Alphabet (NASDAQ:GOOGL) Price Target Increased to $230.00

Alphabet Inc. (NASDAQ:GOOGL) has received a boost from investment analysts at Wolfe Research, who have raised their price target for the company's shares from $220.00 to $230.00. This adjustment was detailed in a research note released on a recent Friday. Along with the increased target, Wolfe Research assigned an "outperform" rating to Alphabet's stock. The new price target implies a potential upside of 19.89% based on the company’s current share price.

Recent Analyst Ratings

In addition to Wolfe Research, other analysts have offered their insights on Alphabet's stock. For instance, Robert W. Baird reaffirmed an "outperform" rating and set a price objective of $205.00 in a research note dated December 10th. Similarly, the Royal Bank of Canada raised its target from $204.00 to $210.00, while also assigning an "outperform" rating on October 30th. Piper Sandler also made adjustments on the same day, updating their price target to $210.00 from an earlier $200.00 and giving the stock an "overweight" rating. Truist Financial showed similar enthusiasm, increasing its price objective from $220.00 to $225.00 and maintaining a "buy" rating.

On October 29th, Seaport Res Ptn upgraded Alphabet's rating from "hold" to "strong buy." According to MarketBeat, Alphabet has attracted nine analysts with a hold rating, thirty who issued a buy, and four giving a strong buy rating. The overall average rating stands at "Moderate Buy," with a consensus price target of $206.44.

Price Performance and Trading Information

On the trading floor, shares of NASDAQ:GOOGL saw a notable increase of $2.42, reaching a midday price of $191.85. The trading volume recorded was 3,674,411 shares, well below the average of 11,386,701. Over the past year, Alphabet has encountered a low of $130.66 and a high of $201.42. Currently, the company holds a market capitalization of $2.35 trillion, with a price-to-earnings (P/E) ratio of 25.44 and a price-to-earnings growth (PEG) ratio of 1.35.

As for its financial health, Alphabet features a low debt-to-equity ratio of 0.04, alongside a current ratio and quick ratio of 1.95 each. The company's 50-day simple moving average is at $179.17, while its 200-day simple moving average stands at $172.28.

Earnings Report Insights

Alphabet's recent quarterly earnings announcement on October 29th revealed that the company reported earnings per share (EPS) of $2.12, which surpassed analysts' consensus estimates of $1.83 by $0.29. The quarter saw substantial revenue, clocking in at $88.27 billion compared to anticipated revenues of $72.85 billion. The firm recorded a net margin of 27.74% and return on equity of 31.66%. In the same period last year, the EPS was recorded at $1.55. Analysts currently project that Alphabet will achieve an EPS of around 8.01 for the current year.

Insider Trading Activity

In recent insider activities, Director Kavitark Ram Shriram sold 37,134 shares of his stock holdings on December 10th at an average share price of $185.02, resulting in a transaction valued at approximately $6.87 million. After this sale, he continues to hold 282,832 shares, amounting to roughly $52.33 million. His transaction reflects an 11.61% reduction in his stock position. Meanwhile, another insider, Director John L. Hennessy, sold 1,500 shares at an average price of $164.95, totaling approximately $247,425. This transaction reduced his holdings by 5.39%, leaving him with 26,324 shares valued at roughly $4.34 million. Over the past quarter, insiders sold a cumulative total of 154,519 shares valued at about $27.73 million, representing ownership of 11.55% of the total stock by company insiders.

Investors' Moves

Additionally, several institutional investors have recently adjusted their positions in Alphabet. Schear Investment Advisers LLC increased its stake by 17.0% during Q3, owning 33,751 shares now valued at $5.60 million. Meanwhile, Trinity Financial Advisors LLC added to its holdings by 4.5%, bringing its total to 4,423 shares valued at around $771,000. Landscape Capital Management L.L.C. raised its position by 27.9%, owning 25,275 shares worth approximately $4.19 million after buying an additional 5,516 shares. abrdn plc also boosted its stake by 10.7%, reaching 6,305,717 shares valued at $1.04 billion. StoneCrest Wealth Management Inc. grew its position by 0.7% by acquiring an additional 140 shares, now totaling 21,509 shares worth $3.57 million. Overall, institutional investors and hedge funds control approximately 40.03% of Alphabet's stock.

About Alphabet Inc.

Alphabet Inc. operates globally through various segments, including Google Services, Google Cloud, and Other Bets. The Google Services segment encompasses a wide array of products and services like advertisements, Android, Chrome, devices, Gmail, Google Drive, Google Maps, Google Photos, Google Play, Search, and YouTube.

Alphabet, Price, Target