Alphabet’s (GOOGL) “Neutral” Rating Reaffirmed at Cantor Fitzgerald

Cantor Fitzgerald restated their neutral rating on shares of Alphabet (NASDAQ:GOOGL) in a research note released on Wednesday morning, Benzinga reports. Cantor Fitzgerald currently has a $190.00 price target on the information services provider’s stock. Cantor Fitzgerald also issued estimates for Alphabet’s FY2024 earnings at $7.96 EPS.

A number of other equities research analysts also recently weighed in on GOOGL. DA Davidson started coverage on Alphabet in a research note on Tuesday, September 10th. They set a “neutral” rating and a $170.00 price target for the company. Morgan Stanley increased their price objective on Alphabet from $190.00 to $205.00 and gave the company an “overweight” rating in a report on Wednesday. UBS Group increased their price objective on Alphabet from $200.00 to $204.00 and gave the company a “neutral” rating in a report on Wednesday, July 24th. The Goldman Sachs Group lowered their price objective on Alphabet from $217.00 to $208.00 and set a “buy” rating on the stock in a report on Monday, October 14th. Finally, Guggenheim increased their price objective on Alphabet from $195.00 to $205.00 and gave the company a “buy” rating in a report on Wednesday, July 24th. Seven investment analysts have rated the stock with a hold rating, thirty-one have assigned a buy rating and four have assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $205.51.

Alphabet Stock Up 0.1 %

GOOGL opened at $171.29 on Wednesday. Alphabet has a fifty-two week low of $126.93 and a fifty-two week high of $191.75. The business has a 50-day moving average of $162.43 and a 200-day moving average of $169.01. The company has a debt-to-equity ratio of 0.04, a current ratio of 1.95 and a quick ratio of 2.08. The company has a market capitalization of $2.11 trillion, a PE ratio of 22.72, a price-to-earnings-growth ratio of 1.23 and a beta of 1.03.

Alphabet (NASDAQ:GOOGL) last posted its quarterly earnings results on Tuesday, October 29th. The information services provider reported $2.12 earnings per share for the quarter, topping analysts’ consensus estimates of $1.83 by $0.29. Alphabet had a return on equity of 31.66% and a net margin of 27.74%. The company had revenue of $88.27 billion during the quarter, compared to the consensus estimate of $72.85 billion. During the same period last year, the business earned $1.55 EPS. Equities research analysts forecast that Alphabet will post 7.91 EPS for the current fiscal year.

Alphabet Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, December 16th. Shareholders of record on Monday, December 9th will be paid a $0.20 dividend. This represents a $0.80 dividend on an annualized basis and a yield of 0.47%. The ex-dividend date is Monday, December 9th. Alphabet’s dividend payout ratio is currently 10.61%.

Insiders Place Their Bets

In other Alphabet news, SVP Prabhakar Raghavan sold 34,257 shares of the business’s stock in a transaction on Thursday, August 15th. The stock was sold at an average price of $162.60, for a total value of $5,570,188.20. Following the transaction, the senior vice president now owns 312,210 shares of the company’s stock, valued at approximately $50,765,346. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other news, SVP Prabhakar Raghavan sold 34,257 shares of the business’s stock in a transaction on Thursday, August 15th. The stock was sold at an average price of $162.60, for a total transaction of $5,570,188.20. Following the completion of the sale, the senior vice president now owns 312,210 shares in the company, valued at $50,765,346. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Kavitark Ram Shriram sold 10,500 shares of the business’s stock in a transaction on Wednesday, October 30th. The stock was sold at an average price of $180.78, for a total value of $1,898,190.00. Following the sale, the director now owns 330,466 shares of the company’s stock, valued at approximately $59,741,643.48. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 230,244 shares of company stock valued at $37,776,954. 11.55% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Alphabet

A number of institutional investors and hedge funds have recently made changes to their positions in the company. Costello Asset Management INC increased its holdings in Alphabet by 0.9% in the third quarter. Costello Asset Management INC now owns 30,638 shares of the information services provider’s stock valued at $5,081,000 after purchasing an additional 267 shares during the last quarter. Rocky Mountain Advisers LLC increased its holdings in Alphabet by 33.2% in the third quarter. Rocky Mountain Advisers LLC now owns 3,210 shares of the information services provider’s stock valued at $532,000 after purchasing an additional 800 shares during the last quarter. 17 Capital Partners LLC increased its holdings in Alphabet by 4.2% in the third quarter. 17 Capital Partners LLC now owns 19,985 shares of the information services provider’s stock valued at $3,315,000 after purchasing an additional 800 shares during the last quarter. Mach 1 Financial Group LLC increased its holdings in Alphabet by 12.7% in the third quarter. Mach 1 Financial Group LLC now owns 5,242 shares of the information services provider’s stock valued at $869,000 after purchasing an additional 591 shares during the last quarter. Finally, Mesirow Financial Investment Management Inc. increased its holdings in Alphabet by 1.0% in the third quarter. Mesirow Financial Investment Management Inc. now owns 414,394 shares of the information services provider’s stock valued at $68,728,000 after purchasing an additional 4,035 shares during 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.