Alphabet (NASDAQ:GOOG) Price Target Raised to $330.00

Alphabet (NASDAQ:GOOG) had its price objective lifted by Piper Sandler from $285.00 to $330.00 in a research report report published on Thursday morning, MarketBeat.com reports. Piper Sandler currently has an overweight rating on the information services provider’s stock.

Several other equities analysts have also recently issued reports on the stock. HSBC reissued a “buy” rating and issued a $335.00 price objective on shares of Alphabet in a research note on Thursday. KeyCorp set a $265.00 price objective on shares of Alphabet in a research note on Wednesday, September 3rd. Weiss Ratings reissued a “buy (b)” rating on shares of Alphabet in a research note on Wednesday, October 8th. Phillip Securities cut shares of Alphabet from a “strong-buy” rating to a “moderate buy” rating in a research note on Monday, September 8th. Finally, Pivotal Research boosted their price objective on shares of Alphabet from $300.00 to $350.00 and gave the company a “buy” rating in a research note on Thursday. Five equities research analysts have rated the stock with a Strong Buy rating, twenty-seven have issued a Buy rating, four have issued a Hold rating and three have given a Sell rating to the stock. Based on data from MarketBeat.com, Alphabet presently has a consensus rating of “Moderate Buy” and a consensus price target of $324.81.

Alphabet Stock Performance

Shares of GOOG opened at $281.82 on Thursday. 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 firm has a market cap of $3.41 trillion, a PE ratio of 27.79, a price-to-earnings-growth ratio of 1.86 and a beta of 1.00. The company’s 50 day simple moving average is $244.59 and its 200-day simple moving average is $200.98. Alphabet has a 12-month low of $142.66 and a 12-month high of $291.93.

Alphabet (NASDAQ:GOOG) last announced its 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. The business had revenue of $102.35 billion for the quarter, compared to analyst estimates of $99.90 billion. Alphabet had a net margin of 32.23% and a return on equity of 36.08%. The company’s revenue for the quarter was up 15.9% compared to the same quarter last year. During the same period last year, the firm posted $2.12 earnings per share. As a group, equities analysts predict that Alphabet will post 8.89 EPS for the current year.

Insider Activity at Alphabet

In other Alphabet news, CEO Sundar Pichai sold 32,500 shares of the business’s stock in a transaction on Wednesday, October 15th. The shares were 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 in the company, valued at approximately $592,760,192.85. The trade was a 1.35% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director John L. Hennessy sold 600 shares of the business’s stock in a transaction on Monday, October 13th. The stock was sold at an average price of $242.92, for a total transaction of $145,752.00. Following the sale, the director owned 5,116 shares in the company, valued at $1,242,778.72. The trade was a 10.50% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last ninety days, insiders sold 246,150 shares of company stock worth $55,805,379. 12.99% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Alphabet

Several institutional investors have recently made changes to their positions in the stock. Riverwater Partners LLC boosted its position in shares of Alphabet by 22.4% during the 3rd quarter. Riverwater Partners LLC now owns 5,477 shares of the information services provider’s stock worth $1,334,000 after purchasing an additional 1,001 shares in the last quarter. Tandem Financial LLC boosted its position in shares of Alphabet by 2.8% in the 3rd quarter. Tandem Financial LLC now owns 3,255 shares of the information services provider’s stock worth $793,000 after buying an additional 88 shares in the last quarter. NWF Advisory Services Inc. boosted its position in shares of Alphabet by 1.7% in the 3rd quarter. NWF Advisory Services Inc. now owns 82,635 shares of the information services provider’s stock worth $20,126,000 after buying an additional 1,366 shares in the last quarter. Alta Advisers Ltd boosted its position in shares of Alphabet by 0.5% in the 3rd quarter. Alta Advisers Ltd now owns 23,903 shares of the information services provider’s stock worth $5,822,000 after buying an additional 120 shares in the last quarter. Finally, Fortis Capital Advisors LLC boosted its position in shares of Alphabet by 9.8% in the 3rd quarter. Fortis Capital Advisors LLC now owns 23,995 shares of the information services provider’s stock worth $5,844,000 after buying an additional 2,147 shares in the last quarter. 27.26% of the stock is currently owned by hedge funds and other institutional investors.

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.