Alphabet (NASDAQ:GOOGL) Price Target Raised to $280.00
by Michael Walen · The Markets DailyAlphabet (NASDAQ:GOOGL – Free Report) had its price objective boosted by Citigroup from $225.00 to $280.00 in a report issued on Monday morning, MarketBeat Ratings reports. Citigroup currently has a buy rating on the information services provider’s stock.
Several other research analysts also recently commented on GOOGL. Canaccord Genuity Group lifted their price objective on Alphabet from $230.00 to $270.00 and gave the stock a “buy” rating in a report on Thursday, September 4th. Barclays raised their price target on Alphabet from $235.00 to $250.00 and gave the stock an “overweight” rating in a research report on Wednesday, September 3rd. Tigress Financial boosted their price objective on Alphabet from $240.00 to $280.00 and gave the company a “strong-buy” rating in a research report on Friday, September 5th. Wall Street Zen raised Alphabet from a “hold” rating to a “buy” rating in a research note on Saturday, September 13th. Finally, JPMorgan Chase & Co. increased their price objective on Alphabet from $200.00 to $232.00 and gave the company an “overweight” rating in a research note on Thursday, July 24th. Three analysts have rated the stock with a Strong Buy rating, thirty-two have assigned a Buy rating and ten have given a Hold rating to the stock. According to MarketBeat, Alphabet presently has a consensus rating of “Moderate Buy” and an average price target of $222.85.
Read Our Latest Analysis on GOOGL
Alphabet Trading Down 0.6%
NASDAQ GOOGL opened at $249.53 on Monday. The stock’s 50-day simple moving average is $206.38 and its two-hundred day simple moving average is $179.14. Alphabet has a twelve month low of $140.53 and a twelve month high of $253.04. The company has a quick ratio of 1.90, a current ratio of 1.90 and a debt-to-equity ratio of 0.07. The company has a market capitalization of $3.02 trillion, a price-to-earnings ratio of 26.57, a PEG ratio of 1.69 and a beta of 1.01.
Alphabet (NASDAQ:GOOGL – Get Free Report) last released its quarterly earnings results on Wednesday, July 23rd. The information services provider reported $2.31 earnings per share for the quarter, beating analysts’ consensus estimates of $2.15 by $0.16. Alphabet had a return on equity of 34.31% and a net margin of 31.12%.The business had revenue of $96.43 billion for the quarter, compared to the consensus estimate of $93.60 billion. Research analysts forecast that Alphabet will post 8.9 EPS for the current fiscal year.
Alphabet Announces Dividend
The firm also recently announced a quarterly dividend, which was paid on Monday, September 15th. Investors of record on Monday, September 8th were paid a $0.21 dividend. The ex-dividend date of this dividend was Monday, September 8th. This represents a $0.84 annualized dividend and a dividend yield of 0.3%. Alphabet’s dividend payout ratio (DPR) is presently 8.95%.
Insider Buying and Selling
In related news, CEO Sundar Pichai sold 32,500 shares of the firm’s stock in a transaction dated Wednesday, September 17th. The stock was sold at an average price of $249.50, for a total value of $8,108,750.00. Following the sale, the chief executive officer directly owned 2,397,392 shares of the company’s stock, valued at $598,149,304. This trade represents a 1.34% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CAO Amie Thuener O’toole sold 2,778 shares of the firm’s stock in a transaction dated Monday, September 15th. The stock was sold at an average price of $245.00, for a total value of $680,610.00. Following the completion of the sale, the chief accounting officer directly owned 17,293 shares in the company, valued at $4,236,785. The trade was a 13.84% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 258,088 shares of company stock valued at $52,405,304 over the last ninety days. Corporate insiders own 11.64% of the company’s stock.
Institutional Trading of Alphabet
Several large investors have recently bought and sold shares of GOOGL. Norges Bank bought a new stake in Alphabet during the 2nd quarter valued at approximately $21,944,208,000. Nuveen LLC bought a new stake in shares of Alphabet in the 1st quarter worth approximately $4,317,606,000. GAMMA Investing LLC boosted its position in shares of Alphabet by 16,993.2% in the 1st quarter. GAMMA Investing LLC now owns 16,062,457 shares of the information services provider’s stock worth $2,483,898,000 after purchasing an additional 15,968,487 shares in the last quarter. Laurel Wealth Advisors LLC boosted its position in shares of Alphabet by 17,667.7% in the 2nd quarter. Laurel Wealth Advisors LLC now owns 15,245,075 shares of the information services provider’s stock worth $2,686,640,000 after purchasing an additional 15,159,273 shares in the last quarter. Finally, Vanguard Group Inc. boosted its position in shares of Alphabet by 2.9% in the 1st quarter. Vanguard Group Inc. now owns 509,826,331 shares of the information services provider’s stock worth $78,839,544,000 after purchasing an additional 14,307,345 shares in the last quarter. 40.03% of the stock is owned by institutional investors.
About Alphabet
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.
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