Alphabet (NASDAQ:GOOGL) Receives Outperform Rating from Wedbush

Wedbush restated their outperform rating on shares of Alphabet (NASDAQ:GOOGLFree Report) in a research report sent to investors on Wednesday, Benzinga reports. The brokerage currently has a $160.00 price objective on the information services provider’s stock.

A number of other equities analysts also recently commented on the stock. Wolfe Research increased their price objective on shares of Alphabet from $170.00 to $180.00 and gave the stock an outperform rating in a research note on Wednesday. Tigress Financial upped their price objective on Alphabet from $172.00 to $176.00 and gave the stock a strong-buy rating in a research note on Tuesday, November 21st. Morgan Stanley cut their price objective on Alphabet from $155.00 to $150.00 and set an overweight rating for the company in a report on Wednesday, October 25th. BMO Capital Markets assumed coverage on shares of Alphabet in a report on Tuesday, January 9th. They set an outperform rating and a $170.00 target price on the stock. Finally, Piper Sandler boosted their price objective on shares of Alphabet from $147.00 to $150.00 and gave the stock an overweight rating in a research note on Wednesday, October 25th. Five equities research analysts have rated the stock with a hold rating, twenty-nine have issued a buy rating and two have assigned a strong buy rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of Moderate Buy and an average target price of $152.86.

View Our Latest Analysis on Alphabet

Alphabet Trading Down 7.5 %

GOOGL opened at $140.10 on Wednesday. The firm’s fifty day simple moving average is $139.45 and its 200 day simple moving average is $134.61. The stock has a market capitalization of $1.75 trillion, a P/E ratio of 26.89, a P/E/G ratio of 1.35 and a beta of 1.05. The company has a current ratio of 2.04, a quick ratio of 2.01 and a debt-to-equity ratio of 0.05. Alphabet has a 12 month low of $88.57 and a 12 month high of $153.78.

Alphabet (NASDAQ:GOOGLGet Free Report) last posted its quarterly earnings data on Tuesday, January 30th. The information services provider reported $1.64 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.60 by $0.04. Alphabet had a return on equity of 25.24% and a net margin of 22.46%. The business had revenue of $86.31 billion during the quarter, compared to the consensus estimate of $70.77 billion. During the same period last year, the company earned $1.05 earnings per share. As a group, research analysts anticipate that Alphabet will post 5.77 EPS for the current fiscal year.

Insider Activity

In related news, CAO Amie Thuener O’toole sold 425 shares of the stock in a transaction that occurred on Friday, November 3rd. The shares were sold at an average price of $129.08, for a total transaction of $54,859.00. Following the sale, the chief accounting officer now owns 26,413 shares in the company, valued at approximately $3,409,390.04. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. In related news, CAO Amie Thuener O’toole sold 425 shares of the company’s stock in a transaction on Friday, November 3rd. The stock was sold at an average price of $129.08, for a total transaction of $54,859.00. Following the completion of the sale, the chief accounting officer now directly owns 26,413 shares in the company, valued at approximately $3,409,390.04. The sale was disclosed in a filing with the SEC, which is available through this link. Also, Director Kavitark Ram Shriram sold 75,000 shares of Alphabet stock in a transaction dated Tuesday, November 7th. The shares were sold at an average price of $131.09, for a total value of $9,831,750.00. Following the completion of the transaction, the director now owns 104,364 shares in the company, valued at approximately $13,681,076.76. The disclosure for this sale can be found here. In the last ninety days, insiders sold 189,439 shares of company stock worth $25,954,116. 0.88% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Alphabet

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Calamos Wealth Management LLC increased its holdings in shares of Alphabet by 0.4% during the fourth quarter. Calamos Wealth Management LLC now owns 348,022 shares of the information services provider’s stock worth $48,615,000 after buying an additional 1,355 shares in the last quarter. Planning Directions Inc. grew its position in Alphabet by 11.6% during the 4th quarter. Planning Directions Inc. now owns 1,727 shares of the information services provider’s stock worth $241,000 after acquiring an additional 180 shares during the last quarter. WP Advisors LLC increased its holdings in Alphabet by 2.6% in the 4th quarter. WP Advisors LLC now owns 4,942 shares of the information services provider’s stock worth $690,000 after purchasing an additional 125 shares in the last quarter. Ipswich Investment Management Co. Inc. raised its position in Alphabet by 0.8% in the fourth quarter. Ipswich Investment Management Co. Inc. now owns 56,909 shares of the information services provider’s stock valued at $7,950,000 after purchasing an additional 474 shares during the last quarter. Finally, MontVue Capital Management Inc. acquired a new stake in shares of Alphabet during the fourth quarter valued at about $229,000. Institutional investors own 35.08% of the company’s stock.

About Alphabet

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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, hardware, Gmail, Google Drive, Google Maps, Google Photos, Google Play, Search, and YouTube.

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