Alphabet (NASDAQ:GOOG) Trading 0.4% Higher Following Earnings Beat

Alphabet Inc. (NASDAQ:GOOG)’s stock price rose 0.4% on Tuesday following a better than expected earnings announcement. The company traded as high as $185.06 and last traded at $184.16. Approximately 3,534,995 shares were traded during mid-day trading, a decline of 83% from the average daily volume of 20,348,346 shares. The stock had previously closed at $183.35.

The information services provider reported $1.89 EPS for the quarter, beating analysts’ consensus estimates of $1.85 by $0.04. Alphabet had a net margin of 26.70% and a return on equity of 30.96%. The company had revenue of $84.74 billion for the quarter, compared to analysts’ expectations of $84.22 billion. During the same period in the prior year, the company posted $1.44 EPS. Alphabet’s revenue was up 13.6% compared to the same quarter last year.

Wall Street Analysts Forecast Growth

GOOG has been the subject of a number of recent analyst reports. Rosenblatt Securities lowered Alphabet from a “buy” rating to a “neutral” rating and set a $181.00 target price for the company. in a report on Friday, June 28th. Morgan Stanley reaffirmed an “overweight” rating and set a $165.00 target price on shares of Alphabet in a report on Thursday, April 11th. Wolfe Research raised shares of Alphabet to a “strong-buy” rating in a report on Tuesday, July 16th. Oppenheimer upped their price target on shares of Alphabet from $205.00 to $210.00 and gave the stock an “outperform” rating in a report on Wednesday. Finally, TD Cowen boosted their target price on Alphabet from $200.00 to $220.00 and gave the stock a “buy” rating in a research report on Wednesday, July 10th. One equities research analyst has rated the stock with a hold rating, seven have issued a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Buy” and an average target price of $177.50.

Insider Buying and Selling at Alphabet

In other news, Director John L. Hennessy sold 2,100 shares of the company’s stock in a transaction on Friday, April 26th. The shares were sold at an average price of $175.76, for a total value of $369,096.00. Following the completion of the sale, the director now owns 5,891 shares of the company’s stock, valued at approximately $1,035,402.16. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. In other news, Director John L. Hennessy sold 2,100 shares of Alphabet stock in a transaction dated Friday, April 26th. The stock was sold at an average price of $175.76, for a total value of $369,096.00. Following the transaction, the director now owns 5,891 shares in the company, valued at $1,035,402.16. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, CEO Sundar Pichai sold 22,500 shares of the stock in a transaction dated Wednesday, July 3rd. The shares were sold at an average price of $186.74, for a total value of $4,201,650.00. Following the sale, the chief executive officer now owns 2,227,385 shares of the company’s stock, valued at $415,941,874.90. The disclosure for this sale can be found here. Insiders have sold 146,988 shares of company stock worth $26,068,355 over the last ninety days. Insiders own 12.99% of the company’s stock.

Hedge Funds Weigh In On Alphabet

Hedge funds and other institutional investors have recently made changes to their positions in the business. Partnership Wealth Management LLC purchased a new stake in shares of Alphabet in the 4th quarter worth about $26,000. Equitec Proprietary Markets LLC bought a new position in shares of Alphabet during the fourth quarter valued at $28,000. DiNuzzo Private Wealth Inc. purchased a new position in Alphabet in the 4th quarter worth about $32,000. Pacific Capital Wealth Advisors Inc. purchased a new stake in shares of Alphabet during the 4th quarter valued at about $34,000. Finally, Richardson Financial Services Inc. bought a new position in Alphabet during the fourth quarter valued at approximately $34,000. Institutional investors own 27.26% of the company’s stock.

Alphabet Stock Performance

The company has a debt-to-equity ratio of 0.05, a quick ratio of 2.15 and a current ratio of 2.15. The firm has a market cap of $2.09 trillion, a P/E ratio of 26.73, a P/E/G ratio of 1.36 and a beta of 1.05. The business’s 50-day simple moving average is $180.86 and its 200 day simple moving average is $161.53.

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.