Alphabet (NASDAQ:GOOGL) Research Coverage Started at Cantor Fitzgerald

Cantor Fitzgerald started coverage on shares of Alphabet (NASDAQ:GOOGL) in a research note issued to investors on Thursday, MarketBeat Ratings reports. The firm issued a neutral rating and a $190.00 price objective on the information services provider’s stock. Cantor Fitzgerald also issued estimates for Alphabet’s FY2024 earnings at $7.69 EPS.

Several other equities analysts also recently issued reports on GOOGL. Wedbush restated an outperform rating and set a $205.00 price objective on shares of Alphabet in a report on Monday, July 22nd. UBS Group raised their price target on shares of Alphabet from $200.00 to $204.00 and gave the stock a neutral rating in a report on Wednesday, July 24th. Evercore ISI boosted their price objective on shares of Alphabet from $220.00 to $225.00 and gave the company an outperform rating in a report on Tuesday, June 11th. Argus upped their target price on Alphabet from $200.00 to $215.00 and gave the company a buy rating in a research report on Tuesday, July 16th. Finally, Morgan Stanley lowered their price target on Alphabet from $205.00 to $190.00 and set an overweight rating for the company in a research report on Tuesday, September 3rd. Seven investment analysts have rated the stock with a hold rating, twenty-eight have issued a buy rating and two have issued a strong buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of Moderate Buy and an average target price of $202.81.

Alphabet Trading Down 4.0 %

NASDAQ:GOOGL opened at $150.92 on Thursday. The stock has a market capitalization of $1.87 trillion, a price-to-earnings ratio of 23.15, a PEG ratio of 1.22 and a beta of 1.05. Alphabet has a 52 week low of $120.21 and a 52 week high of $191.75. The company has a quick ratio of 2.08, a current ratio of 2.08 and a debt-to-equity ratio of 0.04. The firm has a 50 day moving average of $170.86 and a 200 day moving average of $164.30.

Alphabet (NASDAQ:GOOGL) last issued its quarterly earnings data on Tuesday, July 23rd. The information services provider reported $1.89 EPS for the quarter, beating the consensus estimate of $1.85 by $0.04. Alphabet had a return on equity of 30.49% and a net margin of 26.70%. The firm had revenue of $84.74 billion during the quarter, compared to analyst estimates of $70.60 billion. During the same quarter in the prior year, the business posted $1.44 EPS. As a group, sell-side analysts anticipate that Alphabet will post 7.63 earnings per share for the current fiscal year.

Alphabet Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Monday, September 16th. Investors of record on Monday, September 9th will be issued a $0.20 dividend. This represents a $0.80 annualized dividend and a yield of 0.53%. The ex-dividend date of this dividend is Monday, September 9th. Alphabet’s payout ratio is 12.27%.

Insider Buying and Selling at Alphabet

In related news, CEO Sundar Pichai sold 22,500 shares of the stock in a transaction on Wednesday, September 4th. The stock was sold at an average price of $158.68, for a total value of $3,570,300.00. Following the completion of the transaction, the chief executive officer now directly owns 2,137,385 shares of the company’s stock, valued at approximately $339,160,251.80. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. In other Alphabet news, CEO Sundar Pichai sold 22,500 shares of the stock in a transaction dated Wednesday, September 4th. The shares were sold at an average price of $158.68, for a total value of $3,570,300.00. Following the completion of the sale, the chief executive officer now owns 2,137,385 shares in the company, valued at approximately $339,160,251.80. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, insider John Kent Walker sold 21,467 shares of the firm’s stock in a transaction that occurred on Tuesday, September 3rd. The stock was sold at an average price of $160.35, for a total transaction of $3,442,233.45. Following the completion of the transaction, the insider now directly owns 39,334 shares in the company, valued at $6,307,206.90. The disclosure for this sale can be found here. Insiders sold 178,032 shares of company stock valued at $29,854,224 over the last quarter. 11.55% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Alphabet

A number of institutional investors have recently bought and sold shares of the company. Christopher J. Hasenberg Inc lifted its position in Alphabet by 75.0% in the second quarter. Christopher J. Hasenberg Inc now owns 140 shares of the information services provider’s stock valued at $26,000 after buying an additional 60 shares during the last quarter. Vermillion & White Wealth Management Group LLC acquired a new position in shares of Alphabet in the 4th quarter worth approximately $30,000. Tributary Capital Management LLC purchased a new position in shares of Alphabet during the 1st quarter worth approximately $30,000. Kings Path Partners LLC acquired a new stake in Alphabet in the 2nd quarter valued at approximately $36,000. Finally, DiNuzzo Private Wealth Inc. purchased a new stake in Alphabet in the fourth quarter valued at approximately $38,000. 40.03% of the stock is owned by hedge funds and other institutional investors.

About Alphabet

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.