Alphabet (NASDAQ:GOOG) Stock Price Up 3.6% on Analyst Upgrade

Shares of Alphabet Inc. (NASDAQ:GOOG) rose 3.6% on Monday after JPMorgan Chase & Co. raised their price target on the stock from $260.00 to $300.00. JPMorgan Chase & Co. currently has an overweight rating on the stock. Alphabet traded as high as $270.80 and last traded at $269.93. Approximately 22,521,612 shares were traded during trading, a decline of 3% from the average daily volume of 23,337,404 shares. The stock had previously closed at $260.51.

Other analysts have also issued reports about the company. Weiss Ratings restated a “buy (b)” rating on shares of Alphabet in a research note on Wednesday, October 8th. Scotiabank restated an “outperform” rating and issued a $310.00 price objective on shares of Alphabet in a research report on Thursday, October 16th. Phillip Securities cut shares of Alphabet from a “strong-buy” rating to a “moderate buy” rating in a research report on Monday, September 8th. Wells Fargo & Company restated an “equal weight” rating on shares of Alphabet in a research report on Wednesday, July 9th. Finally, Jefferies Financial Group raised their price objective on shares of Alphabet from $230.00 to $285.00 and gave the company a “buy” rating in a research report on Thursday, October 2nd. Six analysts have rated the stock with a Strong Buy rating, twenty-one have assigned a Buy rating, five have issued a Hold rating and three have assigned a Sell rating to the company. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $280.45.

Insider Activity at Alphabet

In other Alphabet news, Director John L. Hennessy sold 600 shares of Alphabet stock in a transaction on Monday, October 13th. The shares were sold at an average price of $242.92, for a total transaction of $145,752.00. Following the completion of the sale, the director owned 5,116 shares of the company’s stock, valued at approximately $1,242,778.72. The trade was a 10.50% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Sundar Pichai sold 32,500 shares of Alphabet stock in a transaction on Wednesday, October 15th. The stock was sold at an average price of $250.15, for a total transaction of $8,129,875.00. Following the sale, the chief executive officer directly owned 2,369,619 shares of the company’s stock, valued at $592,760,192.85. This represents a 1.35% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 246,150 shares of company stock worth $55,805,379 over the last 90 days. Insiders own 12.99% of the company’s stock.

Institutional Investors Weigh In On Alphabet

A number of institutional investors have recently made changes to their positions in GOOG. RDA Financial Network grew its holdings in Alphabet by 5.3% during the second quarter. RDA Financial Network now owns 11,094 shares of the information services provider’s stock valued at $1,968,000 after purchasing an additional 554 shares during the period. Bleakley Financial Group LLC grew its holdings in shares of Alphabet by 1.4% in the 2nd quarter. Bleakley Financial Group LLC now owns 170,020 shares of the information services provider’s stock valued at $30,160,000 after buying an additional 2,304 shares during the period. Oldfather Financial Services LLC acquired a new position in shares of Alphabet in the 2nd quarter valued at $213,000. Tower View Wealth Management LLC grew its holdings in shares of Alphabet by 6.9% in the 2nd quarter. Tower View Wealth Management LLC now owns 27,644 shares of the information services provider’s stock valued at $4,904,000 after buying an additional 1,776 shares during the period. Finally, Dock Street Asset Management Inc. grew its holdings in shares of Alphabet by 0.8% in the 2nd quarter. Dock Street Asset Management Inc. now owns 234,306 shares of the information services provider’s stock valued at $41,563,000 after buying an additional 1,970 shares during the period. 27.26% of the stock is owned by institutional investors and hedge funds.

Alphabet Stock Up 3.6%

The company has a current ratio of 1.90, a quick ratio of 1.90 and a debt-to-equity ratio of 0.07. The company has a market cap of $3.26 trillion, a price-to-earnings ratio of 28.75, a price-to-earnings-growth ratio of 1.76 and a beta of 1.00. The firm’s fifty day moving average price is $238.65 and its 200-day moving average price is $197.67.

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.