Alphabet (NASDAQ:GOOGL) Price Target Cut to $3,000.00 by Barclays Analysts
Alphabet (NASDAQ:GOOGL – Get Note) saw its price target lowered by Barclays investment analysts from $3,200.00 to $3,000.00 in a research report released to clients and investors on Tuesday, reports The Fly. Barclays’ target price suggests a potential upside of 37.95% from the company’s current price.
Several other equity research analysts have also recently published reports on GOOGL. KeyCorp reduced its price target on Alphabet from $3,400.00 to $3,075.00 and set an “overweight” rating for the company in a Wednesday, April 20 research note. Citigroup reduced its price target on Alphabet from $3,500.00 to $3,175.00 in a Wednesday, April 27 research note. Canaccord Genuity Group reduced its price target on Alphabet from $3,500.00 to $3,300.00 and set a “buy” rating for the company in a Wednesday, April 27 research note. Tigress Financial raised its price target on Alphabet from $3,540.00 to $3,670.00 and gave the company a “Strong Buy” rating in a Friday, March 18 report. Finally, Evercore ISI lowered its price target on Alphabet from $3,500.00 to $3,300.00 and set an “outperform” rating on the stock in a Wednesday, April 27 report. One equity research analyst has assigned the stock a hold rating, thirty-four have issued a buy rating and one has assigned the stock a strong buy rating. According to MarketBeat.com, the stock currently has an average rating of “Buy” and an average target price of $3,272.19.
NASDAQ:GOOGL opened at $2,174.75 on Tuesday. Alphabet has a 1-year minimum of $2,037.69 and a 1-year maximum of $3,030.93. The stock has a market capitalization of $1.43 trillion, a price/earnings ratio of 19.67, a PEG ratio of 1.06 and a beta of 1.10. The company has a fifty-day moving average of $2,256.24 and a 200-day moving average of $2,556.07. The company has a debt ratio of 0.06, a quick ratio of 2.85 and a current ratio of 2.87.
Alphabet shares are set to split on the morning of Monday, July 18. The 20-1 split was announced on Tuesday, February 1. The newly created shares will be delivered to shareholders after market close on Friday, July 15.
Alphabet (NASDAQ:GOOGL – Get Rating) last announced its results on Tuesday, April 26. The information services provider reported earnings per share of $24.62 for the quarter, missing the consensus estimate of $25.70 per ($1.08). Alphabet had a net margin of 27.57% and a return on equity of 30.18%. The company posted revenue of $56.02 billion for the quarter, versus a consensus estimate of $56.17 billion. During the same period of the previous year, the company achieved EPS of $26.29. On average, equity research analysts expect Alphabet to post an EPS of 110.62 for the current year.
In a similar vein, SVP Prabhakar Raghavan sold 1,109 shares of Alphabet in a trade that took place on Friday, July 1. The shares were sold at an average price of $2,166.74, for a total value of $2,402,914.66. Following the sale, the senior vice president now owns 1,608 shares of the company, valued at approximately $3,484,117.92. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available on the SEC’s website. Additionally, CAO Amie Thuener O’toole sold 42 shares of Alphabet in a trade that took place on Friday, July 1. The stock was sold at an average price of $2,166.74, for a total transaction of $91,003.08. Following the completion of the sale, the chief accounting officer now directly owns 1,192 shares of the company, valued at approximately $2,582,754.08. The disclosure of this sale can be found here. Insiders sold a total of 551,528 shares of the company worth $24,397,562 during the last quarter. Insiders of the company own 11.44% of the shares of the company.
A number of hedge funds have recently changed their holdings to GOOGL. Dravo Bay LLC purchased a new stake in Alphabet during Q1 for $28,000. Morling Financial Advisors LLC bought a new position in Alphabet in the fourth quarter worth $29,000. West Bancorporation Inc. bought a new position in Alphabet in the fourth quarter worth $29,000. Financial Enhancement Group LLC bought a new position in Alphabet in the first quarter worth $31,000. Finally, Wealthgate Family Office LLC purchased a new stake in Alphabet in the fourth quarter for $32,000. 41.70% of the shares are currently held by institutional investors and hedge funds.
Alphabet Company Profile (Get a rating)
Alphabet Inc provides various products and platforms in the United States, Europe, the Middle East, Africa, Asia-Pacific, Canada and Latin America. It operates through Google Services, Google Cloud and Other Bets segments. The Google Services segment offers products and services, including Ads, Android, Chrome, Hardware, Gmail, Google Drive, Google Maps, Google Photos, Google Play, Search and YouTube.
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