Alphabet (NASDAQ:GOOG) Stock Price Up 4% – Here’s Why

by · The Cerbat Gem

Alphabet Inc. (NASDAQ:GOOG – Get Free Report)’s stock price shot up 4% during trading on Wednesday . The company traded as high as $399.93 and last traded at $399.04. 18,043,005 shares changed hands during mid-day trading, a decline of 13% from the average session volume of 20,800,010 shares. The stock had previously closed at $383.82.

Trending Headlines about Alphabet

Here are the key news stories impacting Alphabet this week:

Analysts Set New Price Targets

Several research analysts have weighed in on GOOG shares. Weiss Ratings reiterated a “buy (b)” rating on shares of Alphabet in a research note on Monday, April 20th. DZ Bank raised Alphabet to a “strong-buy” rating in a report on Monday, February 16th. Oppenheimer reiterated an “outperform” rating and issued a $425.00 price objective on shares of Alphabet in a research report on Thursday, April 30th. UBS Group reissued a “neutral” rating and issued a $348.00 price objective (up from $345.00) on shares of Alphabet in a research note on Thursday, February 12th. Finally, Wells Fargo & Company upgraded shares of Alphabet from a “hold” rating to a “strong-buy” rating in a research note on Monday, February 23rd. Six research analysts have rated the stock with a Strong Buy rating, twenty-eight have issued a Buy rating and four have given a Hold rating to the company. Based on data from MarketBeat, Alphabet currently has an average rating of “Buy” and an average target price of $362.73.

Read Our Latest Stock Report on GOOG

Alphabet Stock Performance

The stock has a 50 day moving average of $321.91 and a two-hundred day moving average of $314.45. The stock has a market capitalization of $4.84 trillion, a PE ratio of 30.44, a P/E/G ratio of 1.58 and a beta of 1.25. The company has a debt-to-equity ratio of 0.16, a current ratio of 1.92 and a quick ratio of 1.92.

Alphabet (NASDAQ:GOOG – Get Free Report) last released its earnings results on Thursday, April 30th. The information services provider reported $5.11 EPS for the quarter, beating analysts’ consensus estimates of $2.68 by $2.43. The company had revenue of $109.90 billion during the quarter, compared to the consensus estimate of $106.96 billion. Alphabet had a return on equity of 38.99% and a net margin of 37.92%.Alphabet’s quarterly revenue was up 21.8% compared to the same quarter last year. During the same quarter last year, the company earned $2.81 earnings per share. Research analysts expect that Alphabet Inc. will post 14.29 EPS for the current fiscal year.

Alphabet Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, June 15th. Shareholders of record on Monday, June 8th will be given a dividend of $0.22 per share. The ex-dividend date is Monday, June 8th. This is an increase from Alphabet’s previous quarterly dividend of $0.21. This represents a $0.88 annualized dividend and a yield of 0.2%. Alphabet’s dividend payout ratio (DPR) is currently 6.41%.

Insider Activity at Alphabet

In related news, CEO Sundar Pichai sold 32,500 shares of the firm’s stock in a transaction that occurred on Wednesday, March 4th. The stock was sold at an average price of $303.38, for a total value of $9,859,850.00. Following the completion of the transaction, the chief executive officer directly owned 1,674,560 shares of the company’s stock, valued at $508,028,012.80. This trade represents a 1.90% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider John Kent Walker sold 47,574 shares of the business’s stock in a transaction on Tuesday, February 17th. The stock was sold at an average price of $301.45, for a total value of $14,341,182.30. Following the sale, the insider owned 13,227 shares in the company, valued at approximately $3,987,279.15. The trade was a 78.25% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last ninety days, insiders sold 158,553 shares of company stock valued at $47,951,856. 12.99% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in the company. Nvest Wealth Strategies Inc. purchased a new stake in shares of Alphabet in the fourth quarter valued at about $38,000. Lifetime Wealth Management P.C. purchased a new position in shares of Alphabet during the 4th quarter worth approximately $38,000. Imprint Wealth LLC purchased a new position in shares of Alphabet during the 3rd quarter worth approximately $31,000. Bard Associates Inc. acquired a new position in shares of Alphabet during the 4th quarter worth approximately $41,000. Finally, Manning & Napier Advisors LLC purchased a new stake in Alphabet in the 3rd quarter valued at approximately $32,000. Hedge funds and other institutional investors own 27.26% of the company’s stock.

About Alphabet

(Get Free Report)

Alphabet Inc (NASDAQ: GOOG) is a multinational technology holding company headquartered in Mountain View, California. Formed in 2015 through a corporate restructuring of Google, Alphabet serves as the parent to Google LLC and a portfolio of businesses collectively known as “Other Bets.” Google was originally founded in 1998 by Larry Page and Sergey Brin; Alphabet is led by CEO Sundar Pichai, who oversees Google and the broader company while the founders remain prominent shareholders and influential figures in the company’s history.

Alphabet’s core business centers on internet search and advertising, with Google Search and the company’s ad platforms (including Google Ads and AdSense) generating the majority of revenue by connecting advertisers with consumers worldwide.

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