Canaccord Genuity Group Issues Positive Forecast for Alphabet (NASDAQ:GOOG) Stock Price

by · The Markets Daily

Alphabet (NASDAQ:GOOG – Free Report) had its price target raised by Canaccord Genuity Group from $220.00 to $225.00 in a research report released on Wednesday morning, Benzinga reports. They currently have a buy rating on the information services provider’s stock.

GOOG has been the topic of several other research reports. DA Davidson upgraded Alphabet to a “hold” rating in a research note on Tuesday, September 10th. Cantor Fitzgerald raised shares of Alphabet to a “hold” rating in a research note on Thursday, September 5th. Jefferies Financial Group boosted their target price on shares of Alphabet from $220.00 to $235.00 and gave the stock a “buy” rating in a research note on Wednesday. TD Cowen upped their target price on Alphabet from $200.00 to $220.00 and gave the stock a “buy” rating in a report on Wednesday, July 10th. Finally, Pivotal Research upped their price objective on Alphabet from $215.00 to $225.00 and gave the company a “buy” rating in a research note on Wednesday. Five research analysts have rated the stock with a hold rating, thirteen have issued a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $200.56.

Get Our Latest Stock Analysis on Alphabet

Alphabet Stock Up 2.9 %

GOOG opened at $176.14 on Wednesday. The company has a debt-to-equity ratio of 0.04, a quick ratio of 2.08 and a current ratio of 2.08. The stock has a fifty day moving average of $163.56 and a 200-day moving average of $170.30. Alphabet has a fifty-two week low of $123.93 and a fifty-two week high of $193.31. The company has a market capitalization of $2.18 trillion, a P/E ratio of 27.02, a P/E/G ratio of 1.27 and a beta of 1.04.

Alphabet (NASDAQ:GOOG – Get Free Report) last announced its quarterly earnings data on Tuesday, October 29th. The information services provider reported $2.12 earnings per share for the quarter, beating the consensus estimate of $1.83 by $0.29. Alphabet had a return on equity of 30.49% and a net margin of 26.70%. The firm had revenue of $88.27 billion during the quarter, compared to analysts’ expectations of $86.39 billion. During the same period in the previous year, the firm earned $1.55 EPS. The company’s quarterly revenue was up 15.1% compared to the same quarter last year. On average, equities analysts expect that Alphabet will post 7.64 EPS for the current year.

Insider Activity

In other Alphabet news, SVP Prabhakar Raghavan sold 34,257 shares of the firm’s stock in a transaction on 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 transaction, the senior vice president now directly owns 312,210 shares of the company’s stock, valued at $50,765,346. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In related news, CEO Sundar Pichai sold 22,500 shares of Alphabet stock in a transaction on Wednesday, October 16th. The shares were sold at an average price of $166.30, for a total value of $3,741,750.00. Following the transaction, the chief executive officer now directly owns 2,106,806 shares of the company’s stock, valued at $350,361,837.80. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, SVP Prabhakar Raghavan sold 34,257 shares of the firm’s stock in a transaction dated Thursday, August 15th. The stock was 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 directly owns 312,210 shares in the company, valued at $50,765,346. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 220,426 shares of company stock worth $35,993,340. 12.99% of the stock is owned by company insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently made changes to their positions in GOOG. Capital International Investors increased its position in Alphabet by 9.3% during the 1st quarter. Capital International Investors now owns 87,716,562 shares of the information services provider’s stock valued at $13,355,724,000 after buying an additional 7,470,042 shares in the last quarter. JPMorgan Chase & Co. lifted its position in Alphabet by 19.7% during the first quarter. JPMorgan Chase & Co. now owns 84,171,721 shares of the information services provider’s stock valued at $12,815,986,000 after purchasing an additional 13,876,534 shares during the last quarter. Capital World Investors lifted its position in Alphabet by 2.2% in the first quarter. Capital World Investors now owns 45,731,826 shares of the information services provider’s stock worth $6,963,128,000 after buying an additional 979,083 shares during the last quarter. Capital Research Global Investors raised its position in Alphabet by 2.0% during the 1st quarter. Capital Research Global Investors now owns 35,558,778 shares of the information services provider’s stock valued at $5,414,179,000 after purchasing an additional 684,968 shares in the last quarter. Finally, Dimensional Fund Advisors LP lifted its stake in Alphabet by 4.5% in the second quarter. Dimensional Fund Advisors LP now owns 14,657,421 shares of the information services provider’s stock worth $2,688,743,000 after acquiring an additional 636,008 shares during the period. Hedge funds and other institutional investors own 27.26% of the company’s stock.

About Alphabet

(Get Free Report)

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.

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