Alphabet (NASDAQ:GOOGL) Price Target Raised to $220.00

29 Sep 2024, 10:14 by Tristan Rich · The Markets Daily

Alphabet (NASDAQ:GOOGL – Free Report) had its price objective hoisted by Tigress Financial from $210.00 to $220.00 in a report published on Thursday, Benzinga reports. They currently have a strong-buy rating on the information services provider’s stock.

Several other equities research analysts have also weighed in on the company. Argus upped their price objective on Alphabet from $200.00 to $215.00 and gave the company a buy rating in a research note on Tuesday, July 16th. Mizuho upped their target price on shares of Alphabet from $205.00 to $210.00 and gave the stock an outperform rating in a report on Wednesday, July 24th. Wells Fargo & Company boosted their target price on Alphabet from $187.00 to $190.00 and gave the stock an equal weight rating in a report on Wednesday, July 24th. Guggenheim raised their price target on Alphabet from $195.00 to $205.00 and gave the company a buy rating in a report on Wednesday, July 24th. Finally, Citigroup boosted their price objective on Alphabet from $190.00 to $212.00 and gave the stock a buy rating in a research note on Wednesday, July 24th. Eight equities research 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.com, Alphabet has an average rating of Moderate Buy and a consensus price target of $201.35.

Check Out Our Latest Stock Report on Alphabet

Alphabet Price Performance

GOOGL opened at $163.95 on Thursday. Alphabet has a 12-month low of $120.21 and a 12-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. The firm has a market capitalization of $2.03 trillion, a P/E ratio of 25.15, a PEG ratio of 1.21 and a beta of 1.04. The stock has a fifty day moving average of $162.83 and a 200-day moving average of $166.49.

Alphabet (NASDAQ:GOOGL – Get Free Report) last posted its quarterly earnings results on Tuesday, July 23rd. The information services provider reported $1.89 EPS for the quarter, topping the consensus estimate of $1.85 by $0.04. Alphabet had a net margin of 26.70% and a return on equity of 30.49%. The business had revenue of $84.74 billion during the quarter, compared to analysts’ expectations of $70.60 billion. During the same period last year, the company posted $1.44 earnings per share. Equities 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. Stockholders of record on Monday, September 9th were issued a $0.20 dividend. The ex-dividend date of this dividend was Monday, September 9th. This represents a $0.80 dividend on an annualized basis and a dividend yield of 0.49%. Alphabet’s payout ratio is 12.27%.

Insider Buying and Selling

In related news, Director John L. Hennessy sold 700 shares of the business’s stock in a transaction that occurred on Monday, September 23rd. The stock was sold at an average price of $165.00, for a total transaction of $115,500.00. Following the transaction, the director now directly owns 27,824 shares of the company’s stock, valued at approximately $4,590,960. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In related news, Director John L. Hennessy sold 700 shares of Alphabet stock in a transaction dated Monday, September 23rd. The shares were sold at an average price of $165.00, for a total transaction of $115,500.00. Following the completion of the sale, the director now owns 27,824 shares of the company’s stock, valued at approximately $4,590,960. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director John L. Hennessy sold 1,500 shares of the stock in a transaction dated Friday, July 12th. The shares were sold at an average price of $185.85, for a total transaction of $278,775.00. Following the completion of the transaction, the director now directly owns 30,824 shares in the company, valued at $5,728,640.40. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 180,867 shares of company stock worth $29,878,106. Company insiders own 11.55% of the company’s stock.

Institutional Investors Weigh In On Alphabet

Institutional investors have recently modified their holdings of the business. Christopher J. Hasenberg Inc lifted its position in shares of Alphabet by 75.0% during 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 position in Alphabet in the second quarter valued at about $36,000. Tributary Capital Management LLC bought a new stake in Alphabet during the first quarter worth about $30,000. Vermillion & White Wealth Management Group LLC acquired a new stake in Alphabet during the fourth quarter worth about $30,000. Finally, Denver PWM LLC bought a new position in Alphabet in the 2nd quarter valued at about $41,000. Institutional investors own 40.03% of the company’s stock.

About Alphabet

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