Alphabet (NASDAQ:GOOGL) Price Target Raised to $355.00 at Loop Capital

Alphabet (NASDAQ:GOOGLFree Report) had its target price upped by Loop Capital from $320.00 to $355.00 in a research report report published on Monday,MarketScreener reports. They currently have a buy rating on the information services provider’s stock.

Several other research analysts have also recently issued reports on the company. China Renaissance increased their price target on Alphabet from $330.00 to $400.00 and gave the stock a “buy” rating in a research note on Friday, February 6th. HSBC upped their price objective on shares of Alphabet from $335.00 to $370.00 and gave the stock a “buy” rating in a report on Tuesday, December 2nd. Pivotal Research raised their target price on shares of Alphabet from $400.00 to $420.00 and gave the company a “buy” rating in a research note on Thursday, February 5th. President Capital boosted their price target on shares of Alphabet from $323.00 to $375.00 and gave the stock a “buy” rating in a research report on Tuesday, February 10th. Finally, Evercore reaffirmed an “outperform” rating and issued a $400.00 price target (up from $325.00) on shares of Alphabet in a research note on Thursday, February 5th. Three investment analysts have rated the stock with a Strong Buy rating, forty-three have assigned a Buy rating and five have issued a Hold rating to the stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $366.57.

Read Our Latest Report on Alphabet

Alphabet Stock Performance

GOOGL opened at $311.49 on Monday. The business’s 50 day moving average is $320.38 and its 200-day moving average is $280.27. The stock has a market cap of $3.77 trillion, a PE ratio of 28.82, a price-to-earnings-growth ratio of 1.85 and a beta of 1.09. The company has a current ratio of 2.01, a quick ratio of 2.01 and a debt-to-equity ratio of 0.11. Alphabet has a twelve month low of $140.53 and a twelve month high of $349.00.

Alphabet (NASDAQ:GOOGLGet Free Report) last issued its quarterly earnings data on Wednesday, February 4th. The information services provider reported $2.82 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.57 by $0.25. Alphabet had a return on equity of 35.01% and a net margin of 32.81%.The business had revenue of $113.83 billion during the quarter, compared to analyst estimates of $111.24 billion. On average, analysts predict that Alphabet will post 8.9 earnings per share for the current year.

Alphabet Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, March 16th. Shareholders of record on Monday, March 9th will be issued a $0.21 dividend. This represents a $0.84 annualized dividend and a dividend yield of 0.3%. The ex-dividend date is Monday, March 9th. Alphabet’s dividend payout ratio (DPR) is presently 7.77%.

Insider Buying and Selling at Alphabet

In related news, CEO Sundar Pichai sold 32,500 shares of the company’s stock in a transaction that occurred on Wednesday, February 18th. The shares were sold at an average price of $303.92, for a total value of $9,877,400.00. Following the completion of the sale, the chief executive officer owned 2,818,524 shares in the company, valued at approximately $856,605,814.08. This represents a 1.14% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director John L. Hennessy sold 600 shares of the firm’s stock in a transaction that occurred on Friday, February 13th. The stock was sold at an average price of $306.73, for a total transaction of $184,038.00. Following the completion of the transaction, the director directly owned 20,624 shares of the company’s stock, valued at $6,325,999.52. This represents a 2.83% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 2,112,482 shares of company stock valued at $119,145,289 over the last three months. 11.55% of the stock is owned by insiders.

Institutional Investors Weigh In On Alphabet

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Vanguard Group Inc. increased its position in Alphabet by 2.4% in the 4th quarter. Vanguard Group Inc. now owns 528,969,322 shares of the information services provider’s stock worth $165,567,398,000 after purchasing an additional 12,531,695 shares during the last quarter. State Street Corp grew its stake in shares of Alphabet by 1.8% in the 2nd quarter. State Street Corp now owns 229,954,269 shares of the information services provider’s stock valued at $40,524,841,000 after buying an additional 4,008,374 shares in the last quarter. Geode Capital Management LLC increased its holdings in Alphabet by 1.9% in the fourth quarter. Geode Capital Management LLC now owns 146,193,037 shares of the information services provider’s stock worth $45,625,595,000 after buying an additional 2,666,676 shares during the last quarter. Norges Bank acquired a new position in Alphabet in the second quarter worth approximately $21,944,208,000. Finally, Bank of America Corp DE raised its position in Alphabet by 4.9% during the fourth quarter. Bank of America Corp DE now owns 69,108,183 shares of the information services provider’s stock valued at $21,630,861,000 after acquiring an additional 3,218,852 shares in the last quarter. Hedge funds and other institutional investors own 40.03% of the company’s stock.

More Alphabet News

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Alphabet Company Profile

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Alphabet Inc is the holding company created in 2015 to organize Google and a portfolio of businesses developing technologies beyond Google’s core internet services. Its principal operations are led by Google, which builds and operates consumer-facing products such as Google Search, YouTube, Android, Chrome, Gmail, Google Maps and Google Workspace, as well as advertising platforms (Google Ads and AdSense) that historically generate the majority of its revenue. Google also develops consumer hardware (Pixel phones, Nest smart-home devices, Chromecast) and developer and distribution platforms such as Google Play.

Beyond Google’s consumer and advertising businesses, Alphabet invests in enterprise and infrastructure offerings through Google Cloud, which provides cloud computing, data analytics and productivity services to businesses and institutions.

Further Reading

Analyst Recommendations for Alphabet (NASDAQ:GOOGL)

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