Alphabet (NASDAQ:GOOG) Stock Price Up 5% – What’s Next?

Alphabet Inc. (NASDAQ:GOOGGet Free Report)’s stock price was up 5% during trading on Tuesday . The company traded as high as $287.05 and last traded at $286.7050. Approximately 30,953,583 shares traded hands during trading, an increase of 39% from the average daily volume of 22,331,074 shares. The stock had previously closed at $273.14.

Key Headlines Impacting Alphabet

Here are the key news stories impacting Alphabet this week:

Analyst Ratings Changes

A number of brokerages recently issued reports on GOOG. Raymond James Financial upgraded Alphabet from an “outperform” rating to a “strong-buy” rating and boosted their price target for the company from $315.00 to $400.00 in a report on Thursday, January 22nd. BMO Capital Markets restated an “outperform” rating and set a $400.00 price objective on shares of Alphabet in a report on Thursday, February 5th. Royal Bank Of Canada reaffirmed an “outperform” rating and set a $375.00 target price on shares of Alphabet in a research report on Thursday, January 15th. Piper Sandler reissued an “overweight” rating and set a $395.00 price target on shares of Alphabet in a research report on Thursday, February 5th. Finally, Truist Financial set a $350.00 price target on Alphabet in a research note on Friday, December 5th. Nine analysts have rated the stock with a Strong Buy rating, twenty-nine have given a Buy rating and three have assigned a Hold rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Buy” and a consensus target price of $345.71.

Check Out Our Latest Research Report on GOOG

Alphabet Trading Up 5.0%

The company has a quick ratio of 2.01, a current ratio of 2.01 and a debt-to-equity ratio of 0.11. The stock’s 50 day moving average price is $311.78 and its 200-day moving average price is $296.01. The stock has a market capitalization of $3.47 trillion, a P/E ratio of 26.52, a P/E/G ratio of 1.60 and a beta of 1.10.

Alphabet (NASDAQ:GOOGGet Free Report) last issued its quarterly earnings data on Thursday, February 5th. The information services provider reported $2.82 EPS for the quarter, topping analysts’ consensus estimates of $2.59 by $0.23. The company had revenue of $113.83 billion during the quarter, compared to the consensus estimate of $111.24 billion. Alphabet had a net margin of 32.81% and a return on equity of 35.01%. Alphabet’s revenue for the quarter was up 18.0% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $2.15 earnings per share. As a group, equities research analysts expect that Alphabet Inc. will post 8.89 earnings per share for the current year.

Alphabet Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Monday, March 16th. Stockholders of record on Monday, March 9th were given a $0.21 dividend. This represents a $0.84 annualized dividend and a dividend yield of 0.3%. The ex-dividend date of this dividend was Monday, March 9th. Alphabet’s payout ratio is presently 7.77%.

Insider Activity

In related news, Director Frances Arnold sold 112 shares of the firm’s stock in a transaction dated Monday, March 2nd. The stock was sold at an average price of $302.99, for a total transaction of $33,934.88. Following the sale, the director owned 18,418 shares of the company’s stock, valued at $5,580,469.82. This trade represents a 0.60% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director John L. Hennessy sold 1,050 shares of Alphabet stock in a transaction dated Monday, March 16th. The shares were sold at an average price of $303.41, for a total value of $318,580.50. Following the completion of the transaction, the director owned 4,631 shares in the company, valued at $1,405,091.71. This trade represents a 18.48% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 2,092,336 shares of company stock worth $112,519,943 over the last ninety days. 12.99% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the company. Auto Owners Insurance Co lifted its holdings in shares of Alphabet by 38,409.2% during the 4th quarter. Auto Owners Insurance Co now owns 179,836,276 shares of the information services provider’s stock valued at $5,643,262,000 after purchasing an additional 179,369,280 shares during the last quarter. J. Stern & Co. LLP grew its stake in Alphabet by 28,482.8% during the 4th quarter. J. Stern & Co. LLP now owns 112,091,870 shares of the information services provider’s stock worth $35,174,429,000 after buying an additional 111,699,704 shares during the last quarter. Norges Bank acquired a new position in Alphabet during the 4th quarter valued at about $18,093,665,000. Cardano Risk Management B.V. raised its stake in Alphabet by 850.3% in the fourth quarter. Cardano Risk Management B.V. now owns 17,692,600 shares of the information services provider’s stock valued at $5,551,938,000 after buying an additional 15,830,754 shares during the last quarter. Finally, Vanguard Group Inc. raised its stake in Alphabet by 2.0% in the fourth quarter. Vanguard Group Inc. now owns 421,013,782 shares of the information services provider’s stock valued at $132,114,125,000 after buying an additional 8,128,234 shares during the last quarter. Institutional investors own 27.26% of the company’s stock.

About Alphabet

(Get Free Report)

Alphabet Inc (NASDAQ: GOOG) is a multinational technology holding company headquartered in Mountain View, California. Formed in 2015 through a corporate restructuring of Google, Alphabet serves as the parent to Google LLC and a portfolio of businesses collectively known as “Other Bets.” Google was originally founded in 1998 by Larry Page and Sergey Brin; Alphabet is led by CEO Sundar Pichai, who oversees Google and the broader company while the founders remain prominent shareholders and influential figures in the company’s history.

Alphabet’s core business centers on internet search and advertising, with Google Search and the company’s ad platforms (including Google Ads and AdSense) generating the majority of revenue by connecting advertisers with consumers worldwide.

See Also

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.