Alphabet (NASDAQ:GOOG) Stock Price Up 1.4% – Here’s What Happened

Alphabet Inc. (NASDAQ:GOOGGet Free Report)’s share price shot up 1.4% during trading on Tuesday . The company traded as high as $385.39 and last traded at $384.84. 15,984,043 shares were traded during mid-day trading, a decline of 22% from the average session volume of 20,542,846 shares. The stock had previously closed at $379.38.

More Alphabet News

Here are the key news stories impacting Alphabet this week:

Analyst Upgrades and Downgrades

A number of brokerages recently issued reports on GOOG. Wells Fargo & Company raised Alphabet from a “hold” rating to a “strong-buy” rating in a research report on Monday, February 23rd. Needham & Company LLC set a $400.00 price target on shares of Alphabet and gave the stock a “buy” rating in a research note on Friday, March 13th. Weiss Ratings reiterated a “buy (b)” rating on shares of Alphabet in a report on Monday, April 20th. Raymond James Financial reissued a “strong-buy” rating and issued a $425.00 price objective on shares of Alphabet in a research report on Thursday, April 30th. Finally, Scotiabank restated an “outperform” rating and set a $450.00 target price (up from $400.00) on shares of Alphabet in a report on Thursday, April 30th. Six research analysts have rated the stock with a Strong Buy rating, twenty-eight have assigned a Buy rating and four have issued a Hold rating to the company. Based on data from MarketBeat.com, Alphabet currently has an average rating of “Buy” and an average target price of $372.65.

Read Our Latest Report on Alphabet

Alphabet Stock Up 1.4%

The firm has a fifty day moving average of $337.06 and a 200-day moving average of $321.78. The company has a quick ratio of 1.92, a current ratio of 1.92 and a debt-to-equity ratio of 0.16. The firm has a market cap of $4.66 trillion, a P/E ratio of 29.35, a price-to-earnings-growth ratio of 1.62 and a beta of 1.25.

Alphabet (NASDAQ:GOOGGet Free Report) last posted its quarterly earnings results on Thursday, April 30th. The information services provider reported $5.11 earnings per share for the quarter, topping the consensus estimate of $2.68 by $2.43. Alphabet had a return on equity of 38.99% and a net margin of 37.92%.The firm had revenue of $109.90 billion for the quarter, compared to analyst estimates of $106.96 billion. During the same quarter in the previous year, the firm earned $2.81 EPS. The business’s quarterly revenue was up 21.8% on a year-over-year basis. On average, equities research analysts anticipate that Alphabet Inc. will post 14.29 earnings per share for the current year.

Alphabet Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, June 15th. Investors of record on Monday, June 8th will be paid a $0.22 dividend. This is a boost from Alphabet’s previous quarterly dividend of $0.21. This represents a $0.88 annualized dividend and a dividend yield of 0.2%. The ex-dividend date of this dividend is Monday, June 8th. Alphabet’s dividend payout ratio (DPR) is 6.41%.

Insider Buying and Selling at Alphabet

In other Alphabet news, major shareholder 2019 Gp L.L.C. Gv sold 87,475 shares of the company’s stock in a transaction on Friday, May 15th. The shares were sold at an average price of $23.75, for a total transaction of $2,077,531.25. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, insider John Kent Walker sold 8,993 shares of the stock in a transaction on Friday, March 27th. The shares were sold at an average price of $275.89, for a total transaction of $2,481,078.77. Following the completion of the sale, the insider owned 51,808 shares of the company’s stock, valued at approximately $14,293,309.12. This represents a 14.79% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold 226,481 shares of company stock valued at $27,422,061 in the last 90 days. Company insiders own 12.99% of the company’s stock.

Hedge Funds Weigh In On Alphabet

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Tradewinds LLC. boosted its stake in shares of Alphabet by 2,134.8% in the third quarter. Tradewinds LLC. now owns 45,098 shares of the information services provider’s stock valued at $10,984,000 after buying an additional 43,080 shares during the period. Kathmere Capital Management LLC increased its stake in Alphabet by 8.5% during the 4th quarter. Kathmere Capital Management LLC now owns 29,896 shares of the information services provider’s stock worth $9,381,000 after acquiring an additional 2,341 shares during the period. Atlantic Union Bankshares Corp increased its stake in Alphabet by 31.3% during the 3rd quarter. Atlantic Union Bankshares Corp now owns 354,529 shares of the information services provider’s stock worth $86,345,000 after acquiring an additional 84,553 shares during the period. Baltimore Washington Financial Advisors Inc. raised its holdings in Alphabet by 0.9% in the 3rd quarter. Baltimore Washington Financial Advisors Inc. now owns 221,391 shares of the information services provider’s stock valued at $53,920,000 after acquiring an additional 2,009 shares in the last quarter. Finally, Newbridge Financial Services Group Inc. raised its holdings in Alphabet by 7.5% in the 4th quarter. Newbridge Financial Services Group Inc. now owns 60,739 shares of the information services provider’s stock valued at $19,060,000 after acquiring an additional 4,239 shares in the last quarter. Institutional investors own 27.26% of the company’s stock.

Alphabet Company Profile

(Get Free Report)

Alphabet Inc (NASDAQ: GOOG) is a multinational technology holding company headquartered in Mountain View, California. Formed in 2015 through a corporate restructuring of Google, Alphabet serves as the parent to Google LLC and a portfolio of businesses collectively known as “Other Bets.” Google was originally founded in 1998 by Larry Page and Sergey Brin; Alphabet is led by CEO Sundar Pichai, who oversees Google and the broader company while the founders remain prominent shareholders and influential figures in the company’s history.

Alphabet’s core business centers on internet search and advertising, with Google Search and the company’s ad platforms (including Google Ads and AdSense) generating the majority of revenue by connecting advertisers with consumers worldwide.

Read More

Receive News & Ratings for Alphabet Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Alphabet and related companies with MarketBeat.com's FREE daily email newsletter.