Alphabet (NASDAQ:GOOG) Shares Up 0.6% – Still a Buy?

28 Nov 2024, 17:26 by Danessa Lincoln · The Markets Daily

Alphabet Inc. (NASDAQ:GOOG – Get Free Report)’s share price traded up 0.6% during trading on Tuesday . The company traded as high as $170.80 and last traded at $170.41. 3,516,119 shares were traded during trading, a decline of 82% from the average session volume of 19,584,447 shares. The stock had previously closed at $169.43.

Wall Street Analysts Forecast Growth

GOOG has been the topic of several analyst reports. Seaport Res Ptn raised shares of Alphabet from a “hold” rating to a “strong-buy” rating in a report on Tuesday, October 29th. UBS Group lifted their price objective on Alphabet from $187.00 to $192.00 and gave the company a “neutral” rating in a report on Wednesday, October 30th. DA Davidson upgraded Alphabet to a “hold” rating in a research report on Tuesday, September 10th. Phillip Securities raised Alphabet to a “strong-buy” rating in a report on Friday, November 1st. Finally, Canaccord Genuity Group upped their price objective on Alphabet from $220.00 to $225.00 and gave the stock a “buy” rating in a report on Wednesday, October 30th. Five research analysts have rated the stock with a hold rating, thirteen have issued a buy rating and three have issued a strong buy rating to the company. Based on data from MarketBeat, Alphabet has a consensus rating of “Moderate Buy” and an average target price of $200.56.

Read Our Latest Report on GOOG

Alphabet Stock Up 0.1 %

The company has a debt-to-equity ratio of 0.04, a current ratio of 1.95 and a quick ratio of 1.95. The firm’s 50-day moving average price is $169.71 and its 200 day moving average price is $171.85. The firm has a market capitalization of $2.09 trillion, a price-to-earnings ratio of 22.66, a price-to-earnings-growth ratio of 1.18 and a beta of 1.04.

Alphabet (NASDAQ:GOOG – Get Free Report) last announced its earnings results on Tuesday, October 29th. The information services provider reported $2.12 EPS for the quarter, beating analysts’ consensus estimates of $1.83 by $0.29. The firm had revenue of $88.27 billion for the quarter, compared to analysts’ expectations of $86.39 billion. Alphabet had a return on equity of 31.66% and a net margin of 27.74%. Alphabet’s quarterly revenue was up 15.1% on a year-over-year basis. During the same quarter in the prior year, the firm earned $1.55 EPS. Sell-side analysts expect that Alphabet Inc. will post 8.02 EPS for the current year.

Alphabet Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Monday, December 16th. Investors of record on Monday, December 9th will be given a dividend of $0.20 per share. This represents a $0.80 dividend on an annualized basis and a yield of 0.47%. The ex-dividend date is Monday, December 9th. Alphabet’s dividend payout ratio is presently 10.61%.

Insider Buying and Selling at Alphabet

In related news, Director Kavitark Ram Shriram sold 10,500 shares of the company’s stock in a transaction that occurred on Wednesday, October 30th. The shares were sold at an average price of $180.78, for a total transaction of $1,898,190.00. Following the transaction, the director now owns 330,466 shares of the company’s stock, valued at approximately $59,741,643.48. This represents a 3.08 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, CEO Sundar Pichai sold 22,500 shares of the firm’s stock in a transaction that occurred on Wednesday, November 20th. The stock was sold at an average price of $176.67, for a total transaction of $3,975,075.00. Following the sale, the chief executive officer now owns 2,061,806 shares in the company, valued at approximately $364,259,266.02. This trade represents a 1.08 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 206,795 shares of company stock worth $34,673,866. Corporate insiders own 12.99% of the company’s stock.

Hedge Funds Weigh In On Alphabet

Institutional investors have recently added to or reduced their stakes in the business. FMR LLC increased its stake in shares of Alphabet by 5.2% during the 3rd quarter. FMR LLC now owns 114,802,133 shares of the information services provider’s stock valued at $19,193,768,000 after acquiring an additional 5,655,022 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its position in Alphabet by 10.3% during the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 33,334,082 shares of the information services provider’s stock worth $5,573,125,000 after purchasing an additional 3,113,395 shares during the last quarter. Assenagon Asset Management S.A. raised its stake in Alphabet by 65.9% during the third quarter. Assenagon Asset Management S.A. now owns 6,294,332 shares of the information services provider’s stock worth $1,052,349,000 after purchasing an additional 2,500,621 shares during the period. Granite Bay Wealth Management LLC raised its stake in Alphabet by 6,610.0% during the second quarter. Granite Bay Wealth Management LLC now owns 1,769,160 shares of the information services provider’s stock worth $301,312,000 after purchasing an additional 1,742,794 shares during the period. Finally, Canada Pension Plan Investment Board boosted its holdings in shares of Alphabet by 27.8% in the 2nd quarter. Canada Pension Plan Investment Board now owns 7,499,245 shares of the information services provider’s stock valued at $1,375,512,000 after purchasing an additional 1,632,691 shares during the last quarter. 27.26% of the stock is currently owned by institutional investors and hedge funds.

Alphabet Company Profile

(Get Free Report)

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.