Alphabet (NASDAQ:GOOG) Stock Price Up 5.6% Following Better-Than-Expected Earnings

Alphabet Inc. (NASDAQ:GOOG)’s stock price was up 5.6% during mid-day trading on Wednesday after the company announced better than expected quarterly earnings. The company traded as high as $183.79 and last traded at $180.75. Approximately 23,547,564 shares were traded during mid-day trading, an increase of 21% from the average daily volume of 19,519,238 shares. The stock had previously closed at $171.14.

The information services provider reported $2.12 EPS for the quarter, beating the consensus estimate of $1.83 by $0.29. The company had revenue of $88.27 billion for the quarter, compared to the consensus estimate of $86.39 billion. Alphabet had a net margin of 26.70% and a return on equity of 30.49%. Alphabet’s revenue for the quarter was up 15.1% on a year-over-year basis. During the same period in the prior year, the firm posted $1.55 EPS.

Wall Street Analysts Forecast Growth

Several research firms recently issued reports on GOOG. Canaccord Genuity Group upped their price objective on Alphabet from $220.00 to $225.00 and gave the company a “buy” rating in a research report on Wednesday. Scotiabank began coverage on Alphabet in a report on Friday, October 11th. They set a “sector outperform” rating and a $212.00 price target on the stock. TD Cowen lifted their price objective on Alphabet from $200.00 to $220.00 and gave the stock a “buy” rating in a report on Wednesday, July 10th. DA Davidson upgraded shares of Alphabet to a “hold” rating in a research note on Tuesday, September 10th. Finally, Wells Fargo & Company lifted their target price on shares of Alphabet from $182.00 to $187.00 and gave the stock an “equal weight” rating in a research report on Wednesday. Five research analysts have rated the stock with a hold rating, thirteen have given a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, Alphabet has a consensus rating of “Moderate Buy” and a consensus target price of $200.56.

Insider Buying and Selling

In other Alphabet news, CEO Sundar Pichai sold 22,500 shares of Alphabet stock in a transaction that occurred on Wednesday, October 16th. The shares were sold at an average price of $166.30, for a total transaction of $3,741,750.00. Following the transaction, the chief executive officer now owns 2,106,806 shares of the company’s stock, valued at $350,361,837.80. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In related news, CAO Amie Thuener O’toole sold 682 shares of the business’s stock in a transaction that occurred on Friday, August 2nd. The stock was sold at an average price of $168.00, for a total value of $114,576.00. Following the transaction, the chief accounting officer now directly owns 31,334 shares of the company’s stock, valued at approximately $5,264,112. 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. Also, CEO Sundar Pichai sold 22,500 shares of the stock in a transaction that occurred on Wednesday, October 16th. The shares were sold at an average price of $166.30, for a total transaction of $3,741,750.00. Following the sale, the chief executive officer now directly owns 2,106,806 shares of the company’s stock, valued at approximately $350,361,837.80. 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 220,426 shares of company stock valued at $35,993,340. 12.99% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Alphabet

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Abich Financial Wealth Management LLC increased its holdings in shares of Alphabet by 9,200.0% in the second quarter. Abich Financial Wealth Management LLC now owns 186 shares of the information services provider’s stock worth $34,000 after purchasing an additional 184 shares during the last quarter. 1620 Investment Advisors Inc. purchased a new stake in shares of Alphabet during the 2nd quarter worth approximately $37,000. HWG Holdings LP bought a new position in shares of Alphabet during the 2nd quarter valued at approximately $40,000. Slocum Gordon & Co LLP purchased a new position in shares of Alphabet in the second quarter valued at $44,000. Finally, Hoese & Co LLP increased its position in Alphabet by 62.5% in the second quarter. Hoese & Co LLP now owns 260 shares of the information services provider’s stock worth $45,000 after purchasing an additional 100 shares during the last quarter. Institutional investors own 27.26% of the company’s stock.

Alphabet Trading Up 2.9 %

The company has a market cap of $2.18 trillion, a PE ratio of 27.02, a P/E/G ratio of 1.27 and a beta of 1.04. The stock’s 50 day moving average is $163.56 and its 200-day moving average is $170.30. The company has a quick ratio of 2.08, a current ratio of 2.08 and a debt-to-equity ratio of 0.04.

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.