Alphabet (NASDAQ:GOOGL) Stock Price Target Lowered at DA Davidson

Alphabet (NASDAQ:GOOGL) had its target price reduced by stock analysts at DA Davidson from $350.00 to $300.00 in a research report issued on Thursday, Benzinga reports. The brokerage presently has a “neutral” rating on the information services provider’s stock. DA Davidson‘s price target would indicate a potential upside of 4.61% from the company’s previous close.

GOOGL has been the subject of several other reports. BMO Capital Markets reissued an “outperform” rating and issued a $480.00 price target (up from $465.00) on shares of Alphabet in a research note on Tuesday, October 20th. DZ Bank raised Alphabet to a “strong-buy” rating in a research note on Thursday, July 23rd. JPMorgan Chase & Co. lifted their price objective on Alphabet from $420.00 to $425.00 and gave the stock an “overweight” rating in a report on Thursday, October 15th. Wedbush decreased their price objective on Alphabet from $445.00 to $387.00 and set an “outperform” rating on the stock in a report on Thursday. Finally, Morgan Stanley reissued an “overweight” rating on shares of Alphabet in a research note on Thursday. Five analysts have rated the stock with a Strong Buy rating, forty-six have given a Buy rating and five have given a Hold rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Buy” and an average price target of $415.12.

Alphabet Trading Down 11.7%

Shares of GOOGL traded down $38.12 during mid-day trading on Thursday, reaching $286.77. The company’s stock had a trading volume of 70,606,628 shares, compared to its average volume of 30,615,449. The stock has a market cap of $3.51 trillion, a PE ratio of 14.37, a P/E/G ratio of 0.92 and a beta of 1.21. The company has a current ratio of 2.72, a quick ratio of 2.64 and a debt-to-equity ratio of 0.16. Alphabet has a 52 week low of $270.70 and a 52 week high of $408.61. The company’s fifty day moving average price is $341.50 and its two-hundred day moving average price is $340.66.

Alphabet (NASDAQ:GOOGL) last released its earnings results on Wednesday, October 28th. The information services provider reported $2.12 EPS for the quarter, missing the consensus estimate of $3.02 by ($0.90). Alphabet had a net margin of 54.77% and a return on equity of 51.32%. The business had revenue of $127.58 billion for the quarter, compared to the consensus estimate of $127.96 billion. On average, analysts predict that Alphabet will post 20.60 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Alphabet news, Director Frances Arnold sold 83 shares of the firm’s stock in a transaction on Wednesday, September 30th. The shares were sold at an average price of $340.45, for a total value of $28,257.35. Following the sale, the director owned 19,076 shares of the company’s stock, valued at $6,494,424.20. This trade represents a 0.43% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 11.61% of the stock is owned by insiders.

Hedge Funds Weigh In On Alphabet

Hedge funds and other institutional investors have recently modified their holdings of the company. State Street Corp raised its holdings in shares of Alphabet by 5.6% during the second quarter. State Street Corp now owns 238,977,259 shares of the information services provider’s stock valued at $85,403,303,000 after acquiring an additional 12,718,127 shares in the last quarter. Amundi boosted its holdings in Alphabet by 4.6% in the second quarter. Amundi now owns 33,203,350 shares of the information services provider’s stock valued at $11,865,809,000 after acquiring an additional 1,457,371 shares in the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. boosted its holdings in Alphabet by 10.1% in the second quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 17,724,321 shares of the information services provider’s stock valued at $6,334,186,000 after acquiring an additional 1,631,721 shares in the last quarter. Swiss National Bank increased its position in Alphabet by 7.1% during the 1st quarter. Swiss National Bank now owns 17,079,800 shares of the information services provider’s stock valued at $4,911,467,000 after purchasing an additional 1,139,400 shares during the period. Finally, Arrowstreet Capital Limited Partnership increased its position in Alphabet by 90.9% during the 1st quarter. Arrowstreet Capital Limited Partnership now owns 17,040,373 shares of the information services provider’s stock valued at $4,900,078,000 after purchasing an additional 8,112,680 shares during the period. 40.03% of the stock is owned by institutional investors.

Alphabet News Summary

Here are the key news stories impacting Alphabet this week:

• Positive Sentiment: Google Cloud delivered strong growth. Cloud revenue more than doubled to roughly $31 billion, with operating profit reportedly nearly tripling, reinforcing the potential payoff from Alphabet’s AI infrastructure investments. Alphabet’s Cloud Is Paying Off—But the Bill for Building It Keeps Growing
• Positive Sentiment: Analysts remain broadly bullish despite target cuts. Wedbush, KeyCorp, Susquehanna, Truist Financial, Rosenblatt and Cantor Fitzgerald lowered price targets, but retained positive ratings. Guggenheim and Needham reaffirmed “buy” ratings with $450 targets, suggesting the selloff may have created significant perceived upside.
• Positive Sentiment: AI-chip opportunities are expanding. Reports that OpenAI plans to use Google’s tensor processing units, along with Alphabet’s efforts to offer TPUs through Oracle Cloud, could create a new revenue stream and strengthen Google’s position against Nvidia.

Alphabet Company Profile

Alphabet Inc is a technology holding company best known for its Google subsidiary. Google operates a global internet-services business centered on online search, digital advertising, YouTube, Android, Chrome, Google Maps, Google Play, and a broad range of cloud-based productivity and collaboration tools.

Google Cloud provides infrastructure, data analytics, cybersecurity, artificial intelligence, and enterprise software services to businesses, governments, and other organizations. Alphabet also develops consumer hardware, including Pixel devices and products for connected homes, while investing in emerging businesses through its “Other Bets” segment, including autonomous transportation and life sciences initiatives.

Alphabet was established in 2015 as part of a corporate restructuring that made Google a subsidiary and provided a separate structure for its expanding portfolio of businesses.