Oppenheimer Raises Price Target for Alphabet Stock

Oppenheimer recently updated its price target for shares of Alphabet (NASDAQ:GOOG) from $215.00 to $225.00. This change was announced in a report released to investors on Thursday. The new target indicates an expected increase of about 11.72% from the stock's prior closing price.

Additional Analyst Ratings

Alphabet has attracted attention from other analysts as well. Canaccord Genuity Group has also increased its target price, moving it from $220.00 to $225.00 while retaining a "buy" rating in a research note published on Wednesday, October 30. Moreover, Wells Fargo & Company has adjusted their price target for Alphabet from $182.00 to $187.00, marking it with an "equal weight" rating.

In addition, UBS Group has raised its price target from $187.00 to $192.00 with a "neutral" rating. Pivotal Research has matched Oppenheimer's new target of $225.00, labeling Alphabet with a "buy" rating. Lastly, Scotiabank has set a new price target of $240.00, repeating their "sector outperform" rating that they announced on Friday, January 24. Overall, among analysts covering the stock, six have suggested holding it, twelve have given it a buy rating, and three have assigned it a strong buy rating. MarketBeat.com shows that Alphabet currently holds an average rating of "Moderate Buy" and a consensus price target of $205.80.

Alphabet's Recent Stock Performance

On the trading day that Oppenheimer published its report, Alphabet's stock rose by $4.21, reaching a price of $201.39. The trading volume was approximately 7,083,345 shares, which is lower than the average daily volume of 15,773,088 shares. Over the past year, Alphabet has experienced a low of $131.55 and a high of $203.84. The company boasts a market capitalization of $2.47 trillion, a price-to-earnings ratio of 26.74, and a price-to-earnings-growth ratio of 1.27.

Recent Earnings Results

Alphabet reported its latest earnings on Tuesday, October 29. The company revealed earnings per share (EPS) of $2.12 for the quarter, significantly exceeding the consensus estimate of $1.83 by $0.29. Alphabet’s net margin stood at 27.74%, with a return on equity of 31.66%. The reported revenue for the quarter was $88.27 billion, surpassing analyst estimates of $86.39 billion, showing a revenue increase of 15.1% compared to the same quarter last year. Analysts predict that Alphabet will report an EPS of 8.02 for the current year.

Insider Trading Activities

Recently, insider sales have been reported. CAO Amie Thuener O'toole sold 1,367 shares on November 1, receiving an average price of $171.42 for a total of $234,331.14. After this transaction, O'toole owns 26,349 shares valued at approximately $4.52 million. Additionally, Director John L. Hennessy sold 1,500 shares on January 13 at an average price of $189.80, totaling $284,700. After this sale, Hennessy retains 21,824 shares worth around $4.14 million. In total, insiders have sold 122,887 shares of the company amounting to $22,470,464 in the last quarter, and insiders now hold about 12.99% of the company’s stock.

Institutional Activity

Various institutional investors have also adjusted their positions in Alphabet recently. Centaurus Financial Inc. increased its holdings by 111.0% in the second quarter, now owning 69,259 shares worth $12.7 million after acquiring an additional 36,439 shares. Alternative Investment Advisors LLC has purchased a new stake worth about $216,000 during the same period. Other investors like Ashburton Jersey Ltd and Mattson Financial Services LLC have also made new investments in Alphabet. Currently, approximately 27.26% of Alphabet's stock is owned by institutional investors.

Understanding Alphabet

Alphabet Inc. is a multinational conglomerate that provides a wide array of products and platforms across numerous regions, including the United States, Europe, and Asia. The company operates through segments such as Google Services, Google Cloud, and Other Bets, offering services including ads, Gmail, Google Maps, YouTube, and many more.

Oppenheimer, Alphabet, Stock