Alphabet (NASDAQ:GOOGL) Receives “Overweight” Rating from Piper Sandler

Alphabet (NASDAQ:GOOGL)‘s stock had its “overweight” rating reissued by stock analysts at Piper Sandler in a note issued to investors on Wednesday, Benzinga reports. They currently have a $210.00 price objective on the information services provider’s stock, up from their previous price objective of $200.00. Piper Sandler’s target price suggests a potential upside of 22.73% from the stock’s current price.

GOOGL has been the subject of a number of other research reports. Tigress Financial boosted their price target on Alphabet from $210.00 to $220.00 and gave the stock a “strong-buy” rating in a research report on Thursday, September 26th. Scotiabank upgraded Alphabet to a “strong-buy” rating in a report on Friday, October 11th. Truist Financial increased their price target on Alphabet from $220.00 to $225.00 and gave the company a “buy” rating in a report on Wednesday. JPMorgan Chase & Co. boosted their price objective on shares of Alphabet from $200.00 to $208.00 and gave the stock an “overweight” rating in a research note on Wednesday, July 24th. Finally, Roth Mkm reiterated a “buy” rating and issued a $206.00 target price on shares of Alphabet in a research note on Thursday, August 29th. Seven investment analysts have rated the stock with a hold rating, thirty-one have given a buy rating and four have assigned a strong buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $205.51.

Alphabet Trading Down 1.9 %

Shares of NASDAQ GOOGL opened at $171.11 on Wednesday. The stock has a market cap of $2.11 trillion, a price-to-earnings ratio of 26.24, a PEG ratio of 1.27 and a beta of 1.04. The business has a 50 day simple moving average of $162.32 and a 200 day simple moving average of $168.79. The company has a debt-to-equity ratio of 0.04, a quick ratio of 2.08 and a current ratio of 2.08. Alphabet has a 52 week low of $122.68 and a 52 week high of $191.75.

Alphabet (NASDAQ:GOOGL) last announced its quarterly earnings results on Tuesday, October 29th. The information services provider reported $2.12 EPS for the quarter, topping the consensus estimate of $1.83 by $0.29. Alphabet had a net margin of 26.70% and a return on equity of 30.49%. The company had revenue of $88.27 billion for the quarter, compared to analyst estimates of $72.85 billion. During the same quarter in the prior year, the business posted $1.55 EPS. On average, research analysts predict that Alphabet will post 7.65 earnings per share for the current fiscal year.

Insider Activity

In other Alphabet news, CAO Amie Thuener O’toole sold 1,367 shares of Alphabet stock in a transaction on Tuesday, October 1st. The stock was sold at an average price of $168.84, for a total value of $230,804.28. Following the completion of the transaction, the chief accounting officer now owns 29,183 shares in the company, valued at approximately $4,927,257.72. The trade was a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In other Alphabet news, CAO Amie Thuener O’toole sold 1,367 shares of the business’s stock in a transaction dated Tuesday, October 1st. The shares were sold at an average price of $168.84, for a total value of $230,804.28. Following the completion of the transaction, the chief accounting officer now directly owns 29,183 shares of the company’s stock, valued at approximately $4,927,257.72. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CEO Sundar Pichai sold 22,500 shares of the stock in a transaction that occurred on Wednesday, August 7th. The shares were sold at an average price of $162.35, for a total transaction of $3,652,875.00. Following the sale, the chief executive officer now directly owns 2,182,385 shares in the company, valued at $354,310,204.75. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 219,744 shares of company stock worth $35,878,764. Insiders own 11.55% of the company’s stock.

Institutional Investors Weigh In On Alphabet

A number of institutional investors and hedge funds have recently made changes to their positions in the company. Christopher J. Hasenberg Inc raised its holdings in Alphabet by 75.0% during the 2nd quarter. Christopher J. Hasenberg Inc now owns 140 shares of the information services provider’s stock worth $26,000 after purchasing an additional 60 shares during the last quarter. Tributary Capital Management LLC bought a new stake in shares of Alphabet during the first quarter worth approximately $30,000. Kings Path Partners LLC acquired a new position in Alphabet in the second quarter valued at approximately $36,000. Denver PWM LLC bought a new position in Alphabet in the second quarter valued at approximately $41,000. Finally, CarsonAllaria Wealth Management Ltd. grew its holdings in Alphabet by 59.2% during the 1st quarter. CarsonAllaria Wealth Management Ltd. now owns 293 shares of the information services provider’s stock worth $44,000 after acquiring an additional 109 shares during the period. 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.