Citigroup Lowers Alphabet (NASDAQ:GOOGL) Price Target to $3,175.00

Alphabet (NASDAQ:GOOGLGet Rating) had its price target cut by stock analysts at Citigroup from $3,500.00 to $3,175.00 in a research note issued on Wednesday, April 27th, The Fly reports. Citigroup’s price target points to a potential upside of 29.85% from the company’s current price.

A number of other brokerages have also recently weighed in on GOOGL. Piper Sandler reduced their price objective on Alphabet from $3,475.00 to $2,900.00 and set an “overweight” rating for the company in a research note on Wednesday, April 27th. Stifel Nicolaus boosted their price objective on Alphabet from $3,200.00 to $3,500.00 and gave the company a “buy” rating in a research note on Wednesday, February 2nd. JPMorgan Chase & Co. boosted their target price on Alphabet from $3,250.00 to $3,450.00 and gave the company an “overweight” rating in a report on Wednesday, February 2nd. UBS Group boosted their target price on Alphabet from $3,800.00 to $3,900.00 and gave the company a “buy” rating in a report on Wednesday, February 2nd. Finally, Credit Suisse Group dropped their target price on Alphabet from $3,450.00 to $3,400.00 and set an “outperform” rating on the stock in a report on Wednesday, April 27th. Four analysts have rated the stock with a hold rating, thirty-four have assigned a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Buy” and a consensus price target of $3,314.08.

GOOGL stock traded up $113.56 during trading on Wednesday, hitting $2,445.22. 2,491,126 shares of the company’s stock were exchanged, compared to its average volume of 1,938,880. The business has a 50-day moving average price of $2,625.96 and a two-hundred day moving average price of $2,761.08. The stock has a market capitalization of $1.62 trillion, a price-to-earnings ratio of 22.12, a PEG ratio of 1.03 and a beta of 1.13. Alphabet has a 52-week low of $2,193.62 and a 52-week high of $3,030.93. The company has a current ratio of 2.87, a quick ratio of 2.85 and a debt-to-equity ratio of 0.06.

Shares of Alphabet are scheduled to split before the market opens on Monday, July 18th. The 20-1 split was announced on Tuesday, February 1st. The newly created shares will be distributed to shareholders after the closing bell on Friday, July 15th.

Alphabet (NASDAQ:GOOGLGet Rating) last posted its earnings results on Tuesday, April 26th. The information services provider reported $24.62 earnings per share for the quarter, missing the consensus estimate of $25.51 by ($0.89). Alphabet had a return on equity of 30.18% and a net margin of 27.57%. During the same period in the previous year, the firm posted $26.29 EPS. On average, equities research analysts anticipate that Alphabet will post 112.62 earnings per share for the current fiscal year.

In other news, Director Brin Sergey sold 2,639 shares of the company’s stock in a transaction on Monday, April 11th. The stock was sold at an average price of $2,632.28, for a total value of $6,946,586.92. Following the completion of the sale, the director now owns 18,599,842 shares in the company, valued at $48,959,992,099.76. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, major shareholder 2016 Gp L.L.C. Gv sold 544,249 shares of the company’s stock in a transaction on Monday, April 11th. The shares were sold at an average price of $11.16, for a total value of $6,073,818.84. The disclosure for this sale can be found here. Insiders have sold a total of 549,698 shares of company stock worth $20,324,689 over the last 90 days. 11.70% of the stock is owned by company insiders.

A number of large investors have recently bought and sold shares of the stock. Janney Montgomery Scott LLC increased its position in Alphabet by 2.2% in the 1st quarter. Janney Montgomery Scott LLC now owns 75,857 shares of the information services provider’s stock worth $210,987,000 after purchasing an additional 1,617 shares during the last quarter. Aptus Capital Advisors LLC boosted its stake in shares of Alphabet by 78.0% during the 1st quarter. Aptus Capital Advisors LLC now owns 2,969 shares of the information services provider’s stock worth $8,258,000 after acquiring an additional 1,301 shares in the last quarter. Advisor Group Holdings Inc. boosted its stake in shares of Alphabet by 8.3% during the 1st quarter. Advisor Group Holdings Inc. now owns 89,717 shares of the information services provider’s stock worth $237,648,000 after acquiring an additional 6,866 shares in the last quarter. State of Michigan Retirement System boosted its stake in shares of Alphabet by 0.3% during the 1st quarter. State of Michigan Retirement System now owns 115,329 shares of the information services provider’s stock worth $320,770,000 after acquiring an additional 314 shares in the last quarter. Finally, Investment Advisory Services Inc. TX ADV boosted its stake in shares of Alphabet by 2.1% during the 1st quarter. Investment Advisory Services Inc. TX ADV now owns 298 shares of the information services provider’s stock worth $830,000 after acquiring an additional 6 shares in the last quarter. 41.70% of the stock is currently owned by hedge funds and other institutional investors.

About Alphabet (Get Rating)

Alphabet Inc provides 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 offers products and services, including ads, Android, Chrome, hardware, Gmail, Google Drive, Google Maps, Google Photos, Google Play, Search, and YouTube.

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