Alphabet (NASDAQ:GOOG) Trading Up 9.4% After Better-Than-Expected Earnings

Alphabet Inc. (NASDAQ:GOOG)’s stock price was up 9.4% on Friday following a stronger than expected earnings report. The company traded as high as $176.42 and last traded at $172.87. Approximately 26,842,165 shares changed hands during mid-day trading, an increase of 21% from the average daily volume of 22,242,641 shares. The stock had previously closed at $157.95.

The information services provider reported $1.89 earnings per share (EPS) 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 quarter in the previous year, the business earned $1.17 earnings per share. Alphabet’s revenue for the quarter was up 15.4% on a year-over-year basis.

Wall Street Analysts Forecast Growth

A number of research firms have issued reports on GOOG. Stifel Nicolaus increased their price target on Alphabet from $154.00 to $174.00 and gave the stock a “buy” rating in a report on Tuesday, April 16th. Oppenheimer lifted their price target on shares of Alphabet from $172.00 to $185.00 and gave the company an “outperform” rating in a research note on Monday, April 8th. Raymond James increased their price objective on shares of Alphabet from $150.00 to $160.00 and gave the stock an “outperform” rating in a research report on Wednesday, January 24th. Morgan Stanley reaffirmed an “overweight” rating and issued a $165.00 target price on shares of Alphabet in a research report on Thursday, April 11th. Finally, Susquehanna increased their price target on Alphabet from $150.00 to $170.00 and gave the stock a “positive” rating in a report on Wednesday, January 31st. Six analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the stock has a consensus rating of “Buy” and an average target price of $165.67.

Insider Activity at Alphabet

In other news, Director Frances Arnold sold 230 shares of the firm’s stock in a transaction that occurred on Tuesday, January 30th. The stock was sold at an average price of $154.06, for a total value of $35,433.80. Following the transaction, the director now owns 15,104 shares in the company, valued at $2,326,922.24. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, CAO Amie Thuener O’toole sold 660 shares of the business’s stock in a transaction dated Thursday, February 1st. The shares were sold at an average price of $143.59, for a total value of $94,769.40. Following the transaction, the chief accounting officer now directly owns 27,920 shares of the company’s stock, valued at approximately $4,009,032.80. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, Director Frances Arnold sold 230 shares of the business’s stock in a transaction dated Tuesday, January 30th. The shares were sold at an average price of $154.06, for a total transaction of $35,433.80. Following the completion of the transaction, the director now owns 15,104 shares in the company, valued at $2,326,922.24. The disclosure for this sale can be found here. In the last quarter, insiders have sold 253,439 shares of company stock valued at $36,746,578. 12.99% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Alphabet

Institutional investors and hedge funds have recently bought and sold shares of the company. FMR LLC grew its stake in shares of Alphabet by 3.8% during the 3rd quarter. FMR LLC now owns 120,234,117 shares of the information services provider’s stock worth $15,852,868,000 after acquiring an additional 4,348,188 shares during the period. JPMorgan Chase & Co. lifted its holdings in Alphabet by 11.3% during the third quarter. JPMorgan Chase & Co. now owns 95,941,129 shares of the information services provider’s stock valued at $12,649,838,000 after purchasing an additional 9,703,425 shares during the last quarter. Capital International Investors increased its stake in shares of Alphabet by 1.1% in the fourth quarter. Capital International Investors now owns 80,246,520 shares of the information services provider’s stock worth $11,309,370,000 after purchasing an additional 862,550 shares in the last quarter. Northern Trust Corp raised its position in shares of Alphabet by 2.3% in the third quarter. Northern Trust Corp now owns 57,269,184 shares of the information services provider’s stock valued at $7,550,942,000 after purchasing an additional 1,275,060 shares during the period. Finally, Norges Bank purchased a new stake in shares of Alphabet during the 4th quarter valued at approximately $4,101,040,000. 27.26% of the stock is owned by institutional investors.

Alphabet Stock Performance

The company has a market capitalization of $2.16 trillion, a P/E ratio of 29.95, a P/E/G ratio of 1.48 and a beta of 1.05. The company has a current ratio of 2.10, a quick ratio of 2.10 and a debt-to-equity ratio of 0.05. The company’s fifty day moving average is $149.12 and its 200 day moving average is $142.75.

About Alphabet

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.