Alphabet (NASDAQ:GOOGL) Trading 2.9% Higher After Analyst Upgrade

Shares of Alphabet Inc. (NASDAQ:GOOGL) shot up 2.9% during trading on Monday after Wedbush raised their price target on the stock from $210.00 to $220.00. Wedbush currently has an outperform rating on the stock. Alphabet traded as high as $198.22 and last traded at $197.37. 9,335,889 shares changed hands during mid-day trading, a decline of 41% from the average session volume of 15,814,833 shares. The stock had previously closed at $191.79.

Other equities research analysts also recently issued reports about the company. Seaport Res Ptn upgraded Alphabet from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, October 29th. Tigress Financial increased their target price on Alphabet from $210.00 to $220.00 and gave the company a “strong-buy” rating in a research report on Thursday, September 26th. Loop Capital raised their target price on shares of Alphabet from $170.00 to $185.00 and gave the company a “hold” rating in a report on Wednesday, November 6th. Cantor Fitzgerald reaffirmed a “neutral” rating and set a $190.00 price target on shares of Alphabet in a research note on Wednesday, October 30th. Finally, BMO Capital Markets reissued an “outperform” rating and issued a $217.00 price objective (up from $215.00) on shares of Alphabet in a research note on Wednesday, October 30th. Nine investment analysts have rated the stock with a hold rating, thirty have given a buy rating and four have issued a strong buy rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $206.82.

Insider Transactions at Alphabet

In other news, CAO Amie Thuener O’toole sold 2,834 shares of Alphabet stock in a transaction that occurred on Tuesday, October 15th. The shares were sold at an average price of $167.23, for a total value of $473,929.82. Following the transaction, the chief accounting officer now owns 26,349 shares of the company’s stock, valued at $4,406,343.27. The trade was a 9.71 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Frances Arnold sold 441 shares of the business’s stock in a transaction that occurred on Monday, November 4th. The stock was sold at an average price of $171.06, for a total transaction of $75,437.46. Following the transaction, the director now owns 16,490 shares of the company’s stock, valued at approximately $2,820,779.40. This trade represents a 2.60 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 155,887 shares of company stock valued at $27,996,356. Company insiders own 11.55% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in the business. LMR Partners LLP acquired a new stake in Alphabet during the 3rd quarter worth about $32,000. Kings Path Partners LLC purchased a new position in shares of Alphabet in the second quarter worth about $36,000. Denver PWM LLC acquired a new stake in shares of Alphabet during the second quarter worth about $41,000. Quarry LP purchased a new stake in Alphabet in the second quarter valued at approximately $53,000. Finally, Teachers Insurance & Annuity Association of America acquired a new position in Alphabet in the 3rd quarter worth approximately $66,000. 40.03% of the stock is owned by institutional investors and hedge funds.

Alphabet Stock Down 0.7 %

The company has a current ratio of 1.95, a quick ratio of 1.95 and a debt-to-equity ratio of 0.04. The business’s 50-day simple moving average is $181.36 and its 200-day simple moving average is $172.72. The company has a market capitalization of $2.39 trillion, a PE ratio of 25.93, a price-to-earnings-growth ratio of 1.35 and a beta of 0.98.

Alphabet (NASDAQ:GOOGL) last issued its earnings results on Tuesday, October 29th. The information services provider reported $2.12 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.83 by $0.29. Alphabet had a net margin of 27.74% and a return on equity of 31.66%. The firm had revenue of $88.27 billion during the quarter, compared to analysts’ expectations of $72.85 billion. During the same quarter last year, the company posted $1.55 earnings per share. As a group, equities research analysts anticipate that Alphabet Inc. will post 8.01 EPS for the current fiscal year.

Alphabet Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Monday, December 16th. Stockholders of record on Monday, December 9th were paid a dividend of $0.20 per share. The ex-dividend date was Monday, December 9th. This represents a $0.80 dividend on an annualized basis and a dividend yield of 0.41%. Alphabet’s payout ratio is 10.61%.

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.