Alphabet (NASDAQ:GOOGL) Rating Reiterated by Needham & Company LLC

Needham & Company LLC restated their buy rating on shares of Alphabet (NASDAQ:GOOGL) in a research report report published on Tuesday morning, Benzinga reports. The firm currently has a $210.00 price objective on the information services provider’s stock.

GOOGL has been the topic of a number of other reports. Barclays upped their target price on Alphabet from $173.00 to $200.00 and gave the stock an overweight rating in a research note on Friday, April 26th. Wells Fargo & Company increased their price objective on Alphabet from $168.00 to $187.00 and gave the company an equal weight rating in a research report on Monday, July 8th. Bank of America increased their price objective on Alphabet from $200.00 to $206.00 and gave the company a buy rating in a research report on Wednesday, July 17th. Royal Bank of Canada increased their price objective on Alphabet from $155.00 to $200.00 and gave the company an outperform rating in a research report on Friday, April 26th. Finally, Raymond James increased their price objective on Alphabet from $160.00 to $200.00 and gave the company an outperform rating in a research report on Friday, April 26th. Six equities research analysts have rated the stock with a hold rating, twenty-eight have given a buy rating and two have assigned a strong buy rating to the company’s stock. According to MarketBeat, Alphabet currently has an average rating of Moderate Buy and an average target price of $203.74.

Alphabet Price Performance

Shares of NASDAQ GOOGL opened at $167.28 on Tuesday. The firm has a market capitalization of $2.07 trillion, a P/E ratio of 25.66, a P/E/G ratio of 1.36 and a beta of 1.05. The company has a quick ratio of 2.15, a current ratio of 2.15 and a debt-to-equity ratio of 0.05. The stock’s 50-day simple moving average is $179.22 and its two-hundred day simple moving average is $160.15. Alphabet has a twelve month low of $120.21 and a twelve month high of $191.75.

Alphabet (NASDAQ:GOOGL) last announced its earnings results on Tuesday, July 23rd. The information services provider reported $1.89 earnings per share for the quarter, topping analysts’ consensus estimates of $1.85 by $0.04. The business had revenue of $84.74 billion for the quarter, compared to analyst estimates of $70.60 billion. Alphabet had a return on equity of 30.96% and a net margin of 26.70%. During the same period in the prior year, the company earned $1.44 EPS. As a group, equities analysts anticipate that Alphabet will post 7.62 EPS for the current fiscal year.

Insiders Place Their Bets

In other Alphabet news, CEO Sundar Pichai sold 22,500 shares of the stock in a transaction that occurred on Wednesday, May 1st. The stock was sold at an average price of $166.80, for a total value of $3,753,000.00. Following the completion of the sale, the chief executive officer now owns 2,280,511 shares in the company, valued at approximately $380,389,234.80. The transaction was disclosed in a document filed with the SEC, which is available at this link. In other news, CEO Sundar Pichai sold 22,500 shares of the firm’s stock in a transaction that occurred on Wednesday, May 1st. The stock was sold at an average price of $166.80, for a total value of $3,753,000.00. Following the completion of the transaction, the chief executive officer now owns 2,280,511 shares in the company, valued at approximately $380,389,234.80. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CAO Amie Thuener O’toole sold 682 shares of the firm’s stock in a transaction that occurred on Thursday, May 2nd. The shares were sold at an average price of $166.67, for a total value of $113,668.94. Following the completion of the transaction, the chief accounting officer now owns 29,284 shares of the company’s stock, valued at approximately $4,880,764.28. The disclosure for this sale can be found here. In the last 90 days, insiders sold 122,388 shares of company stock worth $21,497,609. 11.55% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently made changes to their positions in the company. Norges Bank bought a new position in Alphabet during the 4th quarter valued at approximately $15,441,917,000. Capital Research Global Investors increased its position in Alphabet by 14.4% during the 1st quarter. Capital Research Global Investors now owns 57,803,291 shares of the information services provider’s stock valued at $8,724,251,000 after buying an additional 7,275,757 shares in the last quarter. Vanguard Group Inc. increased its position in Alphabet by 1.3% during the 4th quarter. Vanguard Group Inc. now owns 493,810,251 shares of the information services provider’s stock valued at $68,980,354,000 after buying an additional 6,374,756 shares in the last quarter. Public Employees Retirement Association of Colorado increased its position in Alphabet by 39,754.9% during the 4th quarter. Public Employees Retirement Association of Colorado now owns 6,025,667 shares of the information services provider’s stock valued at $841,725,000 after buying an additional 6,010,548 shares in the last quarter. Finally, International Assets Investment Management LLC increased its position in Alphabet by 4,894.1% during the 4th quarter. International Assets Investment Management LLC now owns 5,445,396 shares of the information services provider’s stock valued at $7,606,670,000 after buying an additional 5,336,359 shares in the last quarter. Hedge funds and other 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.