Alphabet (NASDAQ:GOOG) Price Target Raised to $215.00 at Oppenheimer

03 Nov 2024, 15:33 by Tristan Rich · The Markets Daily

Alphabet (NASDAQ:GOOG – Free Report) had its price target lifted by Oppenheimer from $185.00 to $215.00 in a report issued on Wednesday, Benzinga reports. The firm currently has an outperform rating on the information services provider’s stock.

A number of other equities analysts also recently issued reports on GOOG. DA Davidson upgraded Alphabet to a “hold” rating in a research report on Tuesday, September 10th. Jefferies Financial Group raised their target price on Alphabet from $220.00 to $235.00 and gave the company a “buy” rating in a research report on Wednesday. Wells Fargo & Company raised their target price on Alphabet from $182.00 to $187.00 and gave the company an “equal weight” rating in a research report on Wednesday. Pivotal Research raised their target price on Alphabet from $215.00 to $225.00 and gave the company a “buy” rating in a research report on Wednesday. Finally, TD Cowen raised their target price on Alphabet from $200.00 to $220.00 and gave the company a “buy” rating in a research report on Wednesday, July 10th. Five research analysts have rated the stock with a hold rating, thirteen have given a buy rating and two have given a strong buy rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $200.56.

View Our Latest Research Report on Alphabet

Alphabet Stock Performance

Shares of GOOG stock opened at $172.65 on Wednesday. The company has a market capitalization of $2.13 trillion, a P/E ratio of 22.90, a P/E/G ratio of 1.24 and a beta of 1.04. The business’s 50 day moving average is $163.81 and its two-hundred day moving average is $170.53. The company has a current ratio of 1.95, a quick ratio of 2.08 and a debt-to-equity ratio of 0.04. Alphabet has a 12-month low of $128.11 and a 12-month high of $193.31.

Alphabet (NASDAQ:GOOG – Get Free Report) last issued its quarterly earnings results on Tuesday, October 29th. The information services provider reported $2.12 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.83 by $0.29. The company had revenue of $88.27 billion for the quarter, compared to the consensus estimate of $86.39 billion. Alphabet had a return on equity of 31.66% and a net margin of 27.74%. Alphabet’s revenue for the quarter was up 15.1% on a year-over-year basis. During the same quarter in the prior year, the business posted $1.55 earnings per share. Analysts expect that Alphabet will post 7.89 EPS for the current fiscal year.

Alphabet Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Monday, December 16th. Shareholders of record on Monday, December 9th will be paid a dividend of $0.20 per share. The ex-dividend date is Monday, December 9th. This represents a $0.80 annualized dividend and a yield of 0.46%. Alphabet’s dividend payout ratio (DPR) is 10.61%.

Insiders Place Their Bets

In other Alphabet news, Director Kavitark Ram Shriram sold 10,500 shares of the firm’s stock in a transaction on Wednesday, October 30th. The stock was sold at an average price of $180.78, for a total transaction of $1,898,190.00. Following the completion of the sale, the director now owns 330,466 shares of the company’s stock, valued at $59,741,643.48. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In other news, Director Kavitark Ram Shriram sold 10,500 shares of Alphabet stock in a transaction on Wednesday, October 30th. The stock was sold at an average price of $180.78, for a total value of $1,898,190.00. Following the completion of the sale, the director now directly owns 330,466 shares of the company’s stock, valued at approximately $59,741,643.48. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, CEO Sundar Pichai sold 22,500 shares of Alphabet stock in a transaction on Wednesday, August 7th. The shares were sold at an average price of $162.35, for a total value of $3,652,875.00. Following the completion of the sale, the chief executive officer now directly owns 2,182,385 shares of the company’s stock, valued at $354,310,204.75. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 230,244 shares of company stock valued at $37,776,954 over the last quarter. 12.99% of the stock is owned by insiders.

Institutional Investors Weigh In On Alphabet

A number of institutional investors have recently modified their holdings of GOOG. Cullinan Associates Inc. grew its stake in shares of Alphabet by 8.4% in the first quarter. Cullinan Associates Inc. now owns 124,621 shares of the information services provider’s stock valued at $18,975,000 after buying an additional 9,612 shares in the last quarter. Westhampton Capital LLC grew its stake in Alphabet by 23.9% during the 1st quarter. Westhampton Capital LLC now owns 4,040 shares of the information services provider’s stock worth $615,000 after purchasing an additional 780 shares in the last quarter. Deepwater Asset Management LLC grew its stake in Alphabet by 18.5% during the 1st quarter. Deepwater Asset Management LLC now owns 89,082 shares of the information services provider’s stock worth $13,564,000 after purchasing an additional 13,927 shares in the last quarter. Exchange Capital Management Inc. grew its stake in Alphabet by 2.9% during the 1st quarter. Exchange Capital Management Inc. now owns 6,091 shares of the information services provider’s stock worth $927,000 after purchasing an additional 170 shares in the last quarter. Finally, Financial Strategies Group Inc. grew its stake in Alphabet by 22.8% during the 1st quarter. Financial Strategies Group Inc. now owns 43,876 shares of the information services provider’s stock worth $6,939,000 after purchasing an additional 8,156 shares in the last quarter. 27.26% of the stock is owned by institutional investors and hedge funds.

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