Royal Bank of Canada Increases Alphabet (NASDAQ:GOOGL) Price Target to $1,700.00

Alphabet (NASDAQ:GOOGL) had its price objective upped by Royal Bank of Canada from $1,500.00 to $1,700.00 in a report issued on Friday, The Fly reports. The firm presently has an “outperform” rating on the information services provider’s stock. Royal Bank of Canada’s price objective indicates a potential upside of 14.25% from the company’s current price.

Several other equities research analysts have also recently weighed in on GOOGL. Monness Crespi & Hardt upped their price target on Alphabet from $1,420.00 to $1,700.00 and gave the stock a “buy” rating in a research note on Friday. Nomura Instinet upped their target price on shares of Alphabet from $1,680.00 to $1,700.00 and gave the stock a “buy” rating in a research report on Wednesday, April 29th. Zacks Investment Research raised shares of Alphabet from a “sell” rating to a “hold” rating and set a $1,616.00 price target for the company in a research report on Monday, July 13th. SunTrust Banks boosted their price objective on shares of Alphabet from $1,805.00 to $1,850.00 and gave the stock a “buy” rating in a research note on Friday. Finally, BofA Securities raised their target price on shares of Alphabet from $1,610.00 to $1,730.00 and gave the company a “buy” rating in a research note on Friday. Four analysts have rated the stock with a hold rating and forty have issued a buy rating to the company’s stock. Alphabet presently has a consensus rating of “Buy” and a consensus target price of $1,657.51.

NASDAQ:GOOGL opened at $1,487.95 on Friday. The company has a 50-day moving average price of $1,473.93 and a 200-day moving average price of $1,375.65. 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. The company has a current ratio of 3.66, a quick ratio of 3.64 and a debt-to-equity ratio of 0.08. Alphabet has a 12 month low of $1,008.87 and a 12 month high of $1,587.05.

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

Institutional investors and hedge funds have recently bought and sold shares of the stock. Spence Asset Management increased its holdings in Alphabet by 45.5% during the first quarter. Spence Asset Management now owns 32 shares of the information services provider’s stock valued at $37,000 after buying an additional 10 shares during the last quarter. Cedar Mountain Advisors LLC grew its position in shares of Alphabet by 26.9% during the 2nd quarter. Cedar Mountain Advisors LLC now owns 33 shares of the information services provider’s stock valued at $47,000 after acquiring an additional 7 shares during the period. OmniStar Financial Group Inc. bought a new stake in shares of Alphabet during the 1st quarter valued at $44,000. Center for Financial Planning Inc. increased its stake in shares of Alphabet by 35.5% in the 1st quarter. Center for Financial Planning Inc. now owns 42 shares of the information services provider’s stock worth $49,000 after purchasing an additional 11 shares in the last quarter. Finally, Watson Rebecca purchased a new stake in shares of Alphabet in the 2nd quarter worth $60,000. 34.14% of the stock is currently owned by institutional investors.

About Alphabet

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.

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