Alphabet (NASDAQ:GOOGL) Price Target Raised to $357.00 at Rosenblatt Securities

Alphabet (NASDAQ:GOOGLGet Free Report) had its target price hoisted by equities researchers at Rosenblatt Securities from $279.00 to $357.00 in a research report issued on Thursday,Benzinga reports. The firm presently has a “neutral” rating on the information services provider’s stock. Rosenblatt Securities’ price target would suggest a potential upside of 7.19% from the stock’s current price.

GOOGL has been the subject of a number of other research reports. Wolfe Research upped their price objective on Alphabet from $380.00 to $390.00 and gave the company an “outperform” rating in a research note on Friday, January 23rd. Moffett Nathanson increased their price target on shares of Alphabet from $305.00 to $315.00 and gave the company a “buy” rating in a research report on Tuesday, November 25th. Mizuho lifted their price objective on shares of Alphabet from $400.00 to $410.00 and gave the stock an “outperform” rating in a research report on Thursday. CIBC boosted their target price on shares of Alphabet to $315.00 in a research note on Monday, October 20th. Finally, Morgan Stanley raised their price target on shares of Alphabet from $270.00 to $330.00 and gave the stock an “overweight” rating in a research note on Thursday, October 30th. Four investment analysts have rated the stock with a Strong Buy rating, forty-four have given a Buy rating and four have given a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Buy” and a consensus target price of $344.14.

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Alphabet Trading Down 2.0%

Shares of GOOGL stock opened at $333.04 on Thursday. The company has a debt-to-equity ratio of 0.06, a quick ratio of 1.75 and a current ratio of 1.75. The company has a market capitalization of $4.02 trillion, a price-to-earnings ratio of 32.84, a PEG ratio of 2.05 and a beta of 1.09. Alphabet has a 52-week low of $140.53 and a 52-week high of $349.00. The company has a 50-day simple moving average of $321.32 and a two-hundred day simple moving average of $268.82.

Alphabet (NASDAQ:GOOGLGet Free Report) last announced its earnings results on Wednesday, February 4th. The information services provider reported $2.82 earnings per share for the quarter, topping analysts’ consensus estimates of $2.57 by $0.25. The firm had revenue of $113.83 billion for the quarter, compared to the consensus estimate of $111.24 billion. Alphabet had a return on equity of 35.00% and a net margin of 32.23%. Research analysts anticipate that Alphabet will post 8.9 EPS for the current fiscal year.

Insider Buying and Selling at Alphabet

In other Alphabet news, Director John L. Hennessy sold 600 shares of the stock in a transaction on Tuesday, January 13th. The stock was sold at an average price of $337.52, for a total transaction of $202,512.00. Following the sale, the director owned 21,224 shares in the company, valued at $7,163,524.48. This represents a 2.75% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Frances Arnold sold 102 shares of Alphabet stock in a transaction on Thursday, January 29th. The shares were sold at an average price of $340.00, for a total value of $34,680.00. Following the completion of the transaction, the director owned 18,307 shares of the company’s stock, valued at approximately $6,224,380. This trade represents a 0.55% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last three months, insiders have sold 2,035,186 shares of company stock worth $94,458,941. Company insiders own 11.64% of the company’s stock.

Hedge Funds Weigh In On Alphabet

A number of large investors have recently modified their holdings of the company. Norges Bank purchased a new stake in shares of Alphabet in the second quarter worth $21,944,208,000. Berkshire Hathaway Inc purchased a new position in Alphabet during the third quarter worth about $4,338,397,000. Laurel Wealth Advisors LLC increased its stake in Alphabet by 17,667.7% in the 2nd quarter. Laurel Wealth Advisors LLC now owns 15,245,075 shares of the information services provider’s stock worth $2,686,640,000 after acquiring an additional 15,159,273 shares during the last quarter. Vanguard Group Inc. raised its holdings in shares of Alphabet by 2.4% in the 4th quarter. Vanguard Group Inc. now owns 528,969,322 shares of the information services provider’s stock valued at $165,567,398,000 after acquiring an additional 12,531,695 shares in the last quarter. Finally, Capital World Investors raised its holdings in shares of Alphabet by 28.0% in the 3rd quarter. Capital World Investors now owns 53,107,572 shares of the information services provider’s stock valued at $12,910,542,000 after acquiring an additional 11,605,785 shares in the last quarter. 40.03% of the stock is currently owned by institutional investors.

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About Alphabet

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Alphabet Inc is the holding company created in 2015 to organize Google and a portfolio of businesses developing technologies beyond Google’s core internet services. Its principal operations are led by Google, which builds and operates consumer-facing products such as Google Search, YouTube, Android, Chrome, Gmail, Google Maps and Google Workspace, as well as advertising platforms (Google Ads and AdSense) that historically generate the majority of its revenue. Google also develops consumer hardware (Pixel phones, Nest smart-home devices, Chromecast) and developer and distribution platforms such as Google Play.

Beyond Google’s consumer and advertising businesses, Alphabet invests in enterprise and infrastructure offerings through Google Cloud, which provides cloud computing, data analytics and productivity services to businesses and institutions.

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