Alphabet (NASDAQ:GOOG) Price Target Raised to $192.00

02 Nov 2024, 15:46 by Mitch Edgeman · The Markets Daily

Alphabet (NASDAQ:GOOG – Free Report) had its price target increased by UBS Group from $187.00 to $192.00 in a report released on Wednesday, Benzinga reports. They currently have a neutral rating on the information services provider’s stock.

A number of other research firms have also recently weighed in on GOOG. Scotiabank began coverage on shares of Alphabet in a research note on Friday, October 11th. They set a “sector outperform” rating and a $212.00 price target on the stock. Wolfe Research raised Alphabet to a “strong-buy” rating in a research note on Tuesday, July 16th. Cantor Fitzgerald raised Alphabet to a “hold” rating in a research note on Thursday, September 5th. Oppenheimer decreased their target price on Alphabet from $210.00 to $185.00 and set an “outperform” rating on the stock in a research report on Wednesday, September 25th. Finally, Pivotal Research lifted their price target on Alphabet from $215.00 to $225.00 and gave the stock a “buy” rating in a research note on Wednesday. Five analysts have rated the stock with a hold rating, thirteen have given a buy rating and two 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 price target of $200.56.

Read Our Latest Analysis on Alphabet

Alphabet Stock Down 0.0 %

Shares of NASDAQ:GOOG opened at $172.65 on Wednesday. Alphabet has a fifty-two week low of $128.11 and a fifty-two week high of $193.31. The company has a quick ratio of 2.08, a current ratio of 1.95 and a debt-to-equity ratio of 0.04. The firm’s 50-day simple moving average is $163.81 and its 200-day simple moving average is $170.43. The company has a market cap of $2.13 trillion, a price-to-earnings ratio of 22.90, a PEG ratio of 1.31 and a beta of 1.04.

Alphabet (NASDAQ:GOOG – Get Free Report) last announced its quarterly earnings data on Tuesday, October 29th. The information services provider reported $2.12 earnings per share for the quarter, beating analysts’ consensus estimates of $1.83 by $0.29. The company had revenue of $88.27 billion for the quarter, compared to analyst estimates of $86.39 billion. Alphabet had a return on equity of 31.66% and a net margin of 27.74%. The firm’s revenue for the quarter was up 15.1% compared to the same quarter last year. During the same quarter in the previous year, the company earned $1.55 EPS. As a group, equities research analysts predict that Alphabet will post 7.83 earnings per share for the current year.

Alphabet Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, December 16th. Stockholders of record on Monday, December 9th will be given a dividend of $0.20 per share. The ex-dividend date of this dividend is Monday, December 9th. This represents a $0.80 dividend on an annualized basis and a dividend yield of 0.46%. Alphabet’s payout ratio is currently 10.61%.

Insider Activity at Alphabet

In other Alphabet news, CEO Sundar Pichai sold 22,500 shares of the firm’s stock in a transaction that occurred on Wednesday, August 7th. The stock was sold at an average price of $162.35, for a total transaction of $3,652,875.00. Following the completion of the sale, the chief executive officer now owns 2,182,385 shares in the company, valued at $354,310,204.75. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In other news, SVP Prabhakar Raghavan sold 34,257 shares of the business’s stock in a transaction that occurred on Thursday, August 15th. The stock was sold at an average price of $162.60, for a total value of $5,570,188.20. Following the completion of the sale, the senior vice president now directly owns 312,210 shares in the company, valued at approximately $50,765,346. The trade was a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, 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 stock was sold at an average price of $162.35, for a total transaction of $3,652,875.00. Following the completion of the transaction, the chief executive officer now directly owns 2,182,385 shares of the company’s stock, valued at approximately $354,310,204.75. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders sold 230,244 shares of company stock valued at $37,776,954. Corporate insiders own 12.99% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently modified their holdings of the business. Abich Financial Wealth Management LLC grew its holdings in shares of Alphabet by 9,200.0% during the second quarter. Abich Financial Wealth Management LLC now owns 186 shares of the information services provider’s stock valued at $34,000 after purchasing an additional 184 shares during the last quarter. 1620 Investment Advisors Inc. acquired a new position in Alphabet during the 2nd quarter valued at approximately $37,000. HWG Holdings LP bought a new position in Alphabet during the 2nd quarter worth $40,000. Slocum Gordon & Co LLP acquired a new stake in Alphabet in the second quarter worth $44,000. Finally, Hoese & Co LLP lifted its stake in Alphabet by 62.5% in the second quarter. Hoese & Co LLP now owns 260 shares of the information services provider’s stock valued at $45,000 after buying an additional 100 shares during the last quarter. 27.26% of the stock is owned by institutional investors and hedge funds.

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