Needham & Company LLC Reiterates Buy Rating for Alphabet (NASDAQ:GOOGL)

Needham & Company LLC reissued their buy rating on shares of Alphabet (NASDAQ:GOOGL) in a report issued on Tuesday morning, Benzinga reports. They currently have a $210.00 target price on the information services provider’s stock.

A number of other research analysts also recently issued reports on the stock. Argus lifted their price target on shares of Alphabet from $200.00 to $215.00 and gave the stock a “buy” rating in a research note on Tuesday, July 16th. BMO Capital Markets lowered their target price on shares of Alphabet from $222.00 to $215.00 and set an “outperform” rating for the company in a research note on Wednesday, October 9th. Citigroup raised their price target on Alphabet from $190.00 to $212.00 and gave the company a “buy” rating in a research note on Wednesday, July 24th. Loop Capital reaffirmed a “hold” rating and set a $170.00 price objective on shares of Alphabet in a research report on Wednesday, July 3rd. Finally, UBS Group raised their target price on Alphabet from $200.00 to $204.00 and gave the stock a “neutral” rating in a research report on Wednesday, July 24th. Eight investment analysts have rated the stock with a hold rating, twenty-nine have assigned a buy rating and four have issued a strong buy rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $201.76.

Alphabet Price Performance

Shares of GOOGL opened at $163.42 on Tuesday. The firm has a 50-day simple moving average of $161.77 and a two-hundred day simple moving average of $168.06. The stock has a market cap of $2.02 trillion, a PE ratio of 25.06, a P/E/G ratio of 1.21 and a beta of 1.04. Alphabet has a 1-year low of $120.21 and a 1-year high of $191.75. The company has a debt-to-equity ratio of 0.04, a current ratio of 2.08 and a quick ratio of 2.08.

Alphabet (NASDAQ:GOOGL) last announced its earnings results on Tuesday, July 23rd. The information services provider reported $1.89 EPS for the quarter, beating analysts’ consensus estimates of $1.85 by $0.04. Alphabet had a return on equity of 30.49% and a net margin of 26.70%. The company had revenue of $84.74 billion during the quarter, compared to analysts’ expectations of $70.60 billion. During the same period last year, the business posted $1.44 EPS. As a group, analysts forecast that Alphabet will post 7.64 EPS for the current year.

Insider Transactions at Alphabet

In other news, CAO Amie Thuener O’toole sold 682 shares of the business’s stock in a transaction on Friday, August 2nd. The stock was sold at an average price of $168.00, for a total value of $114,576.00. Following the completion of the transaction, the chief accounting officer now directly owns 31,334 shares of the company’s stock, valued at $5,264,112. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. In related news, SVP Prabhakar Raghavan sold 34,257 shares of the firm’s stock in a transaction that occurred on Thursday, August 15th. The shares were 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 owns 312,210 shares in the company, valued at approximately $50,765,346. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CAO Amie Thuener O’toole sold 682 shares of Alphabet stock in a transaction that occurred on Friday, August 2nd. The stock was sold at an average price of $168.00, for a total transaction of $114,576.00. Following the completion of the sale, the chief accounting officer now directly owns 31,334 shares of the company’s stock, valued at $5,264,112. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 220,426 shares of company stock valued at $35,993,340 in the last ninety days. Corporate insiders own 11.55% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the stock. Resonant Capital Advisors LLC boosted its holdings in shares of Alphabet by 5.8% in the 3rd quarter. Resonant Capital Advisors LLC now owns 28,001 shares of the information services provider’s stock valued at $4,644,000 after purchasing an additional 1,535 shares during the last quarter. Veracity Capital LLC raised its position in shares of Alphabet by 2.5% in the 3rd quarter. Veracity Capital LLC now owns 18,379 shares of the information services provider’s stock worth $3,048,000 after buying an additional 449 shares during the period. Waypoint Capital Advisors LLC boosted its holdings in Alphabet by 0.9% in the third quarter. Waypoint Capital Advisors LLC now owns 17,182 shares of the information services provider’s stock valued at $2,850,000 after acquiring an additional 159 shares during the last quarter. Warren Street Wealth Advisors LLC grew its position in Alphabet by 17.1% during the third quarter. Warren Street Wealth Advisors LLC now owns 9,345 shares of the information services provider’s stock valued at $1,550,000 after acquiring an additional 1,367 shares during the period. Finally, Whitaker Myers Wealth Managers LTD. increased its stake in Alphabet by 16.1% during the third quarter. Whitaker Myers Wealth Managers LTD. now owns 2,515 shares of the information services provider’s stock worth $417,000 after acquiring an additional 349 shares during the last quarter. Institutional investors and hedge funds own 40.03% of the company’s stock.

Alphabet Company Profile

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.