Citic Securities Issues Positive Forecast for Alphabet (NASDAQ:GOOGL) Stock Price

Alphabet (NASDAQ:GOOGL) had its price objective raised by Citic Securities from $230.00 to $310.00 in a research note released on Monday,MarketScreener reports. They currently have a buy rating on the information services provider’s stock.

Other analysts have also recently issued research reports about the company. CIBC boosted their price target on Alphabet to $315.00 in a research report on Monday, October 20th. Needham & Company LLC lifted their price objective on Alphabet from $260.00 to $330.00 and gave the stock a “buy” rating in a research note on Thursday, October 30th. The Goldman Sachs Group lifted their price objective on Alphabet from $288.00 to $330.00 and gave the stock a “buy” rating in a research note on Thursday, October 30th. Wolfe Research reiterated an “outperform” rating and issued a $350.00 price objective (up from $290.00) on shares of Alphabet in a research note on Thursday. Finally, UBS Group reiterated a “neutral” rating and issued a $306.00 price objective (up from $255.00) on shares of Alphabet in a research note on Thursday. Three analysts have rated the stock with a Strong Buy rating, thirty-six have issued a Buy rating and nine have given a Hold rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $303.09.

Alphabet Stock Performance

Shares of GOOGL stock opened at $279.22 on Monday. Alphabet has a 1-year low of $140.53 and a 1-year high of $291.59. 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 company has a market capitalization of $3.38 trillion, a price-to-earnings ratio of 27.54, a P/E/G ratio of 1.86 and a beta of 1.00. The stock’s fifty day simple moving average is $245.50 and its 200-day simple moving average is $201.24.

Alphabet (NASDAQ:GOOGL) last issued its quarterly earnings results on Wednesday, October 29th. The information services provider reported $2.87 earnings per share for the quarter, beating analysts’ consensus estimates of $2.29 by $0.58. Alphabet had a return on equity of 36.08% and a net margin of 32.23%.The business had revenue of $102.35 billion for the quarter, compared to the consensus estimate of $99.90 billion. On average, sell-side analysts predict that Alphabet will post 8.9 earnings per share for the current fiscal year.

Insider Transactions at Alphabet

In other Alphabet news, insider John Kent Walker sold 17,816 shares of the stock in a transaction on Monday, September 29th. The stock was sold at an average price of $247.42, for a total value of $4,408,034.72. Following the transaction, the insider directly owned 42,985 shares in the company, valued at approximately $10,635,348.70. This trade represents a 29.30% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CAO Amie Thuener O’toole sold 2,778 shares of the firm’s stock in a transaction on Monday, September 15th. The stock was sold at an average price of $245.00, for a total value of $680,610.00. Following the sale, the chief accounting officer directly owned 17,293 shares in the company, valued at $4,236,785. The trade was a 13.84% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold a total of 222,442 shares of company stock valued at $51,200,307 over the last 90 days. 11.64% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Alphabet

Hedge funds and other institutional investors have recently bought and sold shares of the business. Vanguard Group Inc. grew its stake in shares of Alphabet by 1.3% during the second quarter. Vanguard Group Inc. now owns 516,559,609 shares of the information services provider’s stock worth $91,033,300,000 after buying an additional 6,733,278 shares during the last quarter. State Street Corp raised its holdings in Alphabet by 1.8% in the second quarter. State Street Corp now owns 229,954,269 shares of the information services provider’s stock worth $40,524,841,000 after buying an additional 4,008,374 shares during the last quarter. Geode Capital Management LLC raised its holdings in shares of Alphabet by 3.1% during the second quarter. Geode Capital Management LLC now owns 141,615,284 shares of the information services provider’s stock valued at $24,857,017,000 after purchasing an additional 4,224,497 shares during the last quarter. Norges Bank purchased a new position in shares of Alphabet during the second quarter valued at approximately $21,944,208,000. Finally, Invesco Ltd. raised its holdings in shares of Alphabet by 1.2% during the second quarter. Invesco Ltd. now owns 44,151,820 shares of the information services provider’s stock valued at $7,780,875,000 after purchasing an additional 503,306 shares during the last quarter. Institutional investors own 40.03% of the company’s stock.

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.