Alphabet (NASDAQ:GOOGL) Earns “Neutral” Rating from Cantor Fitzgerald

Alphabet (NASDAQ:GOOGL)‘s stock had its “neutral” rating restated by analysts at Cantor Fitzgerald in a report issued on Wednesday, Benzinga reports. They currently have a $190.00 price target on the information services provider’s stock. Cantor Fitzgerald’s price objective points to a potential upside of 11.04% from the company’s previous close. Cantor Fitzgerald also issued estimates for Alphabet’s FY2024 earnings at $7.96 EPS.

Several other equities research analysts also recently issued reports on GOOGL. Evercore ISI boosted their price objective on Alphabet from $200.00 to $205.00 and gave the company an “outperform” rating in a report on Wednesday. Roth Mkm reiterated a “buy” rating and issued a $206.00 price objective on shares of Alphabet in a report on Thursday, August 29th. Wedbush restated an “outperform” rating and set a $205.00 price target on shares of Alphabet in a report on Thursday, October 24th. Wells Fargo & Company upped their price target on Alphabet from $182.00 to $187.00 and gave the stock an “equal weight” rating in a report on Wednesday. Finally, Citigroup upped their price target on Alphabet from $190.00 to $212.00 and gave the stock a “buy” rating in a report on Wednesday, July 24th. Seven analysts have rated the stock with a hold rating, thirty-one have assigned a buy rating and four have given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $205.51.

Alphabet Price Performance

GOOGL stock opened at $171.11 on Wednesday. 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 company has a market capitalization of $2.11 trillion, a PE ratio of 26.24, a P/E/G ratio of 1.27 and a beta of 1.04. Alphabet has a 12-month low of $122.68 and a 12-month high of $191.75. The business’s fifty day moving average price is $162.32 and its 200 day moving average price is $168.79.

Alphabet (NASDAQ:GOOGL) last posted its quarterly earnings data on Tuesday, October 29th. The information services provider reported $2.12 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.83 by $0.29. The firm had revenue of $88.27 billion for the quarter, compared to the consensus estimate of $72.85 billion. Alphabet had a return on equity of 30.49% and a net margin of 26.70%. During the same quarter in the previous year, the business earned $1.55 EPS. On average, sell-side analysts anticipate that Alphabet will post 7.65 EPS for the current year.

Insiders Place Their Bets

In other Alphabet news, SVP Prabhakar Raghavan sold 34,257 shares of the stock in a transaction that occurred on Thursday, August 15th. The stock was sold at an average price of $162.60, for a total transaction of $5,570,188.20. Following the completion of the sale, the senior vice president now directly owns 312,210 shares of the company’s stock, valued at approximately $50,765,346. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, insider John Kent Walker sold 21,467 shares of the stock in a transaction that occurred on Tuesday, September 3rd. The stock was sold at an average price of $160.35, for a total transaction of $3,442,233.45. Following the completion of the transaction, the insider now directly owns 39,334 shares of the company’s stock, valued at approximately $6,307,206.90. This represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, SVP Prabhakar Raghavan sold 34,257 shares of the stock in a transaction that occurred on Thursday, August 15th. The stock was sold at an average price of $162.60, for a total value of $5,570,188.20. Following the transaction, the senior vice president now directly owns 312,210 shares of the company’s stock, valued at approximately $50,765,346. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 219,744 shares of company stock valued at $35,878,764. 11.55% of the stock is owned by company insiders.

Hedge Funds Weigh In On Alphabet

Large investors have recently modified their holdings of the business. New Hampshire Trust increased its stake in Alphabet by 2.7% in the 2nd quarter. New Hampshire Trust now owns 43,714 shares of the information services provider’s stock valued at $7,963,000 after purchasing an additional 1,132 shares in the last quarter. Berkshire Money Management Inc. purchased a new position in Alphabet in the 1st quarter valued at approximately $359,000. Schneider Downs Wealth Management Advisors LP raised its holdings in shares of Alphabet by 58.4% in the first quarter. Schneider Downs Wealth Management Advisors LP now owns 6,374 shares of the information services provider’s stock worth $962,000 after acquiring an additional 2,351 shares during the last quarter. Trinity Financial Advisors LLC raised its holdings in shares of Alphabet by 4.5% in the third quarter. Trinity Financial Advisors LLC now owns 4,423 shares of the information services provider’s stock worth $771,000 after acquiring an additional 190 shares during the last quarter. Finally, StoneCrest Wealth Management Inc. raised its holdings in shares of Alphabet by 0.7% in the third quarter. StoneCrest Wealth Management Inc. now owns 21,509 shares of the information services provider’s stock worth $3,567,000 after acquiring an additional 140 shares during the last quarter. 40.03% of the stock is owned by hedge funds and other institutional investors.

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.