Oppenheimer Forecasts Strong Price Appreciation for Alphabet (NASDAQ:GOOG) Stock

by · The Cerbat Gem

Alphabet (NASDAQ:GOOG – Get Free Report) had its target price lifted by stock analysts at Oppenheimer from $185.00 to $215.00 in a report released on Wednesday, Benzinga reports. The firm currently has an “outperform” rating on the information services provider’s stock. Oppenheimer’s price objective would suggest a potential upside of 18.50% from the stock’s previous close.

A number of other equities analysts also recently weighed in on the stock. Wells Fargo & Company increased their price target on shares of Alphabet from $182.00 to $187.00 and gave the stock an “equal weight” rating in a research note on Wednesday. Citigroup raised their target price on Alphabet from $212.00 to $216.00 and gave the company a “buy” rating in a report on Wednesday. TD Cowen lifted their price target on shares of Alphabet from $200.00 to $220.00 and gave the company a “buy” rating in a report on Wednesday, July 10th. Pivotal Research upped their target price on Alphabet from $215.00 to $225.00 and gave the company a “buy” rating in a report on Wednesday. Finally, Barclays raised their price target on Alphabet from $200.00 to $220.00 and gave the stock an “overweight” rating in a report on Wednesday. Five analysts have rated the stock with a hold rating, thirteen have issued a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, Alphabet has an average rating of “Moderate Buy” and an average target price of $200.56.

Check Out Our Latest Analysis on GOOG

Alphabet Trading Up 6.0 %

NASDAQ GOOG traded up $10.29 during mid-day trading on Wednesday, reaching $181.43. 29,376,652 shares of the stock were exchanged, compared to its average volume of 19,546,996. The stock has a market capitalization of $2.24 trillion, a PE ratio of 27.83, a PEG ratio of 1.27 and a beta of 1.04. The company has a debt-to-equity ratio of 0.04, a quick ratio of 2.08 and a current ratio of 2.08. Alphabet has a 1-year low of $123.93 and a 1-year high of $193.31. The business’s fifty day simple moving average is $163.39 and its 200 day simple moving average is $170.26.

Alphabet (NASDAQ:GOOG – Get Free Report) last posted its quarterly earnings data on Tuesday, October 29th. The information services provider reported $2.12 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.83 by $0.29. The business had revenue of $88.27 billion for the quarter, compared to analysts’ expectations of $86.39 billion. Alphabet had a return on equity of 30.49% and a net margin of 26.70%. The business’s revenue was up 15.1% on a year-over-year basis. During the same quarter last year, the firm earned $1.55 earnings per share. On average, research analysts anticipate that Alphabet will post 7.64 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, SVP Prabhakar Raghavan sold 34,257 shares of Alphabet stock in a transaction on Thursday, August 15th. The shares were sold at an average price of $162.60, for a total value of $5,570,188.20. Following the completion of the sale, the senior vice president now owns 312,210 shares of the company’s stock, valued at approximately $50,765,346. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In related news, SVP Prabhakar Raghavan sold 34,257 shares of the stock in a transaction dated Thursday, August 15th. The shares were sold at an average price of $162.60, for a total value of $5,570,188.20. Following the completion of the sale, the senior vice president now owns 312,210 shares in the company, valued at approximately $50,765,346. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CAO Amie Thuener O’toole sold 1,367 shares of the business’s stock in a transaction dated Tuesday, October 1st. The shares were sold at an average price of $168.84, for a total value of $230,804.28. Following the transaction, the chief accounting officer now owns 29,183 shares in the company, valued at $4,927,257.72. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 220,426 shares of company stock worth $35,993,340. Insiders own 12.99% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of GOOG. Abich Financial Wealth Management LLC raised its stake in Alphabet by 9,200.0% during the second quarter. Abich Financial Wealth Management LLC now owns 186 shares of the information services provider’s stock worth $34,000 after acquiring an additional 184 shares in the last quarter. 1620 Investment Advisors Inc. bought a new position in Alphabet in the 2nd quarter worth approximately $37,000. HWG Holdings LP acquired a new position in Alphabet during the 2nd quarter worth $40,000. Slocum Gordon & Co LLP bought a new position in Alphabet in the 2nd quarter valued at $44,000. Finally, Hoese & Co LLP boosted its position in Alphabet by 62.5% in the 2nd quarter. Hoese & Co LLP now owns 260 shares of the information services provider’s stock valued at $45,000 after buying an additional 100 shares during the last quarter. 27.26% of the stock is owned by institutional investors.

About Alphabet

(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.

Read More