Alphabet (NASDAQ:GOOGL) PT Lowered to $2,900.00 at Wolfe Research

Alphabet (NASDAQ:GOOGLGet Rating) had its price objective lowered by analysts at Wolfe Research from $3,500.00 to $2,900.00 in a note issued to investors on Wednesday, The Fly reports. Wolfe Research’s price target would suggest a potential upside of 22.21% from the stock’s previous close.

Several other research analysts have also recently commented on GOOGL. Bank of America increased their target price on shares of Alphabet from $3,470.00 to $3,510.00 and gave the stock a “buy” rating in a report on Wednesday, February 2nd. Susquehanna Bancshares increased their target price on shares of Alphabet from $3,600.00 to $3,750.00 and gave the stock a “positive” rating in a report on Wednesday, February 2nd. Sanford C. Bernstein increased their target price on shares of Alphabet from $3,250.00 to $3,500.00 and gave the stock an “outperform” rating in a report on Wednesday, February 2nd. JPMorgan Chase & Co. increased their target price on shares of Alphabet from $3,250.00 to $3,450.00 and gave the stock an “overweight” rating in a report on Wednesday, February 2nd. Finally, Jefferies Financial Group started coverage on shares of Alphabet in a research note on Thursday, April 21st. They issued a “buy” rating and a $3,600.00 price target for the company. Three investment analysts have rated the stock with a hold rating, thirty-five have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, Alphabet currently has an average rating of “Buy” and an average target price of $3,346.56.

Shares of GOOGL stock opened at $2,373.00 on Wednesday. The firm has a fifty day moving average of $2,653.92 and a 200-day moving average of $2,777.11. The company has a quick ratio of 2.91, a current ratio of 2.93 and a debt-to-equity ratio of 0.06. Alphabet has a 12-month low of $2,193.62 and a 12-month high of $3,030.93. The company has a market capitalization of $1.57 trillion, a price-to-earnings ratio of 21.14, a P/E/G ratio of 1.08 and a beta of 1.06.

Alphabet’s stock is set to split on Monday, July 18th. The 20-1 split was announced on Tuesday, February 1st. The newly minted shares will be payable to shareholders after the closing bell on Friday, July 15th.

Alphabet (NASDAQ:GOOGLGet Rating) last announced its earnings results on Tuesday, April 26th. The information services provider reported $24.62 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $25.51 by ($0.89). Alphabet had a return on equity of 31.56% and a net margin of 29.51%. During the same quarter last year, the firm posted $26.29 EPS. On average, equities analysts expect that Alphabet will post 117.05 EPS for the current year.

In related news, Director Lawrence Page sold 100 shares of the company’s stock in a transaction that occurred on Monday, April 18th. The shares were sold at an average price of $2,574.16, for a total value of $257,416.00. Following the transaction, the director now directly owns 19,527,502 shares in the company, valued at $50,266,914,548.32. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, major shareholder 2016 Gp L.L.C. Gv sold 544,249 shares of the company’s stock in a transaction that occurred on Monday, April 11th. The stock was sold at an average price of $11.16, for a total transaction of $6,073,818.84. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 549,698 shares of company stock worth $20,324,689. Insiders own 13.20% of the company’s stock.

Several hedge funds have recently bought and sold shares of GOOGL. Morgan Stanley increased its position in shares of Alphabet by 1.2% in the second quarter. Morgan Stanley now owns 3,216,517 shares of the information services provider’s stock worth $7,854,059,000 after purchasing an additional 39,437 shares during the last quarter. Karani Asset Management LLC grew its position in Alphabet by 22.1% during the third quarter. Karani Asset Management LLC now owns 629 shares of the information services provider’s stock valued at $1,682,000 after acquiring an additional 114 shares during the last quarter. Budros Ruhlin & Roe Inc. grew its position in Alphabet by 0.6% during the third quarter. Budros Ruhlin & Roe Inc. now owns 650 shares of the information services provider’s stock valued at $1,738,000 after acquiring an additional 4 shares during the last quarter. New World Advisors LLC grew its position in Alphabet by 7.5% during the third quarter. New World Advisors LLC now owns 428 shares of the information services provider’s stock valued at $1,178,000 after acquiring an additional 30 shares during the last quarter. Finally, Intrust Bank NA grew its position in Alphabet by 10.9% during the third quarter. Intrust Bank NA now owns 3,281 shares of the information services provider’s stock valued at $8,772,000 after acquiring an additional 322 shares during the last quarter. Institutional investors own 34.47% of the company’s stock.

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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