Wells Fargo & Company Raises Alphabet (NASDAQ:GOOGL) Price Target to $187.00

Alphabet (NASDAQ:GOOGL) had its price target increased by investment analysts at Wells Fargo & Company from $184.00 to $187.00 in a research report issued on Tuesday,Finviz reports. The brokerage currently has an “equal weight” rating on the information services provider’s stock. Wells Fargo & Company‘s price objective suggests a potential downside of 2.55% from the company’s current price.

Several other equities analysts have also recently issued reports on GOOGL. BNP Paribas Exane reaffirmed a “neutral” rating and issued a $172.00 price objective on shares of Alphabet in a research note on Friday, June 27th. Barclays lifted their price objective on shares of Alphabet from $220.00 to $235.00 and gave the stock an “overweight” rating in a research note on Thursday, July 24th. KeyCorp lifted their price objective on shares of Alphabet from $215.00 to $230.00 and gave the stock an “overweight” rating in a research note on Thursday, July 24th. Oppenheimer lifted their price objective on shares of Alphabet from $185.00 to $200.00 and gave the stock an “outperform” rating in a research note on Friday, April 25th. Finally, Westpark Capital lifted their price objective on shares of Alphabet from $210.00 to $220.00 and gave the stock a “buy” rating in a research note on Thursday, July 24th. Ten equities research analysts have rated the stock with a hold rating, twenty-nine have assigned a buy rating and four have issued a strong buy rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $211.39.

Alphabet Stock Performance

Shares of GOOGL opened at $191.90 on Tuesday. The firm’s 50 day moving average is $177.91 and its 200-day moving average is $173.12. The stock has a market capitalization of $2.33 trillion, a P/E ratio of 20.44, a P/E/G ratio of 1.33 and a beta of 1.00. The company has a debt-to-equity ratio of 0.07, a current ratio of 1.90 and a quick ratio of 1.90. Alphabet has a 12-month low of $140.53 and a 12-month high of $207.05.

Insider Buying and Selling

In other news, Director Kavitark Ram Shriram sold 18,566 shares of Alphabet stock in a transaction that occurred on Friday, July 18th. The shares were sold at an average price of $185.76, for a total value of $3,448,820.16. Following the transaction, the director owned 243,400 shares of the company’s stock, valued at $45,213,984. This trade represents a 7.09% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CEO Sundar Pichai sold 32,500 shares of the business’s stock in a transaction on Wednesday, July 2nd. The stock was sold at an average price of $178.52, for a total transaction of $5,801,900.00. Following the transaction, the chief executive officer directly owned 2,559,892 shares in the company, valued at $456,991,919.84. This trade represents a 1.25% decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders sold 249,399 shares of company stock worth $43,525,794. Insiders own 11.64% of the company’s stock.

Hedge Funds Weigh In On Alphabet

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. Gimbal Financial boosted its stake in Alphabet by 1.9% during the second quarter. Gimbal Financial now owns 2,776 shares of the information services provider’s stock worth $489,000 after buying an additional 53 shares in the last quarter. Missouri Trust & Investment Co boosted its stake in Alphabet by 0.3% during the second quarter. Missouri Trust & Investment Co now owns 16,916 shares of the information services provider’s stock worth $2,981,000 after buying an additional 55 shares in the last quarter. AM Investment Strategies LLC boosted its stake in Alphabet by 0.9% during the second quarter. AM Investment Strategies LLC now owns 6,477 shares of the information services provider’s stock worth $1,141,000 after buying an additional 57 shares in the last quarter. Perritt Capital Management Inc boosted its stake in Alphabet by 10.4% during the fourth quarter. Perritt Capital Management Inc now owns 618 shares of the information services provider’s stock worth $117,000 after buying an additional 58 shares in the last quarter. Finally, Nia Impact Advisors LLC boosted its stake in Alphabet by 0.3% during the fourth quarter. Nia Impact Advisors LLC now owns 17,161 shares of the information services provider’s stock worth $3,249,000 after buying an additional 59 shares in the last quarter. Institutional investors own 40.03% of the company’s stock.

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.