Alphabet (NASDAQ:GOOGL) Given New $270.00 Price Target at Canaccord Genuity Group

Alphabet (NASDAQ:GOOGL) had its target price boosted by Canaccord Genuity Group from $230.00 to $270.00 in a report released on Thursday,Benzinga reports. The brokerage currently has a “buy” rating on the information services provider’s stock. Canaccord Genuity Group’s price objective indicates a potential upside of 14.89% from the stock’s current price.

GOOGL has been the subject of a number of other reports. Cantor Fitzgerald boosted their price target on shares of Alphabet from $196.00 to $201.00 and gave the company a “neutral” rating in a research report on Thursday, July 24th. Oppenheimer reissued an “outperform” rating and issued a $270.00 price target (up from $235.00) on shares of Alphabet in a research note on Tuesday. BNP Paribas downgraded shares of Alphabet from a “strong-buy” rating to a “hold” rating in a research note on Thursday, June 26th. JPMorgan Chase & Co. upped their price objective on shares of Alphabet from $200.00 to $232.00 and gave the company an “overweight” rating in a research note on Thursday, July 24th. Finally, Loop Capital reiterated a “hold” rating and set a $190.00 price target (up previously from $165.00) on shares of Alphabet in a research report on Tuesday, August 5th. Four analysts have rated the stock with a Strong Buy rating, thirty-one have assigned a Buy rating and ten have issued a Hold rating to the company. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $222.33.

Alphabet Stock Up 1.2%

Alphabet stock opened at $235.00 on Thursday. Alphabet has a 1-year low of $140.53 and a 1-year high of $235.76. The firm has a market capitalization of $2.84 trillion, a price-to-earnings ratio of 25.03, a P/E/G ratio of 1.56 and a beta of 1.01. The company has a current ratio of 1.90, a quick ratio of 1.90 and a debt-to-equity ratio of 0.07. The firm has a 50 day simple moving average of $195.79 and a 200 day simple moving average of $175.48.

Alphabet (NASDAQ:GOOGL) last released its quarterly earnings data on Wednesday, July 23rd. The information services provider reported $2.31 earnings per share for the quarter, beating analysts’ consensus estimates of $2.15 by $0.16. The business had revenue of $96.43 billion during the quarter, compared to analyst estimates of $93.60 billion. Alphabet had a net margin of 31.12% and a return on equity of 34.31%. On average, analysts predict that Alphabet will post 8.9 earnings per share for the current year.

Insider Activity at Alphabet

In other Alphabet news, Director Kavitark Ram Shriram sold 18,566 shares of the stock in a transaction that occurred on Friday, July 18th. The shares were sold at an average price of $185.76, for a total value of $3,448,820.16. Following the transaction, the director directly owned 243,400 shares in the company, valued at approximately $45,213,984. This trade represents a 7.09% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director John L. Hennessy sold 1,000 shares of the stock in a transaction that occurred on Friday, August 8th. The stock was sold at an average price of $200.00, for a total transaction of $200,000.00. Following the completion of the transaction, the director owned 6,916 shares in the company, valued at $1,383,200. The trade was a 12.63% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 254,710 shares of company stock worth $49,208,380 in the last three months. 11.64% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the business. Guardian Wealth Management Inc. raised its position in shares of Alphabet by 242.9% during the 1st quarter. Guardian Wealth Management Inc. now owns 168 shares of the information services provider’s stock valued at $26,000 after purchasing an additional 119 shares during the period. Financial Gravity Companies Inc. purchased a new position in Alphabet during the second quarter valued at $31,000. IMA Advisory Services Inc. purchased a new position in shares of Alphabet in the 1st quarter worth $28,000. von Borstel & Associates Inc. purchased a new position in shares of Alphabet in the 1st quarter worth $28,000. Finally, NBZ Investment Advisors LLC grew its stake in shares of Alphabet by 85.7% in the 1st quarter. NBZ Investment Advisors LLC now owns 195 shares of the information services provider’s stock worth $30,000 after buying an additional 90 shares in the last quarter. 40.03% of the stock is currently owned by institutional investors.

About Alphabet

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.