Alphabet (NASDAQ:GOOG) Given New $220.00 Price Target at TD Cowen

Alphabet (NASDAQ:GOOG) had its target price boosted by stock analysts at TD Cowen from $200.00 to $220.00 in a research note issued to investors on Wednesday, Marketbeat reports. The brokerage currently has a “buy” rating on the information services provider’s stock. TD Cowen’s price objective would indicate a potential upside of 14.88% from the company’s previous close.

A number of other brokerages have also weighed in on GOOG. Morgan Stanley restated an “overweight” rating and issued a $165.00 target price on shares of Alphabet in a research report on Thursday, April 11th. Rosenblatt Securities lowered shares of Alphabet from a “buy” rating to a “neutral” rating and set a $181.00 price objective for the company. in a report on Friday, June 28th. Stifel Nicolaus boosted their target price on shares of Alphabet from $154.00 to $174.00 and gave the stock a “buy” rating in a report on Tuesday, April 16th. Finally, Oppenheimer increased their price objective on Alphabet from $172.00 to $185.00 and gave the company an “outperform” rating in a report on Monday, April 8th. One equities research analyst has rated the stock with a hold rating and seven have assigned a buy rating to the company. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $174.38.

Alphabet Stock Performance

NASDAQ GOOG traded up $1.07 during trading on Wednesday, reaching $191.51. The company’s stock had a trading volume of 2,724,901 shares, compared to its average volume of 20,717,674. The firm has a 50 day moving average price of $177.92 and a 200 day moving average price of $158.32. Alphabet has a 12 month low of $115.83 and a 12 month high of $192.86. The firm has a market capitalization of $2.37 trillion, a price-to-earnings ratio of 29.39, a price-to-earnings-growth ratio of 1.43 and a beta of 1.05. The company has a current ratio of 2.15, a quick ratio of 2.15 and a debt-to-equity ratio of 0.05.

Alphabet (NASDAQ:GOOG) last announced its quarterly earnings data on Thursday, April 25th. The information services provider reported $1.89 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.51 by $0.38. The firm had revenue of $80.54 billion for the quarter, compared to the consensus estimate of $78.75 billion. Alphabet had a net margin of 25.90% and a return on equity of 29.52%. The business’s revenue for the quarter was up 15.4% on a year-over-year basis. During the same period in the prior year, the company posted $1.17 earnings per share. As a group, equities analysts anticipate that Alphabet will post 7.6 EPS for the current fiscal year.

Insider Activity

In related news, CEO Sundar Pichai sold 22,500 shares of the stock in a transaction on Wednesday, April 17th. The shares were sold at an average price of $157.41, for a total transaction of $3,541,725.00. Following the transaction, the chief executive officer now directly owns 2,303,011 shares of the company’s stock, valued at $362,516,961.51. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. In other Alphabet news, CEO Sundar Pichai sold 22,500 shares of the business’s stock in a transaction on Wednesday, April 17th. The shares were sold at an average price of $157.41, for a total transaction of $3,541,725.00. Following the completion of the sale, the chief executive officer now owns 2,303,011 shares in the company, valued at approximately $362,516,961.51. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CAO Amie Thuener O’toole sold 682 shares of Alphabet stock in a transaction dated Thursday, May 2nd. The shares were sold at an average price of $166.67, for a total transaction of $113,668.94. Following the transaction, the chief accounting officer now owns 29,284 shares of the company’s stock, valued at $4,880,764.28. The disclosure for this sale can be found here. Insiders sold 146,288 shares of company stock worth $25,345,053 in the last quarter. 12.99% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Alphabet

A number of institutional investors have recently added to or reduced their stakes in GOOG. GUNN & Co INVESTMENT MANAGEMENT INC. purchased a new position in shares of Alphabet in the third quarter valued at $5,980,000. Trust Co. of Vermont grew its holdings in Alphabet by 3.0% during the 3rd quarter. Trust Co. of Vermont now owns 363,136 shares of the information services provider’s stock valued at $47,879,000 after buying an additional 10,486 shares in the last quarter. WT Wealth Management increased its position in shares of Alphabet by 21.9% during the third quarter. WT Wealth Management now owns 33,474 shares of the information services provider’s stock valued at $4,414,000 after buying an additional 6,011 shares during the period. Raleigh Capital Management Inc. lifted its holdings in shares of Alphabet by 10.4% in the third quarter. Raleigh Capital Management Inc. now owns 965 shares of the information services provider’s stock worth $127,000 after buying an additional 91 shares in the last quarter. Finally, Financial Insights Inc. bought a new position in shares of Alphabet in the third quarter valued at approximately $331,000. 27.26% of the stock is owned by institutional investors.

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.