Alphabet (NASDAQ:GOOGL) Stock Price Expected to Rise, Wells Fargo & Company Analyst Says

Alphabet (NASDAQ:GOOGL) had its price objective raised by equities researchers at Wells Fargo & Company from $187.00 to $190.00 in a research note issued on Monday,Benzinga reports. The brokerage currently has an “equal weight” rating on the information services provider’s stock. Wells Fargo & Company‘s price objective suggests a potential upside of 0.18% from the stock’s previous close.

Several other equities analysts have also issued reports on GOOGL. Cantor Fitzgerald reiterated a “neutral” rating and issued a $190.00 price target on shares of Alphabet in a research note on Wednesday, October 30th. Loop Capital lifted their price target on Alphabet from $170.00 to $185.00 and gave the company a “hold” rating in a research note on Wednesday, November 6th. Truist Financial lifted their price target on Alphabet from $220.00 to $225.00 and gave the company a “buy” rating in a research note on Wednesday, October 30th. Sanford C. Bernstein boosted their price objective on Alphabet from $180.00 to $185.00 and gave the stock a “market perform” rating in a research report on Wednesday, October 30th. Finally, Evercore ISI boosted their price objective on Alphabet from $200.00 to $205.00 and gave the stock an “outperform” rating in a research report on Wednesday, October 30th. Nine equities research analysts have rated the stock with a hold rating, thirty have issued a buy rating and four have assigned a strong buy rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $208.15.

Alphabet Stock Performance

NASDAQ:GOOGL opened at $189.66 on Monday. The stock has a market cap of $2.32 trillion, a P/E ratio of 25.15, a PEG ratio of 1.35 and a beta of 0.98. The stock has a 50 day simple moving average of $183.45 and a 200 day simple moving average of $173.04. The company has a current ratio of 1.95, a quick ratio of 1.95 and a debt-to-equity ratio of 0.04. Alphabet has a 1-year low of $130.66 and a 1-year high of $201.42.

Alphabet (NASDAQ:GOOGL) last announced its quarterly earnings data on Tuesday, October 29th. The information services provider reported $2.12 earnings per share for the quarter, beating the consensus estimate of $1.83 by $0.29. The firm had revenue of $88.27 billion during the quarter, compared to analysts’ expectations of $72.85 billion. Alphabet had a return on equity of 31.66% and a net margin of 27.74%. During the same period in the previous year, the firm earned $1.55 EPS. Research analysts anticipate that Alphabet will post 8.01 earnings per share for the current year.

Insiders Place Their Bets

In related news, Director John L. Hennessy sold 1,500 shares of the firm’s stock in a transaction that occurred on Monday, January 13th. The shares were sold at an average price of $189.80, for a total value of $284,700.00. Following the sale, the director now directly owns 21,824 shares of the company’s stock, valued at $4,142,195.20. This trade represents a 6.43 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CAO Amie Thuener O’toole sold 1,367 shares of the stock in a transaction on Friday, November 1st. The stock was sold at an average price of $171.42, for a total transaction of $234,331.14. Following the completion of the transaction, the chief accounting officer now directly owns 26,349 shares in the company, valued at $4,516,745.58. The trade was a 4.93 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 130,553 shares of company stock worth $23,817,951 over the last 90 days. Corporate insiders own 11.55% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in GOOGL. LMR Partners LLP bought a new position in shares of Alphabet during the third quarter valued at about $32,000. Denver PWM LLC bought a new position in shares of Alphabet during the second quarter valued at about $41,000. Quarry LP bought a new position in shares of Alphabet during the second quarter valued at about $53,000. Teachers Insurance & Annuity Association of America bought a new position in shares of Alphabet during the third quarter valued at about $66,000. Finally, Mendota Financial Group LLC grew its stake in shares of Alphabet by 19.0% during the third quarter. Mendota Financial Group LLC now owns 401 shares of the information services provider’s stock valued at $67,000 after buying an additional 64 shares during the last quarter. Institutional investors own 40.03% of the company’s stock.

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.