Alphabet (NASDAQ:GOOG) Reaches New 1-Year High Following Strong Earnings

Alphabet Inc. (NASDAQ:GOOG)’s share price hit a new 52-week high during mid-day trading on Friday following a better than expected earnings announcement. The stock traded as high as $176.42 and last traded at $172.82, with a volume of 16627219 shares changing hands. The stock had previously closed at $157.95.

The information services provider reported $1.89 earnings per share for the quarter, beating the consensus estimate of $1.49 by $0.40. Alphabet had a net margin of 24.01% and a return on equity of 27.22%. The business had revenue of $80.54 billion for the quarter, compared to analyst estimates of $78.75 billion. During the same period in the previous year, the business earned $1.17 EPS. The firm’s revenue was up 15.4% on a year-over-year basis.

Wall Street Analysts Forecast Growth

GOOG has been the topic of several recent research reports. Morgan Stanley reiterated an “overweight” rating and set a $165.00 target price on shares of Alphabet in a research report on Thursday, April 11th. Raymond James boosted their price target on shares of Alphabet from $150.00 to $160.00 and gave the company an “outperform” rating in a research report on Wednesday, January 24th. Susquehanna boosted their price target on shares of Alphabet from $150.00 to $170.00 and gave the company a “positive” rating in a research report on Wednesday, January 31st. Oppenheimer boosted their price target on shares of Alphabet from $172.00 to $185.00 and gave the company an “outperform” rating in a research report on Monday, April 8th. Finally, Stifel Nicolaus boosted their price target on shares of Alphabet from $154.00 to $174.00 and gave the company a “buy” rating in a research report on Tuesday, April 16th. Six investment analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, Alphabet currently has an average rating of “Buy” and a consensus price target of $165.67.

Insiders Place Their Bets

In other Alphabet news, CEO Sundar Pichai sold 22,500 shares of the business’s stock in a transaction dated Wednesday, March 6th. The shares were sold at an average price of $132.70, for a total value of $2,985,750.00. Following the completion of the transaction, the chief executive officer now directly owns 2,332,691 shares of the company’s stock, valued at $309,548,095.70. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. In related news, CEO Sundar Pichai sold 22,500 shares of the business’s stock in a transaction that occurred on Wednesday, March 6th. The shares were sold at an average price of $132.70, for a total transaction of $2,985,750.00. Following the completion of the sale, the chief executive officer now directly owns 2,332,691 shares of the company’s stock, valued at $309,548,095.70. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, CFO Ruth Porat sold 48,077 shares of the business’s stock in a transaction that occurred on Friday, March 8th. The stock was sold at an average price of $137.22, for a total transaction of $6,597,125.94. Following the sale, the chief financial officer now directly owns 1,777,106 shares of the company’s stock, valued at $243,854,485.32. The disclosure for this sale can be found here. Over the last three months, insiders sold 253,439 shares of company stock valued at $36,746,578. Insiders own 12.99% of the company’s stock.

Institutional Investors Weigh In On Alphabet

A number of institutional investors and hedge funds have recently modified their holdings of the business. Tandem Wealth Advisors LLC bought a new stake in Alphabet in the third quarter valued at approximately $25,000. Bruce G. Allen Investments LLC bought a new stake in Alphabet in the fourth quarter valued at approximately $26,000. Partnership Wealth Management LLC bought a new stake in Alphabet in the fourth quarter valued at approximately $26,000. Equitec Proprietary Markets LLC acquired a new position in shares of Alphabet in the fourth quarter valued at approximately $28,000. Finally, Buck Wealth Strategies LLC acquired a new position in shares of Alphabet in the third quarter valued at approximately $32,000. 27.26% of the stock is owned by institutional investors.

Alphabet Price Performance

The company has a market cap of $2.16 trillion, a price-to-earnings ratio of 29.95, a PEG ratio of 1.48 and a beta of 1.05. The company has a quick ratio of 2.10, a current ratio of 2.10 and a debt-to-equity ratio of 0.05. The company’s fifty day moving average price is $149.12 and its two-hundred day moving average price is $142.75.

Alphabet Company Profile

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.