Canaccord Genuity Group Raises Alphabet (NASDAQ:GOOGL) Price Target to $190.00

Alphabet (NASDAQ:GOOGL) had its target price raised by Canaccord Genuity Group from $180.00 to $190.00 in a report published on Wednesday morning, Benzinga reports. Canaccord Genuity Group currently has a buy rating on the information services provider’s stock.

Other analysts also recently issued reports about the stock. Roth Mkm cut their price objective on shares of Alphabet from $166.00 to $164.00 and set a buy rating on the stock in a research report on Wednesday, January 31st. Truist Financial increased their target price on Alphabet from $158.00 to $170.00 and gave the company a buy rating in a research note on Wednesday. Mizuho boosted their price target on Alphabet from $155.00 to $170.00 and gave the stock a buy rating in a research note on Wednesday, January 17th. Rosenblatt Securities reduced their price objective on Alphabet from $174.00 to $172.00 and set a buy rating for the company in a report on Wednesday, January 31st. Finally, Royal Bank of Canada restated an outperform rating and set a $155.00 target price on shares of Alphabet in a research note on Wednesday, January 31st. Five investment analysts have rated the stock with a hold rating, twenty-seven have issued a buy rating and two have issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of Moderate Buy and a consensus price target of $157.97.

Alphabet Stock Performance

Shares of GOOGL stock opened at $155.47 on Wednesday. The firm has a market capitalization of $1.93 trillion, a price-to-earnings ratio of 26.81, a PEG ratio of 1.42 and a beta of 1.05. The stock has a fifty day moving average of $145.95 and a 200 day moving average of $140.29. Alphabet has a 52 week low of $102.63 and a 52 week high of $160.22. The company has a quick ratio of 2.10, a current ratio of 2.10 and a debt-to-equity ratio of 0.05.

Alphabet (NASDAQ:GOOGL) last announced its earnings results on Tuesday, January 30th. The information services provider reported $1.64 EPS for the quarter, beating analysts’ consensus estimates of $1.60 by $0.04. Alphabet had a net margin of 24.01% and a return on equity of 27.22%. The firm had revenue of $86.31 billion for the quarter, compared to analysts’ expectations of $70.77 billion. During the same quarter in the previous year, the business posted $1.05 EPS. As a group, research analysts expect that Alphabet will post 6.78 earnings per share for the current year.

Insider Buying and Selling

In related news, CEO Sundar Pichai sold 22,500 shares of the firm’s stock in a transaction on Wednesday, April 17th. The stock was sold at an average price of $157.41, for a total value of $3,541,725.00. Following the completion of the sale, the chief executive officer now directly owns 2,303,011 shares in the company, valued at $362,516,961.51. The sale was disclosed in a filing with the SEC, which can be accessed through this link. In other Alphabet news, CAO Amie Thuener O’toole sold 682 shares of the company’s stock in a transaction dated Monday, March 4th. The shares were sold at an average price of $136.49, for a total value of $93,086.18. Following the transaction, the chief accounting officer now directly owns 28,602 shares in the company, valued at approximately $3,903,886.98. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Sundar Pichai sold 22,500 shares of Alphabet stock in a transaction on Wednesday, April 17th. The shares were sold at an average price of $157.41, for a total value of $3,541,725.00. Following the sale, the chief executive officer now directly owns 2,303,011 shares of the company’s stock, valued at $362,516,961.51. The disclosure for this sale can be found here. Over the last quarter, insiders sold 251,339 shares of company stock worth $36,377,482. Corporate insiders own 0.88% of the company’s stock.

Institutional Trading of Alphabet

A number of hedge funds have recently bought and sold shares of GOOGL. DC Investments Management LLC purchased a new position in shares of Alphabet in the 1st quarter worth approximately $114,000. Bridgefront Capital LLC acquired a new stake in Alphabet in the first quarter worth about $225,000. Worth Asset Management LLC purchased a new stake in shares of Alphabet during the first quarter worth about $206,000. Eudaimonia Advisors LLC grew its position in Alphabet by 15.1% during the 1st quarter. Eudaimonia Advisors LLC now owns 99 shares of the information services provider’s stock worth $275,000 after purchasing an additional 13 shares during the last quarter. Finally, Aspire Capital Advisors LLC acquired a new position in Alphabet during the 1st quarter valued at approximately $281,000. Hedge funds and other institutional investors own 40.03% of the company’s stock.

Alphabet Company Profile

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.