Wedbush Reiterates “Outperform” Rating for Alphabet (NASDAQ:GOOGL)

Alphabet (NASDAQ:GOOGL)‘s stock had its “outperform” rating reiterated by equities research analysts at Wedbush in a note issued to investors on Monday, Benzinga reports. They currently have a $205.00 price objective on the information services provider’s stock. Wedbush’s target price would indicate a potential upside of 12.77% from the stock’s current price. Wedbush also issued estimates for Alphabet’s Q2 2024 earnings at $1.86 EPS and FY2024 earnings at $7.49 EPS.

Several other research analysts also recently issued reports on the company. Stifel Nicolaus reaffirmed a “buy” rating and set a $196.00 price objective on shares of Alphabet in a report on Wednesday, May 15th. Citigroup raised their price target on Alphabet from $168.00 to $190.00 and gave the company a “buy” rating in a report on Friday, April 26th. Mizuho dropped their price objective on Alphabet from $290.00 to $205.00 in a report on Thursday, July 18th. Royal Bank of Canada upped their target price on shares of Alphabet from $155.00 to $200.00 and gave the company an “outperform” rating in a research report on Friday, April 26th. Finally, TD Securities lifted their price target on shares of Alphabet from $200.00 to $220.00 in a research report on Wednesday, July 10th. Six research analysts have rated the stock with a hold rating, twenty-seven have issued a buy rating and two have issued a strong buy rating to the company. Based on data from MarketBeat.com, Alphabet currently has an average rating of “Moderate Buy” and an average price target of $200.88.

Alphabet Trading Up 0.1 %

Shares of Alphabet stock opened at $181.79 on Monday. Alphabet has a 12-month low of $120.21 and a 12-month high of $191.75. The stock has a market capitalization of $2.25 trillion, a P/E ratio of 27.88, a price-to-earnings-growth ratio of 1.33 and a beta of 1.05. The company has a 50-day simple moving average of $179.36 and a 200 day simple moving average of $160.01. The company has a quick ratio of 2.15, a current ratio of 2.15 and a debt-to-equity ratio of 0.05.

Alphabet (NASDAQ:GOOGL) last posted its earnings results on Thursday, April 25th. The information services provider reported $1.89 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.49 by $0.40. The company had revenue of $80.54 billion during the quarter, compared to analysts’ expectations of $66.04 billion. Alphabet had a net margin of 25.90% and a return on equity of 29.52%. During the same quarter in the previous year, the company posted $1.17 earnings per share. Research analysts expect that Alphabet will post 7.61 earnings per share for the current fiscal year.

Insider Activity

In related news, CAO Amie Thuener O’toole sold 682 shares of the business’s stock in a transaction on Thursday, May 2nd. The shares were sold at an average price of $166.67, for a total transaction of $113,668.94. Following the transaction, the chief accounting officer now directly owns 29,284 shares in the company, valued at $4,880,764.28. The sale was disclosed in a filing with the SEC, which is available through this link. In related news, Director John L. Hennessy sold 1,500 shares of the company’s stock in a transaction dated Monday, May 13th. The shares were sold at an average price of $168.08, for a total value of $252,120.00. Following the transaction, the director now owns 4,391 shares in the company, valued at approximately $738,039.28. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. Also, CAO Amie Thuener O’toole sold 682 shares of the firm’s stock in a transaction that occurred on Thursday, May 2nd. The stock was sold at an average price of $166.67, for a total transaction of $113,668.94. Following the sale, the chief accounting officer now owns 29,284 shares of the company’s stock, valued at $4,880,764.28. The disclosure for this sale can be found here. Insiders sold 124,488 shares of company stock worth $21,866,705 in the last quarter. Corporate insiders own 11.55% of the company’s stock.

Institutional Trading of Alphabet

Institutional investors have recently bought and sold shares of the business. Etesian Wealth Advisors Inc. boosted its position in shares of Alphabet by 1.2% during the 4th quarter. Etesian Wealth Advisors Inc. now owns 7,823 shares of the information services provider’s stock valued at $1,097,000 after purchasing an additional 96 shares in the last quarter. Dixon Fnancial Services Inc. acquired a new stake in shares of Alphabet during the 4th quarter worth approximately $241,000. Keating Wealth Management LLC bought a new stake in shares of Alphabet in the 4th quarter valued at $1,537,000. Oak Harvest Investment Services lifted its position in shares of Alphabet by 3.9% during the 4th quarter. Oak Harvest Investment Services now owns 19,567 shares of the information services provider’s stock valued at $2,733,000 after acquiring an additional 729 shares during the period. Finally, HFG Advisors Inc. boosted its stake in Alphabet by 73.1% during the fourth quarter. HFG Advisors Inc. now owns 6,156 shares of the information services provider’s stock worth $860,000 after acquiring an additional 2,600 shares in the last quarter. Institutional investors 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.