Canaccord Genuity Increases Alphabet (NASDAQ:GOOGL) Price Target to $1,800.00

Alphabet (NASDAQ:GOOGL) had its price target hoisted by analysts at Canaccord Genuity from $1,700.00 to $1,800.00 in a report released on Friday, BenzingaRatingsTable reports. The brokerage currently has a “buy” rating on the information services provider’s stock. Canaccord Genuity’s price target points to a potential upside of 20.97% from the stock’s current price.

Several other analysts have also recently weighed in on GOOGL. Royal Bank of Canada lifted their price objective on Alphabet from $1,500.00 to $1,700.00 and gave the company an “outperform” rating in a research report on Friday. Oppenheimer reaffirmed a “buy” rating and set a $1,445.00 price objective on shares of Alphabet in a research report on Wednesday, April 29th. SunTrust Banks lifted their price objective on Alphabet from $1,805.00 to $1,850.00 and gave the company a “buy” rating in a research report on Friday. Mizuho lifted their price objective on Alphabet from $1,650.00 to $1,750.00 and gave the company a “buy” rating in a research report on Tuesday, July 21st. Finally, JMP Securities lifted their price objective on Alphabet from $1,350.00 to $1,500.00 and gave the company an “outperform” rating in a research report on Wednesday, April 29th. Four research analysts have rated the stock with a hold rating and forty have issued a buy rating to the company’s stock. The company has a consensus rating of “Buy” and a consensus price target of $1,657.51.

Shares of NASDAQ GOOGL traded down $50.42 during trading hours on Friday, hitting $1,487.95. The company’s stock had a trading volume of 4,576,382 shares, compared to its average volume of 1,580,507. The company has a debt-to-equity ratio of 0.08, a quick ratio of 3.64 and a current ratio of 3.66. The stock has a market cap of $1,015.70 billion, a price-to-earnings ratio of 32.72, a P/E/G ratio of 2.27 and a beta of 1.06. Alphabet has a 12 month low of $1,008.87 and a 12 month high of $1,587.05. The business has a 50-day simple moving average of $1,473.93 and a 200-day simple moving average of $1,375.65.

Alphabet (NASDAQ:GOOGL) last posted its earnings results on Thursday, July 30th. The information services provider reported $10.13 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $8.43 by $1.70. The company had revenue of $31.60 billion for the quarter, compared to analysts’ expectations of $30.58 billion. Alphabet had a return on equity of 15.77% and a net margin of 18.99%. On average, equities research analysts forecast that Alphabet will post 42.07 EPS for the current year.

A number of institutional investors and hedge funds have recently made changes to their positions in GOOGL. Sunbelt Securities Inc. raised its stake in Alphabet by 7.3% during the 4th quarter. Sunbelt Securities Inc. now owns 2,851 shares of the information services provider’s stock valued at $3,615,000 after buying an additional 193 shares during the last quarter. Fulton Bank N.A. increased its stake in shares of Alphabet by 8.1% in the 1st quarter. Fulton Bank N.A. now owns 6,722 shares of the information services provider’s stock worth $7,811,000 after purchasing an additional 505 shares in the last quarter. Gantzert Investment Co. LLC ADV raised its holdings in Alphabet by 7.6% in the 1st quarter. Gantzert Investment Co. LLC ADV now owns 3,983 shares of the information services provider’s stock worth $4,628,000 after purchasing an additional 282 shares during the period. Foundations Investment Advisors LLC raised its holdings in Alphabet by 10.2% in the 1st quarter. Foundations Investment Advisors LLC now owns 1,442 shares of the information services provider’s stock worth $1,589,000 after purchasing an additional 134 shares during the period. Finally, RDA Financial Network raised its holdings in Alphabet by 6.9% in the 1st quarter. RDA Financial Network now owns 1,198 shares of the information services provider’s stock worth $1,392,000 after purchasing an additional 77 shares during the period. Institutional investors and hedge funds own 34.14% of the company’s stock.

Alphabet Company Profile

Alphabet Inc, through its subsidiaries, provides online advertising services in the United States and internationally. The company offers performance and brand advertising services. It operates through Google and Other Bets segments. The Google segment includes principal Internet products, such as Ads, Android, Chrome, Commerce, Google Cloud, Google Maps, Google Play, Hardware, Search, and YouTube, as well as technical infrastructure and newer efforts, including Virtual Reality.

See Also: Moving Average – How it Helps Investors in Stock Selection

Analyst Recommendations for Alphabet (NASDAQ:GOOGL)

Receive News & Ratings for Alphabet Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Alphabet and related companies with MarketBeat.com's FREE daily email newsletter.