Alphabet (NASDAQ:GOOGL) Trading 0% Higher Following Analyst Upgrade

Alphabet Inc. (NASDAQ:GOOGLGet Free Report) was up 0% during mid-day trading on Thursday after China Renaissance upgraded the stock from a hold rating to a buy rating. The stock traded as high as $176.78 and last traded at $174.49. Approximately 9,735,005 shares changed hands during trading, a decline of 64% from the average daily volume of 27,058,566 shares. The stock had previously closed at $174.46.

Other equities research analysts have also recently issued research reports about the company. Argus increased their price target on Alphabet from $200.00 to $215.00 and gave the company a “buy” rating in a report on Tuesday, July 16th. Wells Fargo & Company boosted their target price on shares of Alphabet from $182.00 to $187.00 and gave the company an “equal weight” rating in a report on Wednesday. Truist Financial raised their price objective on Alphabet from $220.00 to $225.00 and gave the stock a “buy” rating in a research report on Wednesday. DA Davidson assumed coverage on Alphabet in a research report on Tuesday, September 10th. They issued a “neutral” rating and a $170.00 target price on the stock. Finally, Bank of America increased their price target on shares of Alphabet from $206.00 to $210.00 and gave the stock a “buy” rating in a research report on Wednesday. Seven investment analysts have rated the stock with a hold rating, thirty-one have assigned a buy rating and four have issued a strong buy rating to the company’s stock. According to MarketBeat, Alphabet currently has a consensus rating of “Moderate Buy” and a consensus target price of $205.51.

Check Out Our Latest Stock Report on Alphabet

Insider Activity at Alphabet

In other Alphabet news, CEO Sundar Pichai sold 22,500 shares of the company’s stock in a transaction on Wednesday, August 7th. The shares were sold at an average price of $162.35, for a total transaction of $3,652,875.00. Following the completion of the transaction, the chief executive officer now owns 2,182,385 shares in the company, valued at approximately $354,310,204.75. This represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, Director John L. Hennessy sold 800 shares of the company’s stock in a transaction on Monday, August 12th. The stock was sold at an average price of $163.03, for a total transaction of $130,424.00. Following the transaction, the director now owns 30,024 shares of the company’s stock, valued at $4,894,812.72. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, CEO Sundar Pichai sold 22,500 shares of the firm’s 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 sale, the chief executive officer now directly owns 2,182,385 shares of the company’s stock, valued at approximately $354,310,204.75. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 219,744 shares of company stock worth $35,878,764 in the last quarter. Company insiders own 11.55% of the company’s stock.

Hedge Funds Weigh In On Alphabet

A number of large investors have recently made changes to their positions in GOOGL. LS Investment Advisors LLC raised its holdings in Alphabet by 1.5% during the third quarter. LS Investment Advisors LLC now owns 68,921 shares of the information services provider’s stock worth $11,431,000 after purchasing an additional 1,000 shares during the last quarter. TFB Advisors LLC increased its position in shares of Alphabet by 2.9% in the third quarter. TFB Advisors LLC now owns 20,162 shares of the information services provider’s stock valued at $3,344,000 after buying an additional 577 shares in the last quarter. Seven Post Investment Office LP raised its stake in shares of Alphabet by 460.0% during the 3rd quarter. Seven Post Investment Office LP now owns 318,809 shares of the information services provider’s stock worth $52,874,000 after buying an additional 261,877 shares during the last quarter. Dudley Capital Management LLC raised its stake in shares of Alphabet by 1.0% during the 3rd quarter. Dudley Capital Management LLC now owns 32,927 shares of the information services provider’s stock worth $5,461,000 after buying an additional 313 shares during the last quarter. Finally, Mainstream Capital Management LLC purchased a new stake in shares of Alphabet in the 3rd quarter worth about $1,715,000. Hedge funds and other institutional investors own 40.03% of the company’s stock.

Alphabet Stock Performance

The company has a current ratio of 2.08, a quick ratio of 2.08 and a debt-to-equity ratio of 0.04. The stock’s 50 day moving average is $162.32 and its 200 day moving average is $168.79. The stock has a market capitalization of $2.11 trillion, a price-to-earnings ratio of 26.24, a PEG ratio of 1.27 and a beta of 1.04.

Alphabet (NASDAQ:GOOGLGet Free Report) last issued its quarterly earnings data on Tuesday, October 29th. The information services provider reported $2.12 earnings per share for the quarter, topping analysts’ consensus estimates of $1.83 by $0.29. Alphabet had a net margin of 26.70% and a return on equity of 30.49%. The business had revenue of $88.27 billion during the quarter, compared to analysts’ expectations of $72.85 billion. During the same period last year, the company posted $1.55 EPS. On average, analysts predict that Alphabet Inc. will post 7.65 earnings per share for the current year.

Alphabet Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, December 16th. Stockholders of record on Monday, December 9th will be issued a $0.20 dividend. The ex-dividend date of this dividend is Monday, December 9th. This represents a $0.80 dividend on an annualized basis and a dividend yield of 0.47%. Alphabet’s dividend payout ratio (DPR) is 12.27%.

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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