Alphabet (NASDAQ:GOOGL) Stock Rating Reaffirmed by Cantor Fitzgerald

03 Oct 2024, 03:13 by Teresa Graham · The Cerbat Gem

Cantor Fitzgerald reaffirmed their neutral rating on shares of Alphabet (NASDAQ:GOOGL – Free Report) in a research note issued to investors on Monday morning, Benzinga reports. Cantor Fitzgerald currently has a $190.00 price target on the information services provider’s stock.

Other equities research analysts have also recently issued reports about the stock. Rosenblatt Securities reaffirmed a neutral rating and issued a $181.00 price objective on shares of Alphabet in a research report on Wednesday, July 24th. Jefferies Financial Group boosted their price objective on shares of Alphabet from $215.00 to $220.00 in a research report on Tuesday, July 9th. TD Securities boosted their price objective on shares of Alphabet from $200.00 to $220.00 in a research report on Wednesday, July 10th. BMO Capital Markets reaffirmed an outperform rating and issued a $222.00 price objective on shares of Alphabet in a research report on Monday, September 16th. Finally, JMP Securities reiterated a market outperform rating and issued a $200.00 price target on shares of Alphabet in a research note on Wednesday, September 25th. Eight investment analysts have rated the stock with a hold rating, twenty-eight have given a buy rating and three have given a strong buy rating to the company. Based on data from MarketBeat, the stock has a consensus rating of Moderate Buy and an average price target of $201.14.

Read Our Latest Research Report on GOOGL

Alphabet Trading Down 0.7 %

Shares of NASDAQ GOOGL opened at $165.86 on Monday. The company’s fifty day moving average is $162.08 and its 200-day moving average is $167.01. The stock has a market cap of $2.05 trillion, a price-to-earnings ratio of 25.44, a P/E/G ratio of 1.21 and a beta of 1.04. Alphabet has a twelve month low of $120.21 and a twelve month high of $191.75. The company has a quick ratio of 2.08, a current ratio of 2.08 and a debt-to-equity ratio of 0.04.

Alphabet (NASDAQ:GOOGL – Get Free Report) last announced its quarterly earnings results on Tuesday, July 23rd. The information services provider reported $1.89 earnings per share for the quarter, topping analysts’ consensus estimates of $1.85 by $0.04. The company had revenue of $84.74 billion for the quarter, compared to analysts’ expectations of $70.60 billion. Alphabet had a net margin of 26.70% and a return on equity of 30.49%. During the same period last year, the firm posted $1.44 earnings per share. Equities research analysts predict that Alphabet will post 7.63 EPS for the current year.

Alphabet Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Monday, September 16th. Investors of record on Monday, September 9th were issued a dividend of $0.20 per share. This represents a $0.80 annualized dividend and a dividend yield of 0.48%. The ex-dividend date was Monday, September 9th. Alphabet’s payout ratio is 12.27%.

Insider Buying and Selling at Alphabet

In other Alphabet news, SVP Prabhakar Raghavan sold 34,257 shares of the business’s stock in a transaction dated Thursday, August 15th. The shares were sold at an average price of $162.60, for a total value of $5,570,188.20. Following the completion of the sale, the senior vice president now owns 312,210 shares of the company’s stock, valued at approximately $50,765,346. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other news, CEO Sundar Pichai sold 22,500 shares of the company’s stock in a transaction that occurred on Wednesday, October 2nd. The shares were sold at an average price of $167.07, for a total transaction of $3,759,075.00. Following the completion of the sale, the chief executive officer now owns 2,129,306 shares of the company’s stock, valued at approximately $355,743,153.42. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, SVP Prabhakar Raghavan sold 34,257 shares of the company’s stock in a transaction that occurred on Thursday, August 15th. The stock was sold at an average price of $162.60, for a total transaction of $5,570,188.20. Following the sale, the senior vice president now directly owns 312,210 shares of the company’s stock, valued at approximately $50,765,346. The disclosure for this sale can be found here. Insiders sold 217,592 shares of company stock valued at $35,922,911 in the last quarter. Company insiders own 11.55% of the company’s stock.

Hedge Funds Weigh In On Alphabet

A number of institutional investors have recently added to or reduced their stakes in GOOGL. Christopher J. Hasenberg Inc increased its position in Alphabet by 75.0% in the 2nd quarter. Christopher J. Hasenberg Inc now owns 140 shares of the information services provider’s stock valued at $26,000 after acquiring an additional 60 shares during the period. Kings Path Partners LLC acquired a new stake in shares of Alphabet during the second quarter worth $36,000. Tributary Capital Management LLC acquired a new stake in shares of Alphabet during the first quarter worth $30,000. Vermillion & White Wealth Management Group LLC acquired a new stake in shares of Alphabet during the fourth quarter worth $30,000. Finally, Denver PWM LLC acquired a new stake in shares of Alphabet during the second quarter worth $41,000. 40.03% of the stock is currently owned by institutional investors and hedge funds.

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