating for the company in a research note on Thursday. Five analysts have rated the stock with a Strong Buy rating, thirty have given a Buy rating and four have issued a Hold rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Buy” and a consensus price target of $408.27.
Check Out Our Latest Stock Analysis on GOOG
Alphabet Price Performance
Alphabet (NASDAQ:GOOG – Get Free Report) last released 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. The company had revenue of $119.80 billion for the quarter, compared to analysts’ expectations of $117.06 billion. Alphabet had a return on equity of 38.99% and a net margin of 37.92%.Alphabet’s revenue was up 24.2% compared to the same quarter last year. During the same period last year, the firm posted $2.31 earnings per share. As a group, analysts predict that Alphabet will post 14.34 EPS for the current fiscal year.
Insiders Place Their Bets
In other news, major shareholder 2019 Gp L.L.C. Gv sold 87,475 shares of Alphabet stock in a transaction that occurred on Friday, May 15th. The stock was sold at an average price of $23.75, for a total value of $2,077,531.25. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Frances Arnold sold 112 shares of the business’s stock in a transaction that occurred on Tuesday, June 30th. The shares were sold at an average price of $351.28, for a total value of $39,343.36. Following the transaction, the director directly owned 18,833 shares in the company, valued at approximately $6,615,656.24. This represents a 0.59% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last 90 days, insiders have sold 159,415 shares of company stock worth $7,672,279. 12.99% of the stock is owned by corporate insiders.
Institutional Inflows and Outflows
Hedge funds have recently bought and sold shares of the company. Imprint Wealth LLC bought a new position in Alphabet during the 3rd quarter valued at about $31,000. Nvest Wealth Strategies Inc. purchased a new stake in Alphabet in the 4th quarter worth about $38,000. Lifetime Wealth Management P.C. bought a new stake in Alphabet in the fourth quarter worth about $38,000. Bard Associates Inc. purchased a new position in shares of Alphabet during the fourth quarter valued at approximately $41,000. Finally, Towne Trust Company N.A boosted its position in shares of Alphabet by 34.0% during the fourth quarter. Towne Trust Company N.A now owns 134 shares of the information services provider’s stock valued at $42,000 after buying an additional 34 shares during the period. Institutional investors own 27.26% of the company’s stock.
Key Headlines 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
Alphabet Company Profile
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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