Alphabet (NASDAQ:GOOGL) Price Target Raised to $260.00

Alphabet (NASDAQ:GOOGL) had its price objective lifted by Loop Capital from $190.00 to $260.00 in a research report report published on Friday,MarketScreener reports. Loop Capital currently has a hold rating on the information services provider’s stock.

A number of other equities analysts also recently issued reports on GOOGL. Sanford C. Bernstein raised their price objective on Alphabet from $210.00 to $260.00 and gave the stock a “market perform” rating in a research report on Wednesday, October 22nd. Melius Research raised their price target on shares of Alphabet from $220.00 to $255.00 in a report on Thursday, September 25th. UBS Group reissued a “neutral” rating on shares of Alphabet in a research note on Wednesday, October 22nd. Citigroup lifted their target price on shares of Alphabet from $225.00 to $280.00 and gave the stock a “buy” rating in a research note on Monday, September 15th. Finally, HSBC initiated coverage on shares of Alphabet in a research note on Tuesday, October 7th. They set a “buy” rating and a $285.00 target price for the company. Four analysts have rated the stock with a Strong Buy rating, thirty-four have given a Buy rating and ten have assigned a Hold rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $263.55.

Alphabet Stock Up 2.7%

Shares of NASDAQ:GOOGL opened at $259.92 on Friday. The firm has a market cap of $3.14 trillion, a P/E ratio of 27.68, a P/E/G ratio of 1.75 and a beta of 1.00. The company has a quick ratio of 1.90, a current ratio of 1.90 and a debt-to-equity ratio of 0.07. Alphabet has a 12-month low of $140.53 and a 12-month high of $261.68. The business has a fifty day simple moving average of $236.72 and a 200 day simple moving average of $195.85.

Insiders Place Their Bets

In other news, Director Frances Arnold sold 103 shares of the business’s stock in a transaction that occurred on Tuesday, September 30th. The stock was sold at an average price of $243.13, for a total transaction of $25,042.39. Following the completion of the sale, the director owned 17,284 shares in the company, valued at $4,202,258.92. The trade was a 0.59% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CAO Amie Thuener O’toole sold 2,778 shares of the business’s stock in a transaction that occurred on Wednesday, October 15th. The shares were sold at an average price of $250.05, for a total value of $694,638.90. Following the sale, the chief accounting officer owned 14,516 shares of the company’s stock, valued at approximately $3,629,725.80. This represents a 16.06% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 246,150 shares of company stock worth $55,805,379 over the last three months. Insiders own 11.55% of the company’s stock.

Institutional Trading of Alphabet

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Guardian Wealth Management Inc. increased its holdings in Alphabet by 242.9% during the 1st quarter. Guardian Wealth Management Inc. now owns 168 shares of the information services provider’s stock worth $26,000 after purchasing an additional 119 shares in the last quarter. von Borstel & Associates Inc. bought a new stake in Alphabet during the 1st quarter worth approximately $28,000. IMA Advisory Services Inc. bought a new stake in Alphabet during the 1st quarter worth approximately $28,000. NBZ Investment Advisors LLC grew its holdings in Alphabet by 85.7% during the first quarter. NBZ Investment Advisors LLC now owns 195 shares of the information services provider’s stock worth $30,000 after buying an additional 90 shares in the last quarter. Finally, Financial Gravity Companies Inc. bought a new stake in Alphabet during the second quarter worth $31,000. Institutional investors 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.