Alphabet (NASDAQ:GOOGL) Stock Price Expected to Rise, Rosenblatt Securities Analyst Says

Alphabet (NASDAQ:GOOGL) had its price objective upped by investment analysts at Rosenblatt Securities from $191.00 to $224.00 in a report issued on Wednesday,Benzinga reports. The firm presently has a “neutral” rating on the information services provider’s stock. Rosenblatt Securities’ price target points to a potential upside of 5.99% from the stock’s previous close.

Several other equities analysts also recently weighed in on GOOGL. BNP Paribas lowered shares of Alphabet from a “strong-buy” rating to a “hold” rating in a research report on Thursday, June 26th. Stifel Nicolaus raised their target price on shares of Alphabet from $200.00 to $218.00 and gave the stock a “buy” rating in a research note on Tuesday, July 22nd. DA Davidson upped their price target on Alphabet from $180.00 to $190.00 and gave the company a “neutral” rating in a research report on Tuesday. UBS Group increased their price target on Alphabet from $192.00 to $202.00 and gave the company a “neutral” rating in a report on Thursday, July 24th. Finally, Citizens Jmp raised Alphabet from a “market perform” rating to an “outperform” rating and set a $220.00 price objective on the stock in a research note on Friday, June 27th. Four investment analysts have rated the stock with a Strong Buy rating, twenty-nine have given a Buy rating and ten have issued a Hold rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $216.08.

Alphabet Stock Down 0.7%

Shares of GOOGL opened at $211.35 on Wednesday. The stock has a 50 day moving average price of $192.29 and a 200 day moving average price of $174.41. Alphabet has a one year low of $140.53 and a one year high of $214.65. The company has a debt-to-equity ratio of 0.07, a quick ratio of 1.90 and a current ratio of 1.90. The stock has a market capitalization of $2.56 trillion, a price-to-earnings ratio of 22.51, a PEG ratio of 1.43 and a beta of 1.01.

Alphabet (NASDAQ:GOOGL) last announced its quarterly earnings data 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 company had revenue of $96.43 billion for the quarter, compared to analyst estimates of $93.60 billion. Equities research analysts forecast that Alphabet will post 8.9 earnings per share for the current fiscal year.

Insider Activity

In other news, insider John Kent Walker sold 23,820 shares of the stock in a transaction dated Monday, August 4th. The stock was sold at an average price of $194.70, for a total value of $4,637,754.00. Following the transaction, the insider owned 42,999 shares in the company, valued at approximately $8,371,905.30. This represents a 35.65% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director John L. Hennessy sold 1,000 shares of the firm’s stock in a transaction that occurred on Friday, August 8th. The stock was sold at an average price of $200.00, for a total transaction of $200,000.00. Following the sale, the director directly owned 6,916 shares in the company, valued at approximately $1,383,200. The trade was a 12.63% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 222,210 shares of company stock worth $41,742,155. Insiders own 11.55% of the company’s stock.

Hedge Funds Weigh In On Alphabet

Large investors have recently bought and sold shares of the stock. Eagle Capital Management LLC boosted its holdings in shares of Alphabet by 0.7% in the fourth quarter. Eagle Capital Management LLC now owns 50,132 shares of the information services provider’s stock valued at $9,490,000 after acquiring an additional 371 shares during the period. Brighton Jones LLC boosted its stake in Alphabet by 3.9% during the 4th quarter. Brighton Jones LLC now owns 110,330 shares of the information services provider’s stock worth $20,886,000 after purchasing an additional 4,110 shares during the period. Revolve Wealth Partners LLC grew its position in Alphabet by 3.5% during the 4th quarter. Revolve Wealth Partners LLC now owns 14,930 shares of the information services provider’s stock worth $2,826,000 after purchasing an additional 506 shares during the last quarter. Highview Capital Management LLC DE increased its stake in Alphabet by 3.6% in the fourth quarter. Highview Capital Management LLC DE now owns 29,100 shares of the information services provider’s stock valued at $5,509,000 after purchasing an additional 1,003 shares during the period. Finally, Legacy Investment Solutions LLC raised its holdings in shares of Alphabet by 13.7% in the fourth quarter. Legacy Investment Solutions LLC now owns 980 shares of the information services provider’s stock valued at $182,000 after buying an additional 118 shares during the last quarter. Institutional investors and hedge funds own 40.03% of the company’s stock.

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.