Alphabet (NASDAQ:GOOG) Price Target Raised to $345.00

Alphabet (NASDAQ:GOOG) had its price objective increased by Oppenheimer from $300.00 to $345.00 in a report released on Thursday morning, Marketbeat.com reports. They currently have an outperform rating on the information services provider’s stock.

Several other equities analysts have also weighed in on GOOG. Phillip Securities lowered shares of Alphabet from a “strong-buy” rating to a “moderate buy” rating in a report on Monday, September 8th. Piper Sandler reaffirmed a “neutral” rating on shares of Alphabet in a report on Wednesday, July 9th. Morgan Stanley lifted their target price on shares of Alphabet from $210.00 to $270.00 and gave the company an “overweight” rating in a report on Thursday, October 2nd. Barclays reaffirmed a “buy” rating on shares of Alphabet in a report on Wednesday, July 9th. Finally, Mizuho set a $325.00 target price on shares of Alphabet in a report on Thursday. Five investment 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. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $324.81.

Alphabet Price Performance

NASDAQ:GOOG 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. The firm has a market cap of $3.41 trillion, a price-to-earnings ratio of 27.79, a price-to-earnings-growth ratio of 1.86 and a beta of 1.00. The company has a 50 day moving average price of $244.59 and a 200-day moving average price of $200.98. Alphabet has a 1-year low of $142.66 and a 1-year high of $291.93.

Alphabet (NASDAQ:GOOG) last posted its earnings results on Wednesday, October 29th. The information services provider reported $2.87 earnings per share for the quarter, beating the consensus estimate of $2.29 by $0.58. The firm had revenue of $102.35 billion during 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 business’s quarterly revenue was up 15.9% on a year-over-year basis. During the same period in the previous year, the firm earned $2.12 EPS. Equities research analysts forecast that Alphabet will post 8.89 EPS for the current year.

Insider Buying and Selling

In related news, CAO Amie Thuener O’toole sold 2,778 shares of the business’s stock in a transaction on Wednesday, October 15th. The shares were sold at an average price of $250.05, for a total value of $694,638.90. Following the completion of the sale, the chief accounting officer owned 14,516 shares of the company’s stock, valued at approximately $3,629,725.80. The trade was a 16.06% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director John L. Hennessy sold 600 shares of the company’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 directly 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. 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 in the last 90 days. 12.99% of the stock is owned by insiders.

Institutional Investors Weigh In On Alphabet

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