Alphabet (NASDAQ:GOOG) Price Target Raised to $1,700.00 at Raymond James

Alphabet (NASDAQ:GOOG) had its target price increased by Raymond James from $1,425.00 to $1,700.00 in a research report released on Friday morning, The Fly reports. The brokerage currently has an outperform rating on the information services provider’s stock.

Other equities research analysts have also recently issued reports about the company. Zacks Investment Research raised Alphabet from a sell rating to a hold rating in a research note on Wednesday, July 15th. BidaskClub upgraded Alphabet from a hold rating to a buy rating in a research report on Thursday, June 25th. Barclays boosted their target price on Alphabet from $1,600.00 to $1,800.00 and gave the stock an overweight rating in a research report on Friday. Cowen boosted their target price on Alphabet from $1,450.00 to $1,525.00 and gave the stock an outperform rating in a research report on Wednesday, April 29th. Finally, 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. Four analysts have rated the stock with a hold rating, twenty-four have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. Alphabet presently has an average rating of Buy and a consensus price target of $1,671.00.

Alphabet stock traded down $48.49 during trading hours on Friday, hitting $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 quick ratio of 3.64 and a current ratio of 3.66. The stock has a market capitalization of $1,012.30 billion, a P/E ratio of 32.61, a P/E/G ratio of 2.34 and a beta of 1.05. Alphabet has a 12 month low of $1,013.54 and a 12 month high of $1,586.99. The business’s 50-day moving average is $1,474.19 and its two-hundred day moving average is $1,377.20.

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

In related news, Director Ann Mather sold 32 shares of the stock in a transaction that occurred 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 completion of the transaction, the director now directly owns 1,119 shares of the company’s stock, valued at $1,587,178.41. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director John L. Hennessy sold 60 shares of the stock in a transaction that occurred on Friday, June 5th. The shares were sold at an average price of $1,434.85, for a total value of $86,091.00. Following the transaction, the director now directly owns 629 shares of the company’s stock, valued at $902,520.65. The disclosure for this sale can be found here. Insiders have sold 212 shares of company stock valued at $303,047 over the last ninety days. 12.99% of the stock is owned by insiders.

Hedge funds and other institutional investors have recently modified their holdings of the stock. Campbell Wealth Management acquired a new position in Alphabet during the second quarter valued at approximately $41,000. Prestige Wealth Management Group LLC boosted its position in Alphabet by 1,700.0% during the first quarter. Prestige Wealth Management Group LLC now owns 36 shares of the information services provider’s stock valued at $42,000 after purchasing an additional 34 shares during the last quarter. Cordasco Financial Network boosted its position in Alphabet by 32.1% during the first quarter. Cordasco Financial Network now owns 37 shares of the information services provider’s stock valued at $43,000 after purchasing an additional 9 shares during the last quarter. New England Investment & Retirement Group Inc. acquired a new position in Alphabet during the first quarter valued at approximately $44,000. Finally, Paragon Capital Management LLC acquired a new position in Alphabet during the first quarter valued at approximately $47,000. 32.91% of the stock is owned by hedge funds and other institutional investors.

Alphabet Company Profile

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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