Needham & Company LLC Boosts Alphabet (NASDAQ:GOOGL) Price Target to $210.00

Alphabet (NASDAQ:GOOGL) had its price target raised by stock analysts at Needham & Company LLC from $178.00 to $210.00 in a report issued on Wednesday, MarketBeat Ratings reports. The firm currently has a “buy” rating on the information services provider’s stock. Needham & Company LLC’s price target would indicate a potential upside of 14.39% from the stock’s previous close.

Other research analysts have also issued research reports about the stock. Tigress Financial increased their price target on shares of Alphabet from $220.00 to $240.00 and gave the stock a “strong-buy” rating in a research report on Wednesday, April 30th. UBS Group set a $195.00 target price on Alphabet in a report on Friday, April 25th. BMO Capital Markets boosted their price target on Alphabet from $200.00 to $208.00 and gave the company an “outperform” rating in a research note on Tuesday. Oppenheimer upped their price target on Alphabet from $185.00 to $200.00 and gave the company an “outperform” rating in a research report on Friday, April 25th. Finally, Royal Bank Of Canada reissued an “outperform” rating and set a $200.00 price objective on shares of Alphabet in a report on Wednesday, April 23rd. Ten equities research analysts have rated the stock with a hold rating, twenty-eight have issued a buy rating and four have assigned a strong buy rating to the company. According to data from MarketBeat.com, Alphabet currently has a consensus rating of “Moderate Buy” and an average price target of $201.41.

Alphabet Price Performance

NASDAQ GOOGL opened at $183.58 on Wednesday. The stock has a 50-day simple moving average of $172.26 and a 200 day simple moving average of $173.15. Alphabet has a twelve month low of $140.53 and a twelve month high of $207.05. The stock has a market capitalization of $2.23 trillion, a PE ratio of 20.47, a P/E/G ratio of 1.28 and a beta of 1.00. The company has a debt-to-equity ratio of 0.03, a quick ratio of 1.77 and a current ratio of 1.77.

Alphabet (NASDAQ:GOOGL) last posted its quarterly earnings results on Thursday, April 24th. The information services provider reported $2.81 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.02 by $0.79. The company had revenue of $76.49 billion for the quarter, compared to analyst estimates of $89.30 billion. Alphabet had a net margin of 30.86% and a return on equity of 34.54%. During the same period last year, the business posted $1.89 EPS. Research analysts anticipate that Alphabet will post 8.9 EPS for the current year.

Insider Transactions at Alphabet

In related news, Director John L. Hennessy sold 600 shares of the firm’s stock in a transaction that occurred on Thursday, May 22nd. The shares were sold at an average price of $175.00, for a total transaction of $105,000.00. Following the completion of the sale, the director owned 6,813 shares of the company’s stock, valued at $1,192,275. This trade represents a 8.09% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Kavitark Ram Shriram sold 10,500 shares of the company’s stock in a transaction that occurred on Thursday, May 22nd. The shares were sold at an average price of $175.00, for a total value of $1,837,500.00. Following the completion of the transaction, the director directly owned 261,966 shares in the company, valued at $45,844,050. This trade represents a 3.85% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 215,843 shares of company stock valued at $37,288,490 in the last quarter. 11.64% of the stock is owned by insiders.

Hedge Funds Weigh In On Alphabet

A number of institutional investors and hedge funds have recently made changes to their positions in GOOGL. MBA Advisors LLC boosted its stake in shares of Alphabet by 0.8% during the 2nd quarter. MBA Advisors LLC now owns 9,055 shares of the information services provider’s stock worth $1,596,000 after acquiring an additional 76 shares during the last quarter. Bosman Wealth Management LLC increased its stake in shares of Alphabet by 20.4% in the 2nd quarter. Bosman Wealth Management LLC now owns 33,362 shares of the information services provider’s stock worth $5,879,000 after purchasing an additional 5,663 shares in the last quarter. Elwood & Goetz Wealth Advisory Group LLC raised its holdings in Alphabet by 46.0% in the 2nd quarter. Elwood & Goetz Wealth Advisory Group LLC now owns 3,108 shares of the information services provider’s stock worth $548,000 after purchasing an additional 979 shares during the period. Spectrum Strategic Capital Management LLC lifted its position in Alphabet by 38.8% during the second quarter. Spectrum Strategic Capital Management LLC now owns 19,908 shares of the information services provider’s stock valued at $3,508,000 after purchasing an additional 5,568 shares in the last quarter. Finally, Emerald Advisors LLC grew its holdings in Alphabet by 5.1% during the second quarter. Emerald Advisors LLC now owns 5,256 shares of the information services provider’s stock valued at $926,000 after purchasing an additional 254 shares during the period. Hedge funds and other institutional investors own 40.03% of the company’s stock.

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.