Alphabet (NASDAQ:GOOGL) Earns Neutral Rating from Rosenblatt Securities

01 Jul 2024, 06:56 by Danessa Lincoln · The Markets Daily

Rosenblatt Securities reissued their neutral rating on shares of Alphabet (NASDAQ:GOOGL – Free Report) in a research note released on Friday, Marketbeat.com reports. Rosenblatt Securities currently has a $181.00 price target on the information services provider’s stock, down from their prior price target of $182.00.

Several other research analysts have also weighed in on GOOGL. JMP Securities reissued a market outperform rating and set a $200.00 price target on shares of Alphabet in a research report on Wednesday, May 15th. Susquehanna increased their price target on shares of Alphabet from $170.00 to $225.00 and gave the stock a positive rating in a research report on Monday, April 29th. Morgan Stanley reaffirmed an overweight rating and set a $195.00 price objective on shares of Alphabet in a research report on Wednesday, May 15th. Jefferies Financial Group increased their target price on shares of Alphabet from $200.00 to $215.00 and gave the stock a buy rating in a research report on Wednesday, June 26th. Finally, BMO Capital Markets restated an outperform rating and set a $215.00 price target on shares of Alphabet in a report on Wednesday, May 15th. Six investment analysts have rated the stock with a hold rating, twenty-nine have assigned a buy rating and two have given a strong buy rating to the company. According to data from MarketBeat, Alphabet presently has an average rating of Moderate Buy and an average target price of $193.66.

Get Our Latest Analysis on Alphabet

Alphabet Price Performance

Shares of NASDAQ GOOGL opened at $182.15 on Friday. Alphabet has a twelve month low of $115.35 and a twelve month high of $186.05. The company has a current ratio of 2.15, a quick ratio of 2.15 and a debt-to-equity ratio of 0.05. The firm has a 50-day moving average of $172.85 and a two-hundred day moving average of $154.44. The company has a market capitalization of $2.25 trillion, a price-to-earnings ratio of 27.94, a PEG ratio of 1.37 and a beta of 1.01.

Alphabet (NASDAQ:GOOGL – Get Free Report) last posted its quarterly earnings results on Thursday, April 25th. The information services provider reported $1.89 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.49 by $0.40. The company had revenue of $80.54 billion for the quarter, compared to analysts’ expectations of $66.04 billion. Alphabet had a return on equity of 29.52% and a net margin of 25.90%. During the same quarter in the prior year, the company earned $1.17 earnings per share. As a group, analysts expect that Alphabet will post 7.6 earnings per share for the current fiscal year.

Alphabet Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, June 17th. Shareholders of record on Monday, June 10th were paid a $0.20 dividend. The ex-dividend date was Monday, June 10th. This represents a $0.80 dividend on an annualized basis and a yield of 0.44%. Alphabet’s payout ratio is presently 12.27%.

Insider Buying and Selling

In other news, CAO Amie Thuener O’toole sold 682 shares of the firm’s stock in a transaction dated Tuesday, April 2nd. The stock was sold at an average price of $154.79, for a total transaction of $105,566.78. Following the sale, the chief accounting officer now owns 29,284 shares of the company’s stock, valued at $4,532,870.36. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. In related news, CAO Amie Thuener O’toole sold 682 shares of the business’s stock in a transaction on Tuesday, April 2nd. The shares were sold at an average price of $154.79, for a total transaction of $105,566.78. Following the transaction, the chief accounting officer now directly owns 29,284 shares in the company, valued at $4,532,870.36. The sale was disclosed in a filing with the SEC, which is available through this link. Also, CEO Sundar Pichai sold 22,500 shares of the business’s stock in a transaction that occurred on Thursday, June 20th. The stock was sold at an average price of $177.40, for a total value of $3,991,500.00. Following the transaction, the chief executive officer now directly owns 2,213,011 shares in the company, valued at approximately $392,588,151.40. The disclosure for this sale can be found here. Insiders sold a total of 143,026 shares of company stock valued at $24,026,243 over the last three months. Company insiders own 11.55% of the company’s stock.

Hedge Funds Weigh In On Alphabet

Several institutional investors and hedge funds have recently made changes to their positions in GOOGL. Vermillion & White Wealth Management Group LLC bought a new position in Alphabet in the 4th quarter valued at about $30,000. Tributary Capital Management LLC acquired a new position in Alphabet during the first quarter worth about $30,000. DiNuzzo Private Wealth Inc. bought a new position in shares of Alphabet in the fourth quarter worth about $38,000. Meritage Group LP boosted its stake in shares of Alphabet by 1,061.5% in the 3rd quarter. Meritage Group LP now owns 302 shares of the information services provider’s stock valued at $40,000 after purchasing an additional 276 shares in the last quarter. Finally, CarsonAllaria Wealth Management Ltd. grew its holdings in shares of Alphabet by 59.2% during the 1st quarter. CarsonAllaria Wealth Management Ltd. now owns 293 shares of the information services provider’s stock valued at $44,000 after purchasing an additional 109 shares during the last quarter. Institutional investors and hedge funds own 40.03% of the company’s stock.

Alphabet Company Profile

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