Alphabet (NASDAQ:GOOGL) Sets New 1-Year High on Better-Than-Expected Earnings

Alphabet Inc. (NASDAQ:GOOGL)’s share price reached a new 52-week high during trading on Thursday following a stronger than expected earnings report. The stock traded as high as $275.34 and last traded at $274.57, with a volume of 41565385 shares traded. The stock had previously closed at $267.47.

The information services provider reported $2.87 earnings per share for the quarter, beating analysts’ consensus estimates of $2.29 by $0.58. Alphabet had a return on equity of 34.31% and a net margin of 31.12%.

Wall Street Analysts Forecast Growth

A number of equities research analysts have weighed in on the company. Royal Bank Of Canada lifted their price objective on Alphabet from $220.00 to $260.00 and gave the company an “outperform” rating in a report on Wednesday, September 3rd. Tigress Financial boosted their price target on Alphabet from $240.00 to $280.00 and gave the stock a “strong-buy” rating in a research note on Friday, September 5th. Jefferies Financial Group boosted their price target on Alphabet from $230.00 to $285.00 and gave the stock a “buy” rating in a research note on Thursday, October 2nd. Canaccord Genuity Group boosted their price target on Alphabet from $230.00 to $270.00 and gave the stock a “buy” rating in a research note on Thursday, September 4th. Finally, Susquehanna boosted their price target on Alphabet from $220.00 to $225.00 and gave the stock a “positive” rating in a research note on Thursday, July 24th. Three equities research analysts have rated the stock with a Strong Buy rating, thirty-two have given a Buy rating and ten have given a Hold rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $266.69.

Insider Transactions at Alphabet

In other Alphabet news, CEO Sundar Pichai sold 32,500 shares of the 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 transaction, the chief executive officer 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 sale was disclosed in a document filed with the SEC, which is available through this link. Also, CAO Amie Thuener O’toole sold 2,778 shares of the stock in a transaction on Wednesday, October 15th. The stock was sold at an average price of $250.05, for a total value of $694,638.90. Following the transaction, the chief accounting officer directly owned 14,516 shares in the company, valued at approximately $3,629,725.80. This represents a 16.06% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold 246,150 shares of company stock worth $55,805,379 in the last quarter. Insiders own 11.64% of the company’s stock.

Institutional Investors Weigh In On Alphabet

Several institutional investors and hedge funds have recently added to or reduced their stakes in GOOGL. Brighton Jones LLC increased its holdings in Alphabet by 3.9% in the 4th quarter. Brighton Jones LLC now owns 110,330 shares of the information services provider’s stock valued at $20,886,000 after purchasing an additional 4,110 shares in the last quarter. Revolve Wealth Partners LLC increased its holdings in Alphabet by 3.5% in the 4th quarter. Revolve Wealth Partners LLC now owns 14,930 shares of the information services provider’s stock valued at $2,826,000 after purchasing an additional 506 shares in the last quarter. Goldstein Advisors LLC increased its holdings in Alphabet by 23.0% in the 1st quarter. Goldstein Advisors LLC now owns 13,194 shares of the information services provider’s stock valued at $2,040,000 after purchasing an additional 2,469 shares in the last quarter. KPP Advisory Services LLC increased its holdings in Alphabet by 38.7% in the 1st quarter. KPP Advisory Services LLC now owns 19,011 shares of the information services provider’s stock valued at $2,940,000 after purchasing an additional 5,307 shares in the last quarter. Finally, KG&L Capital Management LLC increased its holdings in Alphabet by 11.0% in the 1st quarter. KG&L Capital Management LLC now owns 82,739 shares of the information services provider’s stock valued at $12,795,000 after purchasing an additional 8,229 shares in the last quarter. 40.03% of the stock is currently owned by institutional investors and hedge funds.

Alphabet Trading Up 2.7%

The stock has a market capitalization of $3.32 trillion, a price-to-earnings ratio of 29.24, a P/E/G ratio of 1.81 and a beta of 1.00. The company has a debt-to-equity ratio of 0.07, a quick ratio of 1.90 and a current ratio of 1.90. The firm has a fifty day moving average of $240.86 and a 200-day moving average of $198.25.

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.