Alphabet (NASDAQ:GOOGL) Price Target Reduced to $130.00


Alphabet (NASDAQ:GOOGL – Get Note) had its price target reduced by Guggenheim to $130.00 in a research note released Wednesday to investors, Stock Target Advisor reports. They currently have an outperform rating against shares of the information service provider.

Several other analysts also released reports on the stock. Rosenblatt Securities cut its price target on Alphabet shares to $205.00 and set a buy rating for the company in a research report Monday. Citigroup cut its price target on Alphabet shares from $145.00 to $140.00 and set a buy rating for the company in a research report Wednesday. Itaú Unibanco began covering Alphabet shares in a research report on Tuesday. They set a market performance rating and a price target of $113.00 for the company. Credit Suisse Group cut its price target on Alphabet shares from $143.00 to $140.00 and set an outperform rating for the company in a research report Wednesday. Finally, BMO Capital Markets lowered its price target on Alphabet shares from $165.00 to $150.00 and set an outperform rating for the company in a Wednesday, April 27 report. Five equity research analysts gave the stock a hold rating, thirty-five issued a buy rating and one issued a strong buy rating for the company’s stock. According to MarketBeat.com, Alphabet has a Moderate Buy average rating and an average price target of $149.08.

Alphabet stock up 7.7%

NASDAQ:GOOGL shares opened at $113.06 on Wednesday. Alphabet has a 52-week low of $101.88 and a 52-week high of $151.55. The company has a fifty-day moving average of $154.24 and a 200-day moving average of $139.07. The company has a market capitalization of $1.49 trillion, a PE ratio of 20.45, a price-to-earnings growth ratio of 1.12, and a beta of 1.10. The company has a debt ratio of 0.06, a quick ratio of 2.85 and a current ratio of 2.87.

Alphabet (NASDAQ:GOOGL – Get Rating) last announced its results on Tuesday, July 26. The information services provider reported earnings per share (EPS) of $1.21 for the quarter, missing the consensus estimate of $1.32 per ($0.11). Alphabet had a return on equity of 30.18% and a net margin of 27.57%. In the same quarter a year earlier, the company had earned earnings per share of $27.26. As a group, research analysts expect Alphabet to post an EPS of 5.37 for the current fiscal year.

Insider activity at Alphabet

In other news, major shareholder 2021 Gp LLC Gv purchased 255,647 shares of Alphabet in a transaction that took place on Tuesday, May 10. The stock was purchased at an average price of $34.65 per share, with a total value of $8,858,168.55. Following the completion of the transaction, the insider now directly owns 479,695 shares of the company, valued at $16,621,431.75. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available via this link. In related news, major shareholder 2021 Gp LLC Gv purchased 255,647 shares of the company in a transaction that took place on Tuesday, May 10. The shares were purchased at an average price of $34.65 per share, for a total transaction of $8,858,168.55. Following the completion of the acquisition, the insider now owns 479,695 shares of the company, valued at approximately $16,621,431.75. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available on the SEC’s website. Additionally, director Ann Mather sold 20 shares of the company in a trade that took place on Monday, June 27. The stock was sold at an average price of $2,383.32, for a total transaction of $47,666.40. Following the completion of the sale, the administrator now owns 565 shares of the company, valued at approximately $1,346,575.80. The disclosure of this sale can be found here. Insiders sold 6,039 shares of the company valued at $12,649,005 in the past 90 days. Company insiders hold 11.44% of the company’s shares.

Institutional investors weigh in on Alphabet

Institutional investors and hedge funds have recently increased or reduced their stakes in the stock. Affinity Capital Advisors LLC increased its holdings of Alphabet shares by 1.3% during the fourth quarter. Affinity Capital Advisors LLC now owns 310 shares of the information services provider worth $898,000 after buying 4 additional shares in the last quarter. Summit Financial Strategies Inc. increased its stake in Alphabet shares by 1.3% in the fourth quarter. Summit Financial Strategies Inc. now owns 322 shares of the information services provider worth $933,000 after buying 4 additional shares in the last quarter. Palisades Hudson Asset Management LP increased its stake in Alphabet shares by 1.1% in the fourth quarter. Palisades Hudson Asset Management LP now owns 361 shares of the information services provider valued at $1,046,000 after buying 4 additional shares last quarter. AFT Forsyth & Company Inc. increased its stake in Alphabet shares by 0.3% in the fourth quarter. AFT Forsyth & Company Inc. now owns 1,183 shares of the information services provider valued at $3,427,000 after buying 4 additional shares in the last quarter. Finally, Bay Harbor Wealth Management LLC increased its stake in Alphabet shares by 6.8% in the fourth quarter. Bay Harbor Wealth Management LLC now owns 63 shares of the information services provider worth $175,000 after buying 4 additional shares in the last quarter. Hedge funds and other institutional investors own 41.70% of the company’s shares.

Alphabet Company Profile

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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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