Alphabet (NASDAQ:GOOG) Price Target Raised to $305.00

Alphabet (NASDAQ:GOOG) had its price objective boosted by Sanford C. Bernstein from $260.00 to $305.00 in a research note released on Thursday morning, MarketBeat Ratings reports. The brokerage currently has an outperform rating on the information services provider’s stock.

A number of other research firms also recently issued reports on GOOG. JPMorgan Chase & Co. raised their price target on shares of Alphabet from $260.00 to $300.00 and gave the stock an “overweight” rating in a research report on Monday, October 27th. Morgan Stanley raised their price target on shares of Alphabet from $210.00 to $270.00 and gave the stock an “overweight” rating in a research report on Thursday, October 2nd. Scotiabank restated an “outperform” rating and issued a $310.00 price target on shares of Alphabet in a research report on Thursday, October 16th. Lake Street Capital restated a “buy” rating on shares of Alphabet in a research report on Wednesday, July 9th. Finally, Mizuho set a $325.00 target price on Alphabet in a research report on Thursday. Five equities research analysts have rated the stock with a Strong Buy rating, twenty-seven have issued a Buy rating, four have assigned a Hold rating and three have assigned a Sell rating to the company. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $324.81.

Alphabet Stock Performance

Alphabet stock opened at $281.82 on Thursday. 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 $142.66 and a 12 month high of $291.93. The company has a fifty day moving average price of $244.59 and a two-hundred day moving average price of $200.98. The company has a market cap of $3.41 trillion, a PE ratio of 27.79, a P/E/G ratio of 1.86 and a beta of 1.00.

Alphabet (NASDAQ:GOOG) last posted its quarterly earnings results on Wednesday, October 29th. The information services provider reported $2.87 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.29 by $0.58. Alphabet had a net margin of 32.23% and a return on equity of 36.08%. The company had revenue of $102.35 billion for the quarter, compared to the consensus estimate of $99.90 billion. During the same period last year, the firm posted $2.12 EPS. The company’s revenue for the quarter was up 15.9% on a year-over-year basis. Research analysts expect that Alphabet will post 8.89 earnings per share for the current year.

Insider Activity

In other news, CEO Sundar Pichai sold 32,500 shares of the firm’s stock in a transaction on Wednesday, September 17th. The stock was sold at an average price of $249.50, for a total transaction of $8,108,750.00. Following the transaction, the chief executive officer directly owned 2,397,392 shares of the company’s stock, valued at approximately $598,149,304. This trade represents a 1.34% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider John Kent Walker sold 23,820 shares of the firm’s stock in a transaction on Monday, August 4th. The shares were sold at an average price of $194.70, for a total value of $4,637,754.00. Following the transaction, the insider directly owned 42,999 shares in the company, valued at $8,371,905.30. This trade represents a 35.65% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last ninety days, insiders have sold 246,150 shares of company stock valued at $55,805,379. Company insiders own 12.99% of the company’s stock.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of GOOG. Brighton Jones LLC boosted its stake in Alphabet by 5.6% during the fourth quarter. Brighton Jones LLC now owns 120,253 shares of the information services provider’s stock valued at $22,901,000 after buying an additional 6,410 shares in the last quarter. Revisor Wealth Management LLC boosted its stake in Alphabet by 107.9% during the first quarter. Revisor Wealth Management LLC now owns 3,659 shares of the information services provider’s stock valued at $572,000 after buying an additional 1,899 shares in the last quarter. Golden State Wealth Management LLC boosted its stake in Alphabet by 6.2% during the first quarter. Golden State Wealth Management LLC now owns 10,160 shares of the information services provider’s stock valued at $1,587,000 after buying an additional 594 shares in the last quarter. Arbor Capital Management Inc. ADV bought a new position in Alphabet during the first quarter valued at about $239,000. Finally, CarsonAllaria Wealth Management Ltd. boosted its stake in Alphabet by 14.3% during the first quarter. CarsonAllaria Wealth Management Ltd. now owns 1,031 shares of the information services provider’s stock valued at $161,000 after buying an additional 129 shares in the last quarter. 27.26% of the stock is owned by institutional investors and hedge funds.

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.