Alphabet (NASDAQ:GOOG) Stock Price Up 0.6% - Here's Why

Alphabet Inc. (NASDAQ:GOOG - Get Free Report) shares rose 0.6% during mid-day trading on Tuesday . The company traded as high as $167.47 and last traded at $166.85. Approximately 2,999,101 shares changed hands during mid-day trading, a decline of 85% from the average daily volume of 19,493,498 shares. The stock had previously closed at $165.80.

Analysts Set New Price Targets

GOOG has been the topic of a number of research analyst reports. Oppenheimer cut their price objective on shares of Alphabet from $210.00 to $185.00 and set an "outperform" rating on the stock in a report on Wednesday, September 25th. Rosenblatt Securities lowered shares of Alphabet from a "buy" rating to a "neutral" rating and set a $181.00 price target on the stock. in a research note on Friday, June 28th. Pivotal Research started coverage on shares of Alphabet in a research note on Tuesday, October 1st. They issued a "buy" rating and a $215.00 price objective for the company. UBS Group dropped their price objective on Alphabet from $204.00 to $187.00 and set a "neutral" rating on the stock in a report on Monday, October 7th. Finally, TD Cowen boosted their target price on Alphabet from $200.00 to $220.00 and gave the company a "buy" rating in a report on Wednesday, July 10th. Four investment analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average target price of $186.90.

Alphabet Trading Up 0.6 %

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 business's fifty day moving average is $163.23 and its 200 day moving average is $169.96. The stock has a market cap of $2.06 trillion, a PE ratio of 25.59, a P/E/G ratio of 1.21 and a beta of 1.04.

Alphabet (NASDAQ:GOOG - Get Free Report) last released its quarterly earnings results on Tuesday, July 23rd. The information services provider reported $1.89 earnings per share for the quarter, topping analysts' consensus estimates of $1.85 by $0.04. The business had revenue of $84.74 billion for the quarter, compared to analysts' expectations of $84.22 billion. Alphabet had a return on equity of 30.49% and a net margin of 26.70%. The company's revenue was up 13.6% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $1.44 EPS. As a group, analysts predict that Alphabet Inc. will post 7.64 earnings per share for the current year.

Insider Activity at Alphabet

In other Alphabet news, CAO Amie Thuener O'toole sold 682 shares of the company's stock in a transaction dated Friday, August 2nd. The shares were sold at an average price of $168.00, for a total value of $114,576.00. Following the sale, the chief accounting officer now owns 31,334 shares of the company's stock, valued at $5,264,112. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. In related news, CAO Amie Thuener O'toole sold 682 shares of the business's stock in a transaction dated Friday, August 2nd. The shares were sold at an average price of $168.00, for a total value of $114,576.00. Following the completion of the transaction, the chief accounting officer now owns 31,334 shares of the company's stock, valued at approximately $5,264,112. The trade was a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CEO Sundar Pichai sold 22,500 shares of Alphabet stock in a transaction dated Wednesday, August 21st. The stock was sold at an average price of $167.66, for a total transaction of $3,772,350.00. Following the sale, the chief executive officer now owns 2,159,885 shares of the company's stock, valued at approximately $362,126,319.10. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 220,426 shares of company stock valued at $35,993,340. Insiders own 12.99% of the company's stock.

Institutional Investors Weigh In On Alphabet

Hedge funds and other institutional investors have recently made changes to their positions in the business. McAdam LLC increased its stake in shares of Alphabet by 10.1% during the 3rd quarter. McAdam LLC now owns 8,785 shares of the information services provider's stock valued at $1,469,000 after acquiring an additional 807 shares during the last quarter. Wallington Asset Management LLC increased its position in Alphabet by 5.5% during the third quarter. Wallington Asset Management LLC now owns 83,004 shares of the information services provider's stock worth $13,877,000 after purchasing an additional 4,312 shares during the last quarter. Iron Horse Wealth Management LLC raised its stake in Alphabet by 32.3% during the third quarter. Iron Horse Wealth Management LLC now owns 344 shares of the information services provider's stock worth $57,000 after purchasing an additional 84 shares during the period. Coston McIsaac & Partners boosted its holdings in shares of Alphabet by 7.0% in the 3rd quarter. Coston McIsaac & Partners now owns 1,317 shares of the information services provider's stock valued at $220,000 after purchasing an additional 86 shares during the last quarter. Finally, Litman Gregory Wealth Management LLC raised its position in shares of Alphabet by 0.5% in the 3rd quarter. Litman Gregory Wealth Management LLC now owns 67,979 shares of the information services provider's stock worth $11,365,000 after buying an additional 305 shares during the period. Hedge funds and other institutional investors own 27.26% of the company's stock.

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.