Alphabet (NASDAQ:GOOG) Stock Price Up 9.4% After Earnings Beat

Alphabet Inc. (NASDAQ:GOOG) traded up 9.4% on Friday following a stronger than expected earnings report. The stock traded as high as $176.42 and last traded at $172.87. 26,842,165 shares changed hands during mid-day trading, an increase of 21% from the average session volume of 22,242,641 shares. The stock had previously closed at $157.95.

The information services provider reported $1.89 earnings per share for the quarter, beating analysts’ consensus estimates of $1.49 by $0.40. Alphabet had a return on equity of 27.22% and a net margin of 24.01%. The firm had revenue of $80.54 billion during the quarter, compared to the consensus estimate of $78.75 billion. During the same period in the prior year, the company posted $1.17 EPS. The company’s revenue was up 15.4% compared to the same quarter last year.

Wall Street Analyst Weigh In

Several research firms have commented on GOOG. Susquehanna raised their target price on shares of Alphabet from $150.00 to $170.00 and gave the company a “positive” rating in a report on Wednesday, January 31st. Morgan Stanley reissued an “overweight” rating and issued a $165.00 price objective on shares of Alphabet in a research note on Thursday, April 11th. Oppenheimer upped their target price on Alphabet from $172.00 to $185.00 and gave the stock an “outperform” rating in a research note on Monday, April 8th. Stifel Nicolaus boosted their price target on Alphabet from $154.00 to $174.00 and gave the stock a “buy” rating in a report on Tuesday, April 16th. Finally, Raymond James raised their price objective on Alphabet from $150.00 to $160.00 and gave the company an “outperform” rating in a research note on Wednesday, January 24th. Six analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the company currently has a consensus rating of “Buy” and an average price target of $159.86.

Insider Buying and Selling

In other Alphabet news, Director Frances Arnold sold 230 shares of the stock in a transaction dated Tuesday, January 30th. The stock was sold at an average price of $154.06, for a total value of $35,433.80. Following the completion of the transaction, the director now directly owns 15,104 shares in the company, valued at $2,326,922.24. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. In related news, SVP Prabhakar Raghavan sold 3,258 shares of the stock in a transaction on Monday, April 1st. The stock was sold at an average price of $155.97, for a total value of $508,150.26. Following the completion of the sale, the senior vice president now directly owns 144,685 shares in the company, valued at $22,566,519.45. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Frances Arnold sold 230 shares of Alphabet stock in a transaction dated Tuesday, January 30th. The stock was sold at an average price of $154.06, for a total value of $35,433.80. Following the transaction, the director now directly owns 15,104 shares in the company, valued at $2,326,922.24. The disclosure for this sale can be found here. Insiders have sold 251,339 shares of company stock worth $36,377,482 in the last 90 days. Insiders own 12.99% of the company’s stock.

Hedge Funds Weigh In On Alphabet

A number of hedge funds have recently made changes to their positions in GOOG. Tandem Wealth Advisors LLC bought a new stake in shares of Alphabet in the 3rd quarter valued at $25,000. Bruce G. Allen Investments LLC bought a new stake in Alphabet during the fourth quarter valued at $26,000. Partnership Wealth Management LLC acquired a new stake in Alphabet during the 4th quarter worth about $26,000. Equitec Proprietary Markets LLC bought a new position in shares of Alphabet in the 4th quarter worth about $28,000. Finally, Buck Wealth Strategies LLC bought a new position in shares of Alphabet in the 3rd quarter worth about $32,000. 27.26% of the stock is currently owned by institutional investors.

Alphabet Price Performance

The company has a debt-to-equity ratio of 0.05, a quick ratio of 2.10 and a current ratio of 2.10. The business has a 50 day moving average price of $148.48 and a 200-day moving average price of $142.51. The company has a market capitalization of $2.16 trillion, a price-to-earnings ratio of 29.81, a P/E/G ratio of 1.48 and a beta of 1.05.

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.