Wells Fargo & Company Cuts Alphabet (NASDAQ:GOOGL) Price Target to $182.00

05 Oct 2024, 19:18 by Amy Steele · The Cerbat Gem

Alphabet (NASDAQ:GOOGL – Free Report) had its price target trimmed by Wells Fargo & Company from $190.00 to $182.00 in a research note published on Wednesday, Benzinga reports. The brokerage currently has an equal weight rating on the information services provider’s stock.

A number of other equities research analysts also recently weighed in on GOOGL. Bank of America lifted their target price on Alphabet from $200.00 to $206.00 and gave the stock a buy rating in a report on Wednesday, July 17th. Wedbush reissued an outperform rating and issued a $205.00 price objective on shares of Alphabet in a report on Thursday, September 5th. DA Davidson initiated coverage on shares of Alphabet in a research report on Tuesday, September 10th. They set a neutral rating and a $170.00 target price on the stock. Royal Bank of Canada boosted their price target on Alphabet from $200.00 to $204.00 and gave the company an outperform rating in a research note on Wednesday, July 24th. Finally, Argus lifted their price objective on Alphabet from $200.00 to $215.00 and gave the company a buy rating in a report on Tuesday, July 16th. Eight research analysts have rated the stock with a hold rating, twenty-eight have assigned a buy rating and three have given a strong buy rating to the company’s stock. According to MarketBeat.com, Alphabet has a consensus rating of Moderate Buy and an average price target of $201.14.

View Our Latest Stock Analysis on Alphabet

Alphabet Stock Performance

Shares of GOOGL opened at $167.06 on Wednesday. Alphabet has a 12 month low of $120.21 and a 12 month high of $191.75. The company has a current ratio of 2.08, a quick ratio of 2.08 and a debt-to-equity ratio of 0.04. The firm has a fifty day simple moving average of $162.06 and a 200 day simple moving average of $167.14. The stock has a market capitalization of $2.06 trillion, a price-to-earnings ratio of 25.62, a PEG ratio of 1.21 and a beta of 1.04.

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 (EPS) for the quarter, beating the consensus estimate of $1.85 by $0.04. Alphabet had a return on equity of 30.49% and a net margin of 26.70%. The business had revenue of $84.74 billion during the quarter, compared to the consensus estimate of $70.60 billion. During the same quarter last year, the firm posted $1.44 EPS. Research analysts forecast that Alphabet will post 7.63 EPS for the current fiscal year.

Alphabet Announces Dividend

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

Insider Transactions at Alphabet

In other Alphabet news, SVP Prabhakar Raghavan sold 34,257 shares of the stock in a transaction that occurred on 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 owns 312,210 shares in the company, valued at approximately $50,765,346. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. In other news, Director John L. Hennessy sold 1,500 shares of the stock in a transaction on Friday, July 12th. The stock was sold at an average price of $185.85, for a total value of $278,775.00. Following the sale, the director now directly owns 30,824 shares of the company’s stock, valued at approximately $5,728,640.40. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, 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 transaction, the senior vice president now owns 312,210 shares of the company’s stock, 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 quarter, insiders have sold 217,592 shares of company stock worth $35,922,911. Company insiders own 11.55% of the company’s stock.

Hedge Funds Weigh In On Alphabet

A number of hedge funds have recently added to or reduced their stakes in the company. Nebula Research & Development LLC purchased a new stake in shares of Alphabet during the 4th quarter valued at about $787,000. New Hampshire Trust increased its position in shares of Alphabet by 2.7% during the 2nd quarter. New Hampshire Trust now owns 43,714 shares of the information services provider’s stock valued at $7,963,000 after purchasing an additional 1,132 shares during the last quarter. Berkshire Money Management Inc. purchased a new position in Alphabet during the first quarter valued at approximately $359,000. Schneider Downs Wealth Management Advisors LP boosted its position in shares of Alphabet by 58.4% in the first quarter. Schneider Downs Wealth Management Advisors LP now owns 6,374 shares of the information services provider’s stock worth $962,000 after purchasing an additional 2,351 shares during the period. Finally, American International Group Inc. increased its stake in shares of Alphabet by 11.5% in the fourth quarter. American International Group Inc. now owns 1,951,860 shares of the information services provider’s stock worth $272,655,000 after purchasing an additional 200,891 shares in the last quarter. 40.03% of the stock is currently owned by hedge funds and other institutional investors.

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