Alphabet (NASDAQ:GOOGL) Sets New 52-Week High After Analyst Upgrade

Alphabet Inc. (NASDAQ:GOOGL)’s share price hit a new 52-week high during trading on Thursday after Argus raised their price target on the stock from $2,400.00 to $2,500.00. Argus currently has a buy rating on the stock. Alphabet traded as high as $2,279.67 and last traded at $2,275.88, with a volume of 22012 shares trading hands. The stock had previously closed at $2,241.91.

A number of other equities research analysts also recently issued reports on GOOGL. Wedbush reissued an “outperform” rating and set a $2,953.00 price objective (up previously from $2,470.00) on shares of Alphabet in a research report on Wednesday. Credit Suisse Group lifted their target price on shares of Alphabet from $2,000.00 to $2,360.00 and gave the company an “outperform” rating in a research note on Wednesday, February 3rd. Needham & Company LLC reiterated a “buy” rating and set a $2,500.00 price target on shares of Alphabet in a report on Wednesday, March 10th. KeyCorp increased their target price on shares of Alphabet from $2,060.00 to $2,353.00 and gave the company an “overweight” rating in a research report on Wednesday, February 3rd. Finally, Moffett Nathanson raised their price target on shares of Alphabet from $1,900.00 to $2,100.00 in a research report on Friday, January 15th. One analyst has rated the stock with a hold rating and forty-one have given a buy rating to the company. Alphabet presently has a consensus rating of “Buy” and a consensus target price of $2,151.57.

Several large investors have recently bought and sold shares of GOOGL. Brasada Capital Management LP boosted its position in Alphabet by 0.6% during the third quarter. Brasada Capital Management LP now owns 8,174 shares of the information services provider’s stock valued at $11,979,000 after purchasing an additional 52 shares during the last quarter. United Bank increased its stake in Alphabet by 14.8% during the 3rd quarter. United Bank now owns 1,991 shares of the information services provider’s stock worth $2,918,000 after acquiring an additional 257 shares during the period. Bronte Capital Management Pty Ltd. increased its stake in shares of Alphabet by 9.3% in the 3rd quarter. Bronte Capital Management Pty Ltd. now owns 47,198 shares of the information services provider’s stock valued at $76,277,000 after purchasing an additional 4,006 shares during the last quarter. Schonfeld Strategic Advisors LLC grew its position in Alphabet by 74.1% during the 3rd quarter. Schonfeld Strategic Advisors LLC now owns 10,046 shares of the information services provider’s stock worth $14,723,000 after acquiring an additional 4,277 shares during the last quarter. Finally, Westover Capital Advisors LLC lifted its holdings in Alphabet by 2.5% during the 3rd quarter. Westover Capital Advisors LLC now owns 5,015 shares of the information services provider’s stock worth $7,350,000 after buying an additional 124 shares during the period. Institutional investors and hedge funds own 33.79% of the company’s stock.

The stock has a market capitalization of $1.53 trillion, a price-to-earnings ratio of 43.72, a P/E/G ratio of 1.65 and a beta of 0.99. The company has a debt-to-equity ratio of 0.07, a quick ratio of 3.39 and a current ratio of 3.41. The company has a fifty day simple moving average of $2,089.35 and a 200 day simple moving average of $1,841.34.

Alphabet (NASDAQ:GOOGL) last announced its quarterly earnings data on Monday, February 1st. The information services provider reported $22.30 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $15.90 by $6.40. Alphabet had a return on equity of 17.31% and a net margin of 20.80%. The company had revenue of $46.43 billion for the quarter, compared to the consensus estimate of $44.09 billion. During the same period in the previous year, the business earned $15.35 EPS. As a group, equities analysts predict that Alphabet Inc. will post 52.19 earnings per share for the current fiscal year.

About Alphabet (NASDAQ:GOOGL)

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

Further Reading: When is a capital gain realized?

Receive News & Ratings for Alphabet Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Alphabet and related companies with MarketBeat.com's FREE daily email newsletter.