Alphabet (NASDAQ:GOOG) Price Target Cut to $185.00

Alphabet (NASDAQ:GOOG) had its target price reduced by Oppenheimer from $210.00 to $185.00 in a research note published on Wednesday morning, Benzinga reports. Oppenheimer currently has an outperform rating on the information services provider’s stock.

Other equities analysts have also recently issued research reports about the company. Wolfe Research upgraded Alphabet to a strong-buy rating in a report on Tuesday, July 16th. TD Cowen raised their price objective on Alphabet from $200.00 to $220.00 and gave the company a buy rating in a report on Wednesday, July 10th. DA Davidson raised Alphabet to a hold rating in a research report on Tuesday, September 10th. Rosenblatt Securities cut Alphabet from a buy rating to a neutral rating and set a $181.00 price objective on the stock. in a research note on Friday, June 28th. Finally, Cantor Fitzgerald upgraded shares of Alphabet to a hold rating in a research note on Thursday, September 5th. Three research analysts have rated the stock with a hold rating, six have given a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, the stock has an average rating of Moderate Buy and a consensus target price of $179.29.

Alphabet Price Performance

GOOG opened at $165.29 on Wednesday. The company has a fifty day moving average price of $164.34 and a two-hundred day moving average price of $167.97. The company has a debt-to-equity ratio of 0.04, a quick ratio of 2.08 and a current ratio of 2.08. The firm has a market capitalization of $2.04 trillion, a PE ratio of 25.35, a P/E/G ratio of 1.21 and a beta of 1.04. Alphabet has a 52 week low of $121.46 and a 52 week high of $193.31.

Alphabet (NASDAQ:GOOG) last announced its quarterly earnings results on Tuesday, July 23rd. The information services provider reported $1.89 earnings per share for the quarter, beating analysts’ consensus estimates of $1.85 by $0.04. Alphabet had a net margin of 26.70% and a return on equity of 30.49%. The business had revenue of $84.74 billion for the quarter, compared to the consensus estimate of $84.22 billion. During the same period last year, the company posted $1.44 EPS. Alphabet’s revenue for the quarter was up 13.6% on a year-over-year basis. As a group, analysts anticipate that Alphabet will post 7.63 earnings per share for the current year.

Alphabet Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Monday, September 16th. Shareholders of record on Monday, September 9th were paid a $0.20 dividend. This represents a $0.80 annualized dividend and a yield of 0.48%. The ex-dividend date of this dividend was Monday, September 9th. Alphabet’s dividend payout ratio (DPR) is 12.27%.

Insider Transactions at Alphabet

In other Alphabet news, CAO Amie Thuener O’toole sold 2,835 shares of the firm’s stock in a transaction dated Tuesday, September 10th. The shares were sold at an average price of $151.53, for a total value of $429,587.55. Following the transaction, the chief accounting officer now directly owns 29,182 shares of the company’s stock, valued at approximately $4,421,948.46. The transaction was disclosed in a legal filing with the SEC, which is available through this link. In other news, SVP Prabhakar Raghavan sold 3,262 shares of the company’s stock in a transaction on Monday, July 1st. The shares were sold at an average price of $183.99, for a total transaction of $600,175.38. Following the completion of the transaction, the senior vice president now directly owns 9 shares in the company, valued at $1,655.91. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CAO Amie Thuener O’toole sold 2,835 shares of the stock in a transaction dated Tuesday, September 10th. The shares were sold at an average price of $151.53, for a total value of $429,587.55. Following the completion of the transaction, the chief accounting officer now owns 29,182 shares of the company’s stock, valued at $4,421,948.46. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 203,367 shares of company stock valued at $34,079,756. 12.99% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Alphabet

Institutional investors and hedge funds have recently made changes to their positions in the business. Gilbert & Cook Inc. grew its position in Alphabet by 15.5% in the 4th quarter. Gilbert & Cook Inc. now owns 29,159 shares of the information services provider’s stock worth $4,109,000 after purchasing an additional 3,924 shares in the last quarter. Concentrum Wealth Management lifted its holdings in Alphabet by 25.0% during the fourth quarter. Concentrum Wealth Management now owns 16,440 shares of the information services provider’s stock worth $2,317,000 after acquiring an additional 3,283 shares during the period. Aveo Capital Partners LLC grew its stake in Alphabet by 2.4% in the 4th quarter. Aveo Capital Partners LLC now owns 6,647 shares of the information services provider’s stock valued at $937,000 after purchasing an additional 154 shares during the period. Catalytic Wealth RIA LLC bought a new stake in shares of Alphabet during the 4th quarter worth $1,715,000. Finally, Claret Asset Management Corp boosted its holdings in shares of Alphabet by 1.7% in the 4th quarter. Claret Asset Management Corp now owns 43,411 shares of the information services provider’s stock worth $6,118,000 after buying an additional 734 shares during the last quarter. Institutional investors own 27.26% 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.