Alphabet (NASDAQ:GOOGL) Given New $1,760.00 Price Target at Morgan Stanley

Alphabet (NASDAQ:GOOGL) had its target price boosted by Morgan Stanley from $1,700.00 to $1,760.00 in a research report sent to investors on Friday morning, Benzinga reports. The brokerage currently has an overweight rating on the information services provider’s stock.

Several other equities analysts also recently commented on the stock. Barclays increased their target price on shares of Alphabet from $1,400.00 to $1,600.00 and gave the stock an overweight rating in a research report on Monday, July 13th. Royal Bank of Canada raised their price target on Alphabet from $1,350.00 to $1,500.00 and gave the company an outperform rating in a research report on Wednesday, April 29th. Nomura raised their price target on Alphabet from $1,680.00 to $1,700.00 in a research report on Wednesday, April 29th. Nomura Instinet raised their price target on Alphabet from $1,680.00 to $1,700.00 and gave the company a buy rating in a research report on Wednesday, April 29th. Finally, Robert W. Baird raised their price target on Alphabet from $1,500.00 to $1,650.00 in a research report on Thursday, June 25th. Four analysts have rated the stock with a hold rating and forty have given a buy rating to the company’s stock. The stock presently has a consensus rating of Buy and an average target price of $1,657.51.

Alphabet stock traded down $50.42 during mid-day trading on Friday, hitting $1,487.95. 4,576,382 shares of the company’s stock were exchanged, compared to its average volume of 1,580,507. The company has a current ratio of 3.66, a quick ratio of 3.64 and a debt-to-equity ratio of 0.08. The stock has a market cap of $1,015.70 billion, a P/E ratio of 32.72, a P/E/G ratio of 2.35 and a beta of 1.06. Alphabet has a 1-year low of $1,008.87 and a 1-year high of $1,587.05. The stock has a 50 day moving average of $1,473.93 and a two-hundred day moving average of $1,375.65.

Alphabet (NASDAQ:GOOGL) last posted its earnings results on Thursday, July 30th. The information services provider reported $10.13 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $8.43 by $1.70. The firm had revenue of $31.60 billion for the quarter, compared to the consensus estimate of $30.58 billion. Alphabet had a net margin of 18.99% and a return on equity of 15.77%. As a group, research analysts predict that Alphabet will post 42.07 EPS for the current fiscal year.

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Advisor Group Holdings Inc. acquired a new position in shares of Alphabet during the first quarter valued at $79,769,000. Girard Partners LTD. lifted its stake in shares of Alphabet by 9,648.1% during the first quarter. Girard Partners LTD. now owns 505,535 shares of the information services provider’s stock valued at $6,229,000 after acquiring an additional 500,349 shares during the period. Wellington Management Group LLP lifted its stake in shares of Alphabet by 12.1% during the first quarter. Wellington Management Group LLP now owns 4,485,396 shares of the information services provider’s stock valued at $5,211,807,000 after acquiring an additional 483,219 shares during the period. Franklin Resources Inc. lifted its stake in shares of Alphabet by 44.3% during the first quarter. Franklin Resources Inc. now owns 866,062 shares of the information services provider’s stock valued at $1,006,266,000 after acquiring an additional 265,700 shares during the period. Finally, Viking Global Investors LP lifted its stake in shares of Alphabet by 466.5% during the first quarter. Viking Global Investors LP now owns 313,179 shares of the information services provider’s stock valued at $363,898,000 after acquiring an additional 257,894 shares during the period. 34.14% of the stock is owned by institutional investors.

About Alphabet

Alphabet Inc, through its subsidiaries, provides online advertising services in the United States and internationally. The company offers performance and brand advertising services. It operates through Google and Other Bets segments. The Google segment includes principal Internet products, such as Ads, Android, Chrome, Commerce, Google Cloud, Google Maps, Google Play, Hardware, Search, and YouTube, as well as technical infrastructure and newer efforts, including Virtual Reality.

Further Reading: Why Net Income is Important to Investors

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