Alphabet (NASDAQ:GOOGL) Price Target Raised to $323.00

Alphabet (NASDAQ:GOOGL) had its price objective increased by President Capital from $258.00 to $323.00 in a research report released on Thursday morning,MarketScreener reports. The brokerage currently has a buy rating on the information services provider’s stock.

Several other brokerages have also weighed in on GOOGL. Truist Financial increased their price objective on shares of Alphabet from $285.00 to $320.00 and gave the stock a “buy” rating in a report on Thursday, October 30th. Phillip Securities lowered shares of Alphabet from a “strong-buy” rating to a “moderate buy” rating in a report on Monday, September 8th. Canaccord Genuity Group raised their price objective on Alphabet from $270.00 to $330.00 and gave the company a “buy” rating in a research report on Thursday, October 30th. Wedbush reaffirmed an “outperform” rating and issued a $320.00 target price (up previously from $245.00) on shares of Alphabet in a research report on Thursday, October 30th. Finally, Melius Research increased their target price on Alphabet from $220.00 to $255.00 in a research note on Thursday, September 25th. Three research analysts have rated the stock with a Strong Buy rating, thirty-eight have given a Buy rating and nine have assigned a Hold rating to the stock. According to MarketBeat.com, Alphabet presently has an average rating of “Moderate Buy” and an average price target of $304.10.

Alphabet Trading Down 2.1%

Shares of GOOGL opened at $278.83 on Thursday. Alphabet has a fifty-two week low of $140.53 and a fifty-two week high of $291.59. The company has a market capitalization of $3.37 trillion, a PE ratio of 27.50, a price-to-earnings-growth ratio of 1.86 and a beta of 1.05. The stock has a fifty day moving average of $251.23 and a two-hundred day moving average of $204.56. The company has a debt-to-equity ratio of 0.07, a quick ratio of 1.90 and a current ratio of 1.90.

Alphabet (NASDAQ:GOOGL) last announced its quarterly earnings data on Wednesday, October 29th. The information services provider reported $2.87 EPS for the quarter, beating analysts’ consensus estimates of $2.29 by $0.58. Alphabet had a return on equity of 36.08% and a net margin of 32.23%.The business had revenue of $102.35 billion during the quarter, compared to the consensus estimate of $99.90 billion. As a group, analysts forecast that Alphabet will post 8.9 EPS for the current year.

Alphabet Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, December 15th. Stockholders of record on Monday, December 8th will be given a dividend of $0.21 per share. The ex-dividend date of this dividend is Monday, December 8th. This represents a $0.84 annualized dividend and a dividend yield of 0.3%. Alphabet’s dividend payout ratio (DPR) is presently 8.28%.

Insider Activity

In other Alphabet news, CEO Sundar Pichai sold 32,500 shares of Alphabet stock in a transaction on Wednesday, November 5th. The shares were sold at an average price of $283.48, for a total value of $9,213,100.00. Following the completion of the transaction, the chief executive officer owned 2,337,119 shares of the company’s stock, valued at $662,526,494.12. The trade was a 1.37% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, Director Frances Arnold sold 112 shares of the stock in a transaction on Thursday, October 30th. The stock was sold at an average price of $291.80, for a total transaction of $32,681.60. Following the sale, the director directly owned 18,004 shares in the company, valued at $5,253,567.20. This trade represents a 0.62% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold a total of 222,396 shares of company stock valued at $54,105,275 over the last three months. Company insiders own 11.64% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the company. Mystic Asset Management Inc. lifted its position in Alphabet by 6.7% during the first quarter. Mystic Asset Management Inc. now owns 28,454 shares of the information services provider’s stock worth $4,400,000 after buying an additional 1,791 shares in the last quarter. Bridgeway Capital Management LLC increased its position in shares of Alphabet by 17.9% during the first quarter. Bridgeway Capital Management LLC now owns 88,187 shares of the information services provider’s stock valued at $13,637,000 after acquiring an additional 13,371 shares during the last quarter. Alaethes Wealth LLC lifted its stake in Alphabet by 1.1% during the first quarter. Alaethes Wealth LLC now owns 7,646 shares of the information services provider’s stock worth $1,182,000 after purchasing an additional 84 shares in the last quarter. Moment Partners LLC lifted its position in shares of Alphabet by 9.3% during the second quarter. Moment Partners LLC now owns 5,896 shares of the information services provider’s stock worth $1,039,000 after purchasing an additional 504 shares in the last quarter. Finally, Blackhawk Capital Partners LLC. increased its position in shares of Alphabet by 8.4% during the first quarter. Blackhawk Capital Partners LLC. now owns 31,244 shares of the information services provider’s stock worth $4,832,000 after acquiring an additional 2,434 shares during the period. 40.03% of the stock is owned by institutional investors and hedge funds.

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.