Alphabet’s (GOOGL) Outperform Rating Reaffirmed at Wedbush

Wedbush reiterated their outperform rating on shares of Alphabet (NASDAQ:GOOGL) in a research note issued to investors on Monday, Benzinga reports. The brokerage currently has a $205.00 price target on the information services provider’s stock. Wedbush also issued estimates for Alphabet’s Q2 2024 earnings at $1.86 EPS, Q3 2024 earnings at $1.75 EPS, Q4 2024 earnings at $1.93 EPS, FY2024 earnings at $7.49 EPS and FY2025 earnings at $8.27 EPS.

GOOGL has been the subject of a number of other research reports. Piper Sandler reaffirmed an overweight rating and issued a $200.00 price target (up previously from $160.00) on shares of Alphabet in a report on Friday, April 26th. Evercore ISI raised their price target on shares of Alphabet from $220.00 to $225.00 and gave the stock an outperform rating in a report on Tuesday, June 11th. Susquehanna raised their price target on shares of Alphabet from $170.00 to $225.00 and gave the stock a positive rating in a report on Monday, April 29th. UBS Group raised their price target on shares of Alphabet from $150.00 to $166.00 and gave the stock a neutral rating in a report on Tuesday, April 16th. Finally, Royal Bank of Canada raised their price target on shares of Alphabet from $155.00 to $200.00 and gave the stock an outperform rating in a report on Friday, April 26th. Six investment analysts have rated the stock with a hold rating, twenty-eight have assigned a buy rating and two have issued a strong buy rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of Moderate Buy and a consensus price target of $203.74.

Alphabet Trading Down 3.1 %

NASDAQ:GOOGL opened at $167.28 on Monday. Alphabet has a 52 week low of $120.21 and a 52 week high of $191.75. The firm has a 50 day moving average of $179.22 and a 200 day moving average of $160.15. The company has a quick ratio of 2.15, a current ratio of 2.15 and a debt-to-equity ratio of 0.05. The stock has a market capitalization of $2.07 trillion, a price-to-earnings ratio of 25.66, a PEG ratio of 1.36 and a beta of 1.05.

Alphabet (NASDAQ:GOOGL) last posted its earnings results on Tuesday, July 23rd. The information services provider reported $1.89 EPS for the quarter, beating analysts’ consensus estimates of $1.85 by $0.04. Alphabet had a net margin of 26.70% and a return on equity of 30.96%. The company had revenue of $84.74 billion during the quarter, compared to analysts’ expectations of $70.60 billion. During the same quarter in the prior year, the company posted $1.44 earnings per share. As a group, sell-side analysts anticipate that Alphabet will post 7.62 earnings per share for the current fiscal year.

Insider Activity

In other news, CEO Sundar Pichai sold 22,500 shares of Alphabet stock in a transaction dated Wednesday, May 1st. The shares were sold at an average price of $166.80, for a total value of $3,753,000.00. Following the sale, the chief executive officer now owns 2,280,511 shares in the company, valued at $380,389,234.80. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. In other news, CAO Amie Thuener O’toole sold 682 shares of Alphabet stock in a transaction dated Thursday, May 2nd. The shares were sold at an average price of $166.67, for a total value of $113,668.94. Following the sale, the chief accounting officer now owns 29,284 shares in the company, valued at $4,880,764.28. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CEO Sundar Pichai sold 22,500 shares of Alphabet stock in a transaction dated Wednesday, May 1st. The shares were sold at an average price of $166.80, for a total transaction of $3,753,000.00. Following the completion of the sale, the chief executive officer now owns 2,280,511 shares in the company, valued at approximately $380,389,234.80. The disclosure for this sale can be found here. Insiders have sold a total of 122,388 shares of company stock worth $21,497,609 over the last 90 days. 11.55% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Alphabet

Several hedge funds and other institutional investors have recently modified their holdings of the business. Christopher J. Hasenberg Inc raised its stake in Alphabet by 75.0% during the second quarter. Christopher J. Hasenberg Inc now owns 140 shares of the information services provider’s stock worth $26,000 after purchasing an additional 60 shares during the period. Vermillion & White Wealth Management Group LLC purchased a new position in Alphabet during the fourth quarter worth about $30,000. Tributary Capital Management LLC purchased a new position in Alphabet during the first quarter worth about $30,000. DiNuzzo Private Wealth Inc. purchased a new position in Alphabet during the fourth quarter worth about $38,000. Finally, CarsonAllaria Wealth Management Ltd. raised its stake in Alphabet by 59.2% during the first quarter. CarsonAllaria Wealth Management Ltd. now owns 293 shares of the information services provider’s stock worth $44,000 after purchasing an additional 109 shares during the period. 40.03% of the stock is owned by hedge funds and other institutional investors.

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.