Alphabet (NASDAQ:GOOGL) Research Coverage Started at DA Davidson

DA Davidson initiated coverage on shares of Alphabet (NASDAQ:GOOGL) in a report published on Tuesday morning, Marketbeat.com reports. The brokerage issued a neutral rating and a $170.00 price objective on the information services provider’s stock. DA Davidson also issued estimates for Alphabet’s Q3 2024 earnings at $1.83 EPS, FY2024 earnings at $7.62 EPS and FY2025 earnings at $8.68 EPS.

A number of other equities research analysts have also commented on GOOGL. JMP Securities reiterated a market outperform rating and set a $200.00 price target on shares of Alphabet in a report on Tuesday, July 30th. TD Securities upped their price target on shares of Alphabet from $200.00 to $220.00 in a report on Wednesday, July 10th. Guggenheim upped their price target on shares of Alphabet from $195.00 to $205.00 and gave the company a buy rating in a report on Wednesday, July 24th. Cantor Fitzgerald initiated coverage on shares of Alphabet in a report on Thursday, September 5th. They set a neutral rating and a $190.00 price target for the company. Finally, Jefferies Financial Group upped their price target on shares of Alphabet from $215.00 to $220.00 in a report on Tuesday, July 9th. Eight equities research analysts have rated the stock with a hold rating, twenty-eight have given a buy rating and two have assigned a strong buy rating to the stock. Based on data from MarketBeat.com, Alphabet has a consensus rating of Moderate Buy and an average price target of $201.76.

Alphabet Trading Up 1.8 %

Shares of GOOGL opened at $157.46 on Tuesday. The firm has a market cap of $1.94 trillion, a price-to-earnings ratio of 24.15, a PEG ratio of 1.13 and a beta of 1.04. The company has a debt-to-equity ratio of 0.04, a quick ratio of 2.08 and a current ratio of 2.08. Alphabet has a fifty-two week low of $120.21 and a fifty-two week high of $191.75. The firm has a 50 day moving average price of $167.46 and a 200-day moving average price of $164.49.

Alphabet (NASDAQ:GOOGL) last announced its quarterly earnings data on Tuesday, July 23rd. The information services provider reported $1.89 earnings per share for the quarter, topping analysts’ consensus estimates of $1.85 by $0.04. The firm had revenue of $84.74 billion during the quarter, compared to analyst estimates of $70.60 billion. Alphabet had a net margin of 26.70% and a return on equity of 30.49%. During the same period in the previous year, the business posted $1.44 EPS. As a group, equities research analysts forecast that Alphabet will post 7.64 earnings per share for the current year.

Alphabet Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, September 16th. Shareholders of record on Monday, September 9th will be paid a dividend of $0.20 per share. This represents a $0.80 annualized dividend and a yield of 0.51%. The ex-dividend date of this dividend is Monday, September 9th. Alphabet’s dividend payout ratio is currently 12.27%.

Insider Buying and Selling at Alphabet

In other news, Director John L. Hennessy sold 1,500 shares of the stock in a transaction that occurred on Friday, July 12th. The shares were sold at an average price of $185.85, for a total value of $278,775.00. Following the transaction, the director now owns 30,824 shares in the company, valued at approximately $5,728,640.40. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In other news, Director John L. Hennessy sold 1,500 shares of the stock in a transaction that occurred on Friday, July 12th. The shares were sold at an average price of $185.85, for a total value of $278,775.00. Following the transaction, the director now owns 30,824 shares in the company, valued at approximately $5,728,640.40. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Sundar Pichai sold 22,500 shares of the stock in a transaction that occurred on Thursday, June 20th. The stock was sold at an average price of $177.40, for a total transaction of $3,991,500.00. Following the completion of the transaction, the chief executive officer now owns 2,213,011 shares in the company, valued at approximately $392,588,151.40. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 179,367 shares of company stock worth $30,016,931. Company insiders own 11.55% of the company’s stock.

Institutional Investors Weigh In On Alphabet

A number of institutional investors and hedge funds have recently added to or reduced their stakes in GOOGL. MorganRosel Wealth Management LLC grew its stake in shares of Alphabet by 3.6% in the second quarter. MorganRosel Wealth Management LLC now owns 1,620 shares of the information services provider’s stock worth $295,000 after acquiring an additional 57 shares during the last quarter. Hengehold Capital Management LLC boosted its stake in Alphabet by 0.8% during the second quarter. Hengehold Capital Management LLC now owns 7,224 shares of the information services provider’s stock worth $1,316,000 after buying an additional 60 shares in the last quarter. Christopher J. Hasenberg Inc boosted its stake in Alphabet by 75.0% during the second quarter. Christopher J. Hasenberg Inc now owns 140 shares of the information services provider’s stock worth $26,000 after buying an additional 60 shares in the last quarter. Joseph P. Lucia & Associates LLC boosted its stake in Alphabet by 1.0% during the first quarter. Joseph P. Lucia & Associates LLC now owns 6,624 shares of the information services provider’s stock worth $1,000,000 after buying an additional 64 shares in the last quarter. Finally, Sunflower Bank N.A. boosted its stake in Alphabet by 1.0% during the second quarter. Sunflower Bank N.A. now owns 6,309 shares of the information services provider’s stock worth $1,149,000 after buying an additional 65 shares in the last quarter. Institutional investors 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.