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

DA Davidson initiated coverage on shares of Alphabet (NASDAQ:GOOGL) in a report issued on Tuesday morning, Marketbeat Ratings reports. The firm issued a neutral rating and a $170.00 target price 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.

Several other brokerages also recently commented on GOOGL. Argus boosted their target price on shares of Alphabet from $200.00 to $215.00 and gave the company a buy rating in a research note on Tuesday, July 16th. Needham & Company LLC reaffirmed a buy rating and issued a $210.00 price target on shares of Alphabet in a report on Friday, August 30th. Morgan Stanley cut their price target on Alphabet from $205.00 to $190.00 and set an overweight rating for the company in a report on Tuesday, September 3rd. Royal Bank of Canada lifted their price target on Alphabet from $200.00 to $204.00 and gave the company an outperform rating in a report on Wednesday, July 24th. Finally, Citigroup lifted their price target on Alphabet from $190.00 to $212.00 and gave the company a buy rating in a report on Wednesday, July 24th. Eight 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 stock presently has a consensus rating of Moderate Buy and a consensus target price of $201.76.

Alphabet Stock Up 1.8 %

Shares of NASDAQ:GOOGL opened at $157.46 on Tuesday. Alphabet has a 52 week low of $120.21 and a 52 week high of $191.75. The company has a debt-to-equity ratio of 0.04, a quick ratio of 2.08 and a current ratio of 2.08. The company’s fifty day moving average is $167.46 and its 200-day moving average is $164.49. The company has a market capitalization of $1.94 trillion, a PE ratio of 24.15, a P/E/G ratio of 1.13 and a beta of 1.04.

Alphabet (NASDAQ:GOOGL) last issued its earnings results 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 net margin of 26.70% and a return on equity of 30.49%. The company had revenue of $84.74 billion for the quarter, compared to the consensus estimate of $70.60 billion. During the same quarter in the previous year, the company earned $1.44 EPS. Equities research analysts predict that Alphabet will post 7.64 earnings per share for the current fiscal year.

Alphabet Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, September 16th. Investors of record on Monday, September 9th will be given a $0.20 dividend. The ex-dividend date is Monday, September 9th. This represents a $0.80 annualized dividend and a dividend yield of 0.51%. Alphabet’s dividend payout ratio is presently 12.27%.

Insider Activity at Alphabet

In other Alphabet news, CAO Amie Thuener O’toole sold 682 shares of the company’s stock in a transaction that occurred on Tuesday, July 2nd. The stock was sold at an average price of $183.47, for a total transaction of $125,126.54. Following the completion of the transaction, the chief accounting officer now owns 30,650 shares of the company’s stock, valued at approximately $5,623,355.50. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. In other news, insider John Kent Walker sold 21,467 shares of the company’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 sale, the insider now owns 39,334 shares in the company, valued at approximately $6,307,206.90. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CAO Amie Thuener O’toole sold 682 shares of the company’s stock in a transaction that occurred on Tuesday, July 2nd. The stock was sold at an average price of $183.47, for a total value of $125,126.54. Following the sale, the chief accounting officer now owns 30,650 shares in the company, valued at approximately $5,623,355.50. The disclosure for this sale can be found here. In the last three months, insiders sold 179,367 shares of company stock worth $30,016,931. 11.55% of the stock is owned by company insiders.

Institutional Investors Weigh In On Alphabet

Institutional investors and hedge funds have recently made changes to their positions in the stock. MorganRosel Wealth Management LLC grew its holdings in shares of Alphabet by 3.6% during the 2nd quarter. MorganRosel Wealth Management LLC now owns 1,620 shares of the information services provider’s stock worth $295,000 after purchasing an additional 57 shares in the last quarter. Hengehold Capital Management LLC grew its holdings in shares of Alphabet by 0.8% during the 2nd quarter. Hengehold Capital Management LLC now owns 7,224 shares of the information services provider’s stock worth $1,316,000 after purchasing an additional 60 shares in the last quarter. Christopher J. Hasenberg Inc grew its holdings in shares of Alphabet by 75.0% during the 2nd quarter. Christopher J. Hasenberg Inc now owns 140 shares of the information services provider’s stock worth $26,000 after purchasing an additional 60 shares in the last quarter. Joseph P. Lucia & Associates LLC grew its holdings in shares of Alphabet by 1.0% during the 1st quarter. Joseph P. Lucia & Associates LLC now owns 6,624 shares of the information services provider’s stock worth $1,000,000 after purchasing an additional 64 shares in the last quarter. Finally, Sunflower Bank N.A. grew its holdings in shares of Alphabet by 1.0% during the 2nd quarter. Sunflower Bank N.A. now owns 6,309 shares of the information services provider’s stock worth $1,149,000 after purchasing 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.