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

Alphabet (NASDAQ:GOOGL) had its price target lowered by equities research analysts at Wells Fargo & Company from $190.00 to $182.00 in a research report issued on Wednesday, Benzinga reports. The firm presently has an “equal weight” rating on the information services provider’s stock. Wells Fargo & Company‘s price objective suggests a potential upside of 9.73% from the company’s previous close.

Other equities research analysts have also recently issued reports about the stock. Mizuho upped their price objective on shares of Alphabet from $205.00 to $210.00 and gave the stock an “outperform” rating in a report on Wednesday, July 24th. Pivotal Research raised Alphabet to a “strong-buy” rating in a report on Tuesday. Cantor Fitzgerald reissued a “neutral” rating and issued a $190.00 price objective on shares of Alphabet in a research note on Monday. Citigroup upped their target price on Alphabet from $190.00 to $212.00 and gave the stock a “buy” rating in a research report on Wednesday, July 24th. Finally, UBS Group lifted their price target on shares of Alphabet from $200.00 to $204.00 and gave the company a “neutral” rating in a research report on Wednesday, July 24th. Eight equities research analysts have rated the stock with a hold rating, twenty-eight have assigned a buy rating and three have assigned a strong buy rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $201.14.

Alphabet Stock Performance

Shares of NASDAQ:GOOGL opened at $165.86 on Wednesday. The company has a quick ratio of 2.08, a current ratio of 2.08 and a debt-to-equity ratio of 0.04. Alphabet has a 12-month low of $120.21 and a 12-month high of $191.75. The firm has a fifty day moving average of $162.06 and a two-hundred day moving average of $167.00. The firm has a market capitalization of $2.05 trillion, a P/E ratio of 25.44, a price-to-earnings-growth ratio of 1.21 and a beta of 1.04.

Alphabet (NASDAQ:GOOGL) last released its quarterly earnings data on Tuesday, July 23rd. The information services provider reported $1.89 EPS for the quarter, topping analysts’ consensus estimates of $1.85 by $0.04. The firm had revenue of $84.74 billion for the quarter, compared to the consensus estimate of $70.60 billion. Alphabet had a return on equity of 30.49% and a net margin of 26.70%. During the same quarter in the prior year, the company posted $1.44 earnings per share. On average, equities analysts expect that Alphabet will post 7.63 EPS for the current fiscal year.

Insider Buying and Selling at Alphabet

In other news, CEO Sundar Pichai sold 22,500 shares of the firm’s stock in a transaction that occurred on Wednesday, October 2nd. The shares were sold at an average price of $167.07, for a total transaction of $3,759,075.00. Following the completion of the sale, the chief executive officer now owns 2,129,306 shares of the company’s stock, valued at $355,743,153.42. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. In related news, Director John L. Hennessy sold 1,500 shares of the company’s 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 transaction, the director now owns 30,824 shares in the company, valued at approximately $5,728,640.40. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, CEO Sundar Pichai sold 22,500 shares of the firm’s stock in a transaction dated Wednesday, October 2nd. The shares were sold at an average price of $167.07, for a total transaction of $3,759,075.00. Following the completion of the sale, the chief executive officer now owns 2,129,306 shares of the company’s stock, valued at approximately $355,743,153.42. The disclosure for this sale can be found here. Insiders have sold a total of 217,592 shares of company stock worth $35,922,911 over the last ninety days. Corporate insiders own 11.55% of the company’s stock.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of GOOGL. MorganRosel Wealth Management LLC raised its stake in shares of Alphabet by 3.6% in the 2nd quarter. MorganRosel Wealth Management LLC now owns 1,620 shares of the information services provider’s stock valued at $295,000 after purchasing an additional 57 shares during the period. Hengehold Capital Management LLC grew its holdings in shares of Alphabet by 0.8% during the second quarter. Hengehold Capital Management LLC now owns 7,224 shares of the information services provider’s stock worth $1,316,000 after buying an additional 60 shares in the last quarter. Christopher J. Hasenberg Inc grew its holdings in shares of Alphabet by 75.0% during the second quarter. Christopher J. Hasenberg Inc now owns 140 shares of the information services provider’s stock worth $26,000 after buying an additional 60 shares in the last quarter. Joseph P. Lucia & Associates LLC lifted its stake in Alphabet by 1.0% in the 1st quarter. Joseph P. Lucia & Associates LLC now owns 6,624 shares of the information services provider’s stock valued at $1,000,000 after acquiring an additional 64 shares in the last quarter. Finally, Sunflower Bank N.A. boosted its position in Alphabet by 1.0% during the 2nd quarter. Sunflower Bank N.A. now owns 6,309 shares of the information services provider’s stock worth $1,149,000 after acquiring an additional 65 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.