Alphabet (NASDAQ:GOOGL) Price Target Cut to $120.00

Alphabet (NASDAQ:GOOGLGet Rating) had its price objective decreased by equities research analysts at MKM Partners from $130.00 to $120.00 in a research note issued on Wednesday, Briefing.com reports. The firm presently has a “buy” rating on the information services provider’s stock. MKM Partners’ price objective points to a potential upside of 25.88% from the stock’s current price.

A number of other research analysts have also recently weighed in on the stock. Citigroup reduced their price target on shares of Alphabet from $140.00 to $120.00 and set a “buy” rating on the stock in a research report on Wednesday, October 26th. Sanford C. Bernstein reduced their price target on shares of Alphabet from $130.00 to $120.00 and set an “outperform” rating on the stock in a research report on Wednesday, October 26th. Susquehanna reduced their price target on shares of Alphabet from $150.00 to $120.00 and set a “positive” rating on the stock in a research report on Wednesday, October 26th. Bank of America reduced their price target on shares of Alphabet from $125.00 to $114.00 and set a “buy” rating on the stock in a research report on Tuesday, October 4th. Finally, Truist Financial reduced their price target on shares of Alphabet from $136.00 to $130.00 and set a “buy” rating on the stock in a research report on Wednesday, October 26th. Five investment analysts have rated the stock with a hold rating, thirty-two have given a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, Alphabet presently has a consensus rating of “Moderate Buy” and a consensus price target of $132.20.

Alphabet Price Performance

Shares of NASDAQ GOOGL traded down $2.37 during midday trading on Wednesday, hitting $95.33. The company had a trading volume of 3,214,649 shares, compared to its average volume of 32,040,971. The company has a quick ratio of 2.47, a current ratio of 2.52 and a debt-to-equity ratio of 0.06. The business has a 50-day simple moving average of $93.10 and a two-hundred day simple moving average of $101.38. Alphabet has a twelve month low of $83.34 and a twelve month high of $151.55. The firm has a market capitalization of $1.23 trillion, a price-to-earnings ratio of 18.93, a price-to-earnings-growth ratio of 1.75 and a beta of 1.09.

Alphabet (NASDAQ:GOOGLGet Rating) last posted its earnings results on Tuesday, October 25th. The information services provider reported $1.06 earnings per share for the quarter, missing the consensus estimate of $1.25 by ($0.19). The business had revenue of $57.27 billion for the quarter, compared to analysts’ expectations of $58.36 billion. Alphabet had a net margin of 23.75% and a return on equity of 26.41%. During the same quarter last year, the business posted $1.40 earnings per share. Equities research analysts anticipate that Alphabet will post 4.68 earnings per share for the current year.

Insider Buying and Selling

In related news, major shareholder 2021 Gp L.L.C. Gv acquired 277,493 shares of Alphabet stock in a transaction that occurred on Friday, November 4th. The stock was acquired at an average price of $36.01 per share, with a total value of $9,992,522.93. Following the completion of the acquisition, the insider now directly owns 870,895 shares of the company’s stock, valued at approximately $31,360,928.95. The acquisition was disclosed in a filing with the SEC, which can be accessed through this hyperlink. In related news, major shareholder 2021 Gp L.L.C. Gv acquired 277,493 shares of the business’s stock in a transaction on Friday, November 4th. The shares were purchased at an average price of $36.01 per share, for a total transaction of $9,992,522.93. Following the acquisition, the insider now owns 870,895 shares in the company, valued at $31,360,928.95. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CAO Amie Thuener O’toole sold 855 shares of the company’s stock in a transaction dated Wednesday, November 2nd. The shares were sold at an average price of $90.85, for a total value of $77,676.75. Following the completion of the transaction, the chief accounting officer now owns 24,694 shares in the company, valued at approximately $2,243,449.90. The disclosure for this sale can be found here. Over the last 90 days, insiders purchased 661,702 shares of company stock valued at $23,399,217 and sold 190,464 shares valued at $8,535,735. Corporate insiders own 11.44% of the company’s stock.

Hedge Funds Weigh In On Alphabet

A number of hedge funds have recently added to or reduced their stakes in the company. Whittier Trust Co. increased its holdings in Alphabet by 1.0% in the fourth quarter. Whittier Trust Co. now owns 234,778 shares of the information services provider’s stock worth $20,714,000 after buying an additional 2,358 shares during the last quarter. Kennon Green & Company LLC bought a new stake in Alphabet during the fourth quarter worth approximately $3,438,000. Hoxton Planning & Management LLC bought a new stake in shares of Alphabet in the fourth quarter valued at approximately $693,000. SNS Financial Group LLC boosted its position in shares of Alphabet by 3.1% in the fourth quarter. SNS Financial Group LLC now owns 13,090 shares of the information services provider’s stock valued at $1,155,000 after acquiring an additional 399 shares during the period. Finally, Pinnacle Associates Ltd. boosted its position in shares of Alphabet by 1.0% in the fourth quarter. Pinnacle Associates Ltd. now owns 329,051 shares of the information services provider’s stock valued at $32,069,000 after acquiring an additional 3,134 shares during the period. Institutional investors and hedge funds own 34.06% of the company’s stock.

About Alphabet

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Alphabet, Inc is a holding company, which engages in the business of acquisition and operation of different companies. It operates through the Google and Other Bets segments. The Google segment includes its main Internet products such as ads, Android, Chrome, hardware, Google Cloud, Google Maps, Google Play, Search, and YouTube.

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