Alphabet (NASDAQ:GOOG) Price Target Raised to $335.00

Alphabet (NASDAQ:GOOG) had its target price hoisted by Bank of America from $280.00 to $335.00 in a research note issued to investors on Thursday morning, MarketBeat reports. Bank of America currently has a buy rating on the information services provider’s stock.

Several other analysts have also weighed in on GOOG. Barclays reissued a “buy” rating on shares of Alphabet in a report on Wednesday, July 9th. Jefferies Financial Group lifted their price objective on Alphabet from $230.00 to $285.00 and gave the stock a “buy” rating in a report on Thursday, October 2nd. Piper Sandler lifted their price objective on Alphabet from $285.00 to $330.00 and gave the stock an “overweight” rating in a report on Thursday. Robert W. Baird lifted their price objective on Alphabet from $215.00 to $275.00 and gave the stock an “outperform” rating in a report on Monday, September 22nd. Finally, Raymond James Financial set a $275.00 price objective on Alphabet and gave the stock an “outperform” rating in a report on Friday, October 24th. Five 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 issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, Alphabet presently has an average rating of “Moderate Buy” and a consensus price target of $324.81.

Alphabet Stock Performance

GOOG opened at $281.82 on Thursday. The firm has a market capitalization of $3.41 trillion, a P/E ratio of 27.79, a price-to-earnings-growth ratio of 1.86 and a beta of 1.00. The stock’s 50 day moving average price is $244.59 and its two-hundred day moving average price is $200.98. The company has a quick ratio of 1.90, a current ratio of 1.90 and a debt-to-equity ratio of 0.07. Alphabet has a 12-month low of $142.66 and a 12-month high of $291.93.

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

Insiders Place Their Bets

In related news, 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 value of $145,752.00. Following the sale, the director owned 5,116 shares of the company’s stock, valued at $1,242,778.72. The trade was a 10.50% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider John Kent Walker sold 17,816 shares of the business’s stock in a transaction on Monday, September 29th. The shares were sold at an average price of $247.42, for a total value of $4,408,034.72. Following the completion of the sale, the insider directly owned 42,985 shares in the company, valued at approximately $10,635,348.70. This represents a 29.30% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 246,150 shares of company stock worth $55,805,379 over the last quarter. Corporate insiders own 12.99% of the company’s stock.

Institutional Trading of Alphabet

Several institutional investors have recently bought and sold shares of GOOG. Kingstone Capital Partners Texas LLC raised its position in Alphabet by 580,897.4% in the 2nd quarter. Kingstone Capital Partners Texas LLC now owns 135,087,705 shares of the information services provider’s stock valued at $23,963,208,000 after purchasing an additional 135,064,454 shares during the last quarter. Norges Bank bought a new position in Alphabet in the 2nd quarter valued at $4,298,572,000. Nuveen LLC bought a new position in Alphabet in the 1st quarter valued at $2,622,943,000. Vanguard Group Inc. raised its position in Alphabet by 2.4% in the 1st quarter. Vanguard Group Inc. now owns 411,570,922 shares of the information services provider’s stock valued at $64,299,725,000 after purchasing an additional 9,687,855 shares during the last quarter. Finally, JPMorgan Chase & Co. raised its position in Alphabet by 9.9% in the 1st quarter. JPMorgan Chase & Co. now owns 102,232,997 shares of the information services provider’s stock valued at $15,971,861,000 after purchasing an additional 9,243,959 shares during the last quarter. Institutional investors and hedge funds own 27.26% 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.