Alphabet (NASDAQ:GOOGL) Price Target Raised to $370.00

Alphabet (NASDAQ:GOOGL) had its target price raised by HSBC from $335.00 to $370.00 in a research report released on Tuesday morning,MarketScreener reports. They currently have a buy rating on the information services provider’s stock.

Several other research analysts have also issued reports on the company. CIBC raised their price target on Alphabet to $315.00 in a research report on Monday, October 20th. BNP Paribas initiated coverage on Alphabet in a research note on Monday, November 24th. They issued an “outperform” rating and a $355.00 target price on the stock. Rosenblatt Securities boosted their target price on Alphabet from $224.00 to $279.00 and gave the stock a “neutral” rating in a research report on Thursday, October 30th. Citigroup reaffirmed a “buy” rating and issued a $343.00 price target (up from $280.00) on shares of Alphabet in a research note on Thursday, October 30th. Finally, Jefferies Financial Group boosted their price objective on shares of Alphabet from $285.00 to $320.00 and gave the company a “buy” rating in a report on Thursday, October 30th. Four analysts have rated the stock with a Strong Buy rating, forty-one have assigned a Buy rating and six have given a Hold rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $312.06.

Alphabet Stock Down 0.6%

Shares of NASDAQ GOOGL opened at $317.62 on Tuesday. Alphabet has a 1 year low of $140.53 and a 1 year high of $328.83. The firm’s 50-day moving average is $274.65 and its 200-day moving average is $223.02. The company has a current ratio of 1.75, a quick ratio of 1.75 and a debt-to-equity ratio of 0.06. The firm has a market capitalization of $3.83 trillion, a PE ratio of 31.32, a price-to-earnings-growth ratio of 1.85 and a beta of 1.07.

Alphabet (NASDAQ:GOOGL) last announced its quarterly earnings data on Wednesday, October 29th. The information services provider reported $2.87 earnings per share for the quarter, beating the consensus estimate of $2.29 by $0.58. Alphabet had a net margin of 32.23% and a return on equity of 35.00%. The business had revenue of $102.35 billion for the quarter, compared to analyst estimates of $99.90 billion. Equities analysts expect that Alphabet will post 8.9 EPS for the current year.

Alphabet Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, December 15th. Shareholders of record on Monday, December 8th will be paid a $0.21 dividend. The ex-dividend date of this dividend is Monday, December 8th. This represents a $0.84 dividend on an annualized basis and a yield of 0.3%. Alphabet’s payout ratio is presently 8.28%.

Insider Activity at Alphabet

In other Alphabet news, Director Frances Arnold sold 102 shares of Alphabet stock in a transaction dated Monday, December 1st. The stock was sold at an average price of $317.66, for a total value of $32,401.32. Following the sale, the director owned 18,104 shares of the company’s stock, valued at $5,750,916.64. This trade represents a 0.56% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CEO Sundar Pichai sold 32,500 shares of the business’s stock in a transaction dated Wednesday, November 19th. The shares were sold at an average price of $296.64, for a total value of $9,640,800.00. Following the completion of the sale, the chief executive officer owned 2,304,619 shares in the company, valued at approximately $683,642,180.16. This trade represents a 1.39% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 193,628 shares of company stock worth $50,942,622 over the last three months. 11.64% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Alphabet

A number of hedge funds and other institutional investors have recently bought and sold shares of GOOGL. NBZ Investment Advisors LLC lifted its position in Alphabet by 85.7% during the 1st quarter. NBZ Investment Advisors LLC now owns 195 shares of the information services provider’s stock worth $30,000 after buying an additional 90 shares in the last quarter. Financial Gravity Companies Inc. acquired a new stake in shares of Alphabet in the second quarter valued at about $31,000. CarsonAllaria Wealth Management Ltd. increased its position in shares of Alphabet by 36.4% in the second quarter. CarsonAllaria Wealth Management Ltd. now owns 251 shares of the information services provider’s stock valued at $44,000 after acquiring an additional 67 shares during the last quarter. MJT & Associates Financial Advisory Group Inc. bought a new stake in Alphabet during the first quarter worth about $50,000. Finally, Pilgrim Partners Asia Pte Ltd acquired a new position in Alphabet during the third quarter valued at approximately $53,000. Institutional investors and hedge funds own 40.03% of the company’s stock.

Alphabet Company Profile

Alphabet Inc offers various products and platforms in the United States, Europe, the Middle East, Africa, the Asia-Pacific, Canada, and Latin America. It operates through Google Services, Google Cloud, and Other Bets segments. The Google Services segment provides products and services, including ads, Android, Chrome, devices, Gmail, Google Drive, Google Maps, Google Photos, Google Play, Search, and YouTube.