Alphabet (NASDAQ:GOOG) Price Target Raised to $1,685.00 at Oppenheimer

Alphabet (NASDAQ:GOOG) had its target price hoisted by Oppenheimer from $1,445.00 to $1,685.00 in a report released on Friday morning, The Fly reports. The brokerage currently has an outperform rating on the information services provider’s stock.

A number of other equities analysts have also recently issued reports on GOOG. Goldman Sachs Group reaffirmed a buy rating on shares of Alphabet in a research note on Friday. Mizuho lifted their price objective on Alphabet from $1,650.00 to $1,750.00 and gave the stock a buy rating in a research note on Tuesday, July 21st. Credit Suisse Group reissued a buy rating on shares of Alphabet in a research note on Monday, July 20th. Pivotal Research boosted their target price on Alphabet from $1,575.00 to $1,725.00 and gave the stock a buy rating in a research report on Friday. Finally, UBS Group increased their price target on shares of Alphabet from $1,530.00 to $1,600.00 and gave the company a buy rating in a research report on Wednesday, April 29th. Four research analysts have rated the stock with a hold rating, twenty-four have given a buy rating and one has given a strong buy rating to the company’s stock. Alphabet currently has a consensus rating of Buy and a consensus price target of $1,671.00.

Shares of GOOG stock traded down $48.49 on Friday, reaching $1,482.96. 3,429,036 shares of the stock were exchanged, compared to its average volume of 1,408,813. The company has a debt-to-equity ratio of 0.08, a current ratio of 3.66 and a quick ratio of 3.64. Alphabet has a one year low of $1,013.54 and a one year high of $1,586.99. The stock has a market cap of $1,012.30 billion, a PE ratio of 32.61, a P/E/G ratio of 2.34 and a beta of 1.05. The stock has a 50 day moving average price of $1,474.19 and a 200 day moving average price of $1,377.20.

Alphabet (NASDAQ:GOOG) last announced its quarterly earnings data on Thursday, July 30th. The information services provider reported $10.13 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $8.43 by $1.70. The firm had revenue of $31.60 billion during the quarter, compared to analysts’ expectations of $30.58 billion. Alphabet had a return on equity of 15.77% and a net margin of 18.99%. On average, research analysts expect that Alphabet will post 42.07 earnings per share for the current fiscal year.

In related news, Director John L. Hennessy sold 60 shares of the firm’s stock in a transaction on Monday, July 6th. The shares were sold at an average price of $1,495.85, for a total value of $89,751.00. Following the completion of the transaction, the director now directly owns 664 shares of the company’s stock, valued at $993,244.40. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Ann Mather sold 32 shares of the business’s stock in a transaction on Monday, June 1st. The stock was sold at an average price of $1,418.39, for a total transaction of $45,388.48. Following the transaction, the director now owns 1,119 shares in the company, valued at $1,587,178.41. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 212 shares of company stock valued at $303,047. Company insiders own 12.99% of the company’s stock.

Several institutional investors and hedge funds have recently made changes to their positions in the company. BlackRock Inc. lifted its position in shares of Alphabet by 1.5% in the first quarter. BlackRock Inc. now owns 20,264,225 shares of the information services provider’s stock valued at $23,563,444,000 after buying an additional 295,467 shares during the last quarter. State Street Corp lifted its holdings in shares of Alphabet by 0.8% during the first quarter. State Street Corp now owns 11,814,026 shares of the information services provider’s stock worth $13,737,468,000 after buying an additional 98,084 shares in the last quarter. Capital International Investors increased its position in Alphabet by 5.0% during the first quarter. Capital International Investors now owns 4,555,880 shares of the information services provider’s stock worth $5,297,617,000 after acquiring an additional 218,823 shares during the period. Geode Capital Management LLC raised its stake in Alphabet by 3.5% in the 1st quarter. Geode Capital Management LLC now owns 4,403,934 shares of the information services provider’s stock worth $5,110,389,000 after purchasing an additional 149,012 shares in the last quarter. Finally, JPMorgan Chase & Co. grew its position in shares of Alphabet by 0.6% during the 1st quarter. JPMorgan Chase & Co. now owns 3,707,376 shares of the information services provider’s stock worth $4,310,974,000 after purchasing an additional 22,951 shares in the last quarter. 32.91% of the stock is owned by institutional investors.

About Alphabet

Alphabet Inc provides online advertising services in the United States, Europe, the Middle East, Africa, the Asia-Pacific, Canada, and Latin America. It offers performance and brand advertising services. The company operates through Google and Other Bets segments. The Google segment offers products, such as Ads, Android, Chrome, Google Cloud, Google Maps, Google Play, Hardware, Search, and YouTube, as well as technical infrastructure.

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