Pivotal Research Forecasts Strong Price Appreciation for Alphabet (NASDAQ:GOOG) Stock

by · The Markets Daily

Alphabet (NASDAQ:GOOG – Get Free Report) had its price objective boosted by Pivotal Research from $215.00 to $225.00 in a research note issued to investors on Wednesday, Benzinga reports. The brokerage presently has a “buy” rating on the information services provider’s stock. Pivotal Research’s price objective suggests a potential upside of 30.29% from the stock’s previous close.

Other analysts also recently issued reports about the company. DA Davidson upgraded Alphabet to a “hold” rating in a report on Tuesday, September 10th. Cantor Fitzgerald upgraded Alphabet to a “hold” rating in a research note on Thursday, September 5th. TD Cowen boosted their price target on Alphabet from $200.00 to $220.00 and gave the stock a “buy” rating in a research report on Wednesday, July 10th. Oppenheimer lowered their price objective on shares of Alphabet from $210.00 to $185.00 and set an “outperform” rating for the company in a research report on Wednesday, September 25th. Finally, UBS Group reduced their target price on shares of Alphabet from $204.00 to $187.00 and set a “neutral” rating on the stock in a research report on Monday, October 7th. Five equities research analysts have rated the stock with a hold rating, thirteen have issued a buy rating and two have assigned a strong buy rating to the stock. According to MarketBeat.com, Alphabet presently has a consensus rating of “Moderate Buy” and a consensus target price of $200.56.

Read Our Latest Report on Alphabet

Alphabet Stock Performance

NASDAQ GOOG opened at $172.69 on Wednesday. The business’s 50-day simple moving average is $163.71 and its 200-day simple moving average is $170.32. The firm has a market capitalization of $2.13 trillion, a P/E ratio of 22.90, a P/E/G ratio of 1.31 and a beta of 1.04. Alphabet has a 1-year low of $123.93 and a 1-year high of $193.31. The company has a debt-to-equity ratio of 0.04, a current ratio of 1.95 and a quick ratio of 2.08.

Alphabet (NASDAQ:GOOG – Get Free Report) last announced its quarterly earnings results on Tuesday, October 29th. The information services provider reported $2.12 earnings per share for the quarter, beating analysts’ consensus estimates of $1.83 by $0.29. Alphabet had a net margin of 27.74% and a return on equity of 31.66%. The firm had revenue of $88.27 billion for the quarter, compared to analysts’ expectations of $86.39 billion. During the same period in the previous year, the company posted $1.55 earnings per share. Alphabet’s revenue was up 15.1% compared to the same quarter last year. Equities analysts predict that Alphabet will post 7.83 EPS for the current year.

Insider Activity at Alphabet

In other Alphabet news, CEO Sundar Pichai sold 22,500 shares of Alphabet stock in a transaction on Wednesday, August 7th. The shares were sold at an average price of $162.35, for a total value of $3,652,875.00. Following the completion of the transaction, the chief executive officer now owns 2,182,385 shares of the company’s stock, valued at $354,310,204.75. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this link. In other news, CEO Sundar Pichai sold 22,500 shares of the firm’s stock in a transaction dated Wednesday, August 7th. The shares were sold at an average price of $162.35, for a total value of $3,652,875.00. Following the transaction, the chief executive officer now directly owns 2,182,385 shares in the company, valued at approximately $354,310,204.75. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CAO Amie Thuener O’toole sold 682 shares of the business’s stock in a transaction dated Tuesday, September 3rd. The shares were sold at an average price of $160.44, for a total transaction of $109,420.08. Following the sale, the chief accounting officer now directly owns 32,017 shares of the company’s stock, valued at approximately $5,136,807.48. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 219,744 shares of company stock valued at $35,878,764. Corporate insiders own 12.99% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Abich Financial Wealth Management LLC grew its position in shares of Alphabet by 9,200.0% during the second quarter. Abich Financial Wealth Management LLC now owns 186 shares of the information services provider’s stock worth $34,000 after acquiring an additional 184 shares during the last quarter. 1620 Investment Advisors Inc. acquired a new position in Alphabet during the 2nd quarter valued at about $37,000. HWG Holdings LP acquired a new position in Alphabet during the 2nd quarter valued at about $40,000. Slocum Gordon & Co LLP bought a new position in Alphabet in the 2nd quarter worth about $44,000. Finally, Hoese & Co LLP increased its stake in shares of Alphabet by 62.5% in the second quarter. Hoese & Co LLP now owns 260 shares of the information services provider’s stock valued at $45,000 after purchasing an additional 100 shares during the period. Institutional investors and hedge funds own 27.26% of the company’s stock.

Alphabet Company Profile

(Get Free Report)

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.

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