Alphabet (NASDAQ:GOOGL) PT Raised to $2,800.00 at Canaccord Genuity

Alphabet (NASDAQ:GOOGL) had its price objective hoisted by investment analysts at Canaccord Genuity from $2,600.00 to $2,800.00 in a research report issued on Tuesday, Benzinga reports. The firm presently has a “buy” rating on the information services provider’s stock. Canaccord Genuity’s price target suggests a potential upside of 19.50% from the company’s previous close.

Several other research analysts also recently commented on the company. Morgan Stanley raised their price objective on Alphabet from $2,350.00 to $2,575.00 and gave the stock an “overweight” rating in a report on Wednesday, April 28th. Piper Sandler boosted their target price on Alphabet from $2,056.00 to $2,250.00 and gave the stock an “overweight” rating in a research note on Wednesday, February 3rd. MKM Partners reaffirmed a “buy” rating and set a $2,200.00 price target (up previously from $1,950.00) on shares of Alphabet in a research report on Wednesday, February 3rd. UBS Group boosted their price objective on Alphabet from $2,050.00 to $2,300.00 and gave the company a “buy” rating in a report on Wednesday, February 3rd. Finally, BMO Capital Markets boosted their price objective on Alphabet from $2,350.00 to $2,600.00 and gave the company an “outperform” rating in a report on Thursday, April 29th. One equities research analyst has rated the stock with a hold rating, forty-two have assigned a buy rating and one has issued a strong buy rating to the stock. Alphabet currently has an average rating of “Buy” and an average price target of $2,473.33.

Shares of GOOGL opened at $2,343.08 on Tuesday. The company has a quick ratio of 3.39, a current ratio of 3.41 and a debt-to-equity ratio of 0.07. Alphabet has a 52 week low of $1,296.01 and a 52 week high of $2,431.38. The business has a 50-day simple moving average of $2,185.49 and a two-hundred day simple moving average of $1,918.57. The stock has a market cap of $1.58 trillion, a price-to-earnings ratio of 45.28, a PEG ratio of 1.65 and a beta of 0.99.

Alphabet (NASDAQ:GOOGL) last released its quarterly earnings results on Monday, April 26th. The information services provider reported $26.29 earnings per share for the quarter, beating the consensus estimate of $15.82 by $10.47. Alphabet had a return on equity of 17.31% and a net margin of 20.80%. During the same quarter in the previous year, the firm posted $9.87 earnings per share. On average, equities analysts anticipate that Alphabet will post 52.19 earnings per share for the current fiscal year.

A number of hedge funds have recently added to or reduced their stakes in the business. Corundum Group Inc. grew its stake in Alphabet by 3.0% in the 4th quarter. Corundum Group Inc. now owns 174 shares of the information services provider’s stock worth $305,000 after acquiring an additional 5 shares during the period. JGP Wealth Management LLC grew its stake in Alphabet by 2.0% in the 4th quarter. JGP Wealth Management LLC now owns 260 shares of the information services provider’s stock worth $534,000 after acquiring an additional 5 shares during the period. Confluence Investment Management LLC grew its stake in Alphabet by 2.4% in the 1st quarter. Confluence Investment Management LLC now owns 212 shares of the information services provider’s stock worth $437,000 after acquiring an additional 5 shares during the period. Cardan Capital Partners LLC grew its stake in Alphabet by 0.8% in the 1st quarter. Cardan Capital Partners LLC now owns 601 shares of the information services provider’s stock worth $1,239,000 after acquiring an additional 5 shares during the period. Finally, Legacy Capital Partners Inc. grew its stake in shares of Alphabet by 1.2% during the 1st quarter. Legacy Capital Partners Inc. now owns 410 shares of the information services provider’s stock valued at $846,000 after buying an additional 5 shares during the period. 33.79% of the stock is owned by hedge funds and other institutional investors.

Alphabet Company Profile

Alphabet Inc provides online advertising services in the United States, Europe, the Middle East, Africa, the Asia-Pacific, Canada, and Latin America. The company offers performance and brand advertising services. It operates through Google Services, Google Cloud, and Other Bets segments. The Google Services segment provides products and services, such as ads, Android, Chrome, hardware, Google Maps, Google Play, Search, and YouTube, as well as technical infrastructure; and digital content.

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