Canaccord Genuity Group Boosts Alphabet (NASDAQ:GOOGL) Price Target to $210.00

Alphabet (NASDAQ:GOOGL) had its price target raised by Canaccord Genuity Group from $190.00 to $210.00 in a research report sent to investors on Friday, Benzinga reports. Canaccord Genuity Group currently has a buy rating on the information services provider’s stock.

Other equities analysts also recently issued reports about the stock. Evercore ISI raised their target price on shares of Alphabet from $160.00 to $220.00 and gave the company an outperform rating in a report on Friday. Robert W. Baird raised their price objective on shares of Alphabet from $160.00 to $200.00 and gave the stock an outperform rating in a research note on Friday. Needham & Company LLC upped their target price on Alphabet from $160.00 to $210.00 and gave the company a buy rating in a research note on Friday. Redburn Atlantic increased their target price on Alphabet from $150.00 to $165.00 and gave the company a buy rating in a report on Wednesday, January 31st. Finally, Royal Bank of Canada reissued an outperform rating and issued a $155.00 price target on shares of Alphabet in a report on Wednesday, January 31st. Five analysts have rated the stock with a hold rating, twenty-nine have given a buy rating and two have given a strong buy rating to the stock. According to data from MarketBeat.com, the stock has an average rating of Moderate Buy and a consensus price target of $189.44.

Alphabet Price Performance

Shares of NASDAQ:GOOGL opened at $166.15 on Friday. The firm has a market capitalization of $2.07 trillion, a price-to-earnings ratio of 25.48, a price-to-earnings-growth ratio of 1.57 and a beta of 1.05. The company has a debt-to-equity ratio of 0.05, a current ratio of 2.15 and a quick ratio of 2.10. The business’s 50 day simple moving average is $148.36 and its 200-day simple moving average is $141.62. Alphabet has a 12 month low of $103.71 and a 12 month high of $174.71.

Alphabet (NASDAQ:GOOGL) last posted its earnings results on Thursday, April 25th. The information services provider reported $1.89 EPS for the quarter, topping analysts’ consensus estimates of $1.49 by $0.40. Alphabet had a return on equity of 29.52% and a net margin of 25.90%. The company had revenue of $80.54 billion for the quarter, compared to the consensus estimate of $66.04 billion. During the same period in the previous year, the business earned $1.17 earnings per share. As a group, equities analysts forecast that Alphabet will post 6.82 earnings per share for the current fiscal year.

Alphabet Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, June 17th. Stockholders of record on Monday, June 10th will be paid a $0.20 dividend. This represents a $0.80 dividend on an annualized basis and a dividend yield of 0.48%. The ex-dividend date of this dividend is Monday, June 10th.

Insider Activity at Alphabet

In other Alphabet news, Director John L. Hennessy sold 2,100 shares of the firm’s stock in a transaction dated Friday, April 26th. The stock was sold at an average price of $175.76, for a total value of $369,096.00. Following the transaction, the director now directly owns 5,891 shares of the company’s stock, valued at $1,035,402.16. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. In other Alphabet news, Director John L. Hennessy sold 2,100 shares of the stock in a transaction that occurred on Friday, April 26th. The shares were sold at an average price of $175.76, for a total value of $369,096.00. Following the completion of the sale, the director now owns 5,891 shares of the company’s stock, valued at $1,035,402.16. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director John L. Hennessy sold 300 shares of the business’s stock in a transaction on Tuesday, March 12th. The stock was sold at an average price of $139.51, for a total transaction of $41,853.00. Following the transaction, the director now directly owns 9,291 shares in the company, valued at $1,296,187.41. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 253,209 shares of company stock worth $36,711,144. 0.88% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Alphabet

A number of institutional investors and hedge funds have recently added to or reduced their stakes in GOOGL. Vermillion & White Wealth Management Group LLC purchased a new position in Alphabet in the fourth quarter valued at about $30,000. Tributary Capital Management LLC acquired a new position in shares of Alphabet in the 1st quarter valued at approximately $30,000. DiNuzzo Private Wealth Inc. purchased a new position in shares of Alphabet during the 4th quarter valued at approximately $38,000. Meritage Group LP grew its position in shares of Alphabet by 1,061.5% during the third quarter. Meritage Group LP now owns 302 shares of the information services provider’s stock worth $40,000 after buying an additional 276 shares in the last quarter. Finally, Macroview Investment Management LLC increased its stake in shares of Alphabet by 165.8% in the third quarter. Macroview Investment Management LLC now owns 319 shares of the information services provider’s stock worth $42,000 after buying an additional 199 shares during the last quarter. 40.03% of the stock is owned by hedge funds and other institutional investors.

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.