Wells Fargo & Company Lowers Alphabet (NASDAQ:GOOGL) Price Target to $182.00

Alphabet (NASDAQ:GOOGL) had its price target lowered by investment analysts at Wells Fargo & Company from $190.00 to $182.00 in a research report issued on Wednesday, Benzinga reports. The firm presently has an “equal weight” rating on the information services provider’s stock. Wells Fargo & Company‘s price target would suggest a potential upside of 9.73% from the stock’s current price.

Several other equities research analysts have also commented on the stock. JMP Securities reaffirmed a “market outperform” rating and set a $200.00 price target on shares of Alphabet in a research report on Wednesday, September 25th. Needham & Company LLC reiterated a “buy” rating and issued a $210.00 price target on shares of Alphabet in a research report on Friday, August 30th. DA Davidson started coverage on shares of Alphabet in a research note on Tuesday, September 10th. They set a “neutral” rating and a $170.00 price target on the stock. Wolfe Research assumed coverage on Alphabet in a research note on Tuesday, July 16th. They issued an “outperform” rating and a $240.00 price objective for the company. Finally, Wedbush reiterated an “outperform” rating and set a $205.00 target price on shares of Alphabet in a research report on Thursday, September 5th. Eight investment analysts have rated the stock with a hold rating, twenty-eight have assigned a buy rating and three 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 an average price target of $201.14.

Alphabet Price Performance

GOOGL stock opened at $165.86 on Wednesday. Alphabet has a 1-year low of $120.21 and a 1-year high of $191.75. The business has a fifty day moving average price of $162.06 and a 200-day moving average price of $167.00. The stock has a market capitalization of $2.05 trillion, a P/E ratio of 25.44, a P/E/G ratio of 1.21 and a beta of 1.04. The company has a debt-to-equity ratio of 0.04, a current ratio of 2.08 and a quick ratio of 2.08.

Alphabet (NASDAQ:GOOGL) last released its quarterly earnings data on Tuesday, July 23rd. The information services provider reported $1.89 earnings per share 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 firm had revenue of $84.74 billion during the quarter, compared to analysts’ expectations of $70.60 billion. During the same period in the previous year, the company earned $1.44 earnings per share. Equities analysts forecast that Alphabet will post 7.63 earnings per share for the current fiscal year.

Insider Activity at Alphabet

In other news, Director John L. Hennessy sold 1,500 shares of the stock in a transaction on Friday, July 12th. The stock was sold at an average price of $185.85, for a total transaction of $278,775.00. Following the transaction, the director now owns 30,824 shares of the company’s stock, valued at approximately $5,728,640.40. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. In other Alphabet news, CAO Amie Thuener O’toole sold 2,835 shares of the company’s stock in a transaction on Tuesday, September 10th. The stock was sold at an average price of $151.53, for a total transaction of $429,587.55. Following the completion of the sale, the chief accounting officer now owns 29,182 shares in the company, valued at $4,421,948.46. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, Director John L. Hennessy sold 1,500 shares of the stock in a transaction 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 sale, the director now directly owns 30,824 shares in the company, valued at approximately $5,728,640.40. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 217,592 shares of company stock worth $35,922,911. Insiders own 11.55% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the company. MorganRosel Wealth Management LLC lifted its holdings in shares of Alphabet by 3.6% during the second quarter. MorganRosel Wealth Management LLC now owns 1,620 shares of the information services provider’s stock valued at $295,000 after purchasing an additional 57 shares during the last quarter. Hengehold Capital Management LLC boosted its holdings in shares of Alphabet by 0.8% in 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 during the period. Christopher J. Hasenberg Inc increased its position in shares of Alphabet by 75.0% in the second quarter. Christopher J. Hasenberg Inc now owns 140 shares of the information services provider’s stock worth $26,000 after acquiring an additional 60 shares in the last quarter. Joseph P. Lucia & Associates LLC lifted its position in shares of Alphabet by 1.0% in the 1st quarter. Joseph P. Lucia & Associates LLC now owns 6,624 shares of the information services provider’s stock valued at $1,000,000 after acquiring an additional 64 shares in the last quarter. Finally, Sunflower Bank N.A. boosted its stake in Alphabet by 1.0% in 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 during the period. Hedge funds and other 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.